If you are a student with less than perfect credit, and you are trying to get a student loan, it is going to be very difficult. With the recent state of the economy, and the crashing of banks and financial institutions across the country, it has become very difficult for people to borrow money. Even people who have good credit and steady incomes are struggling to get loans for secured assets. So what should someone going to school full time struggling to pay their tuition do?

Apply for a Stafford loan. These loans are interest free until graduation, and they are offered to full time students through the government. You must first apply for these student loans without cosigner by filling out a FAFSA application. The FAFSA is the government’s universal application for federal student aid, and upon filling one out you will be put in the running for the best federal student loans that are out there. There is no cosigner needed on for most of these federal loan, and that is why it is so commonly used among college students. This loan can be used towards anything you choose, including tuition, housing, or your own personal expenses. However you should use the money you borrow responsibly because you do not want to graduate or leave school with a large unsecured personal loan.

It is nearly impossible to get a student loan with bad credit, unless you have a cosigner with perfect credit from a private financial institution. Banks are not willing to lend risky people money anymore, especially unsecured loans like student loans and loans for the unemployed people. If you by chance find one, odds are that they will have extremely high interest rates and fees, and you will be paying back on them for a very long time. If you have to result to one these loans, and cannot cover what you need with a Stafford loan, then I suggest that you reconsider going to school for that semester, or maybe wait and continue to save. Get a second job and only work for a semester. Debts from student loans can be heavy burdens, especially for students who cannot find employment after graduation.

Be very careful when signing up for a student loan, and read all of the information before you accept. Graduating and starting your life out with thousands of dollars of debt is not a good situation for anyone, so be careful and weigh your options.