Loans Bad Credit Unemployed
I have really bad credit – can I still qualify for a student loan?
I have been unemployed for nearly a year and a half now and my benefits are about to run out. I am a full time student and so far have been able to make ends meet with unemployment checks alone; but I don’t know what I’m going to do hen they end… So I was thinking student loans, but I have a credit score around 530 from credit cads I defaulted on about 5 years ago.
First let me commend you for doing something about your joblessness. Rather than sitting around collecting unemployment, you are trying to improve your skillset so you can be more employable in the future. Good for you!
You should be able to get federal student loans. With federal loans, the government guarantees repayment to the lender, which means if you default they will come after you. Federal student loans are not bankruptable so you can’t get away from them other than to pay them off.
Actually, if you’re in bad shape financially you might be able to even get some grant money, which you DON’T have to pay back. You need to have a chat with the financial aid office at your school about student loans and grants. They should be of help to you.
Good luck