Many people these days are interested in returning to school, but are concerned that low income and bad credit or no credit score will prevent them from finding the financing they need to afford this endeavor. However, as many also know, completing the Free Application for Federal Student Aid (also called a FAFSA) can help you to find sources of funding through the federal government which offer low, fixed interest rates and flexible repayment plans. One such option that you get through the FAFSA is Perkins loans.
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For bad credit, no credit or low income situations, Perkins loans offer the perfect option for funding. This is because these loans are given based on need, not on credit score. The article will review some basic facts about Perkins loans.
Filing Your FAFSA: The Basic Process
Generally, you are asked to complete a FAFSA at the same time that you apply to college. When you complete your FAFSA form, there are several different factors that will go into determining your eligibility for federally-sponsored student loans such as Perkins loans. With bad credit, no credit and a low income, you are actually more likely to receive funding for school. This is because the factors taken into consideration on the FAFSA and the Student Aid Report (SAR) that it produces are based on need only. The FAFSA formula will look at income, assets, dependents and schooling costs to determine how much aid you qualify to receive.
Qualifying for Perkins Loans
Bad credit, no credit, and a low income are clearly not at all issues when it comes to assessing a student's ability to receive a Perkins loan. In fact, the lower your income from other sources - which includes your expected family contribution (EFC) or money from parents - the more likely you are to receive Perkins loan funding.
Perkins loans are capped, which means that you can only receive a fixed amount each year and that amount varies from person to person. In 2010, the maximum Perkins loan contribution allowed for undergraduates was $5,500. However, the average amount of money given to each student through the Perkins student loan program was only $2,125 that year. This means that there will still be a need for you to find additional funding through other lending sources. You can do this either through other federal lending programs, such as Stafford Loans, or you may alternately look for private lenders who offer low interest student loans.
Bad Credit, No Credit or a Low Income Is Still Okay
No matter which path you choose for finding the educational funding you need, having bad credit, no credit and a low income is still okay. This is because the assessment given for borrowers looking for money to fund higher education is far different than the assessment given for borrowers looking for personal loans. Seeking a higher education is an important step in gaining more wealth over time. Therefore, lenders feel that the risk of helping you achieve a better education and job is worth the investment. Programs sponsored by the federal government were designed to help people like you.
Perkins loans for bad credit, no credit and low income borrowers are the norm, rather than the other way around. This makes using this particular form of funding not only an option, but one of the best choices available to students today.
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