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If you have bad credit and you need money to go to college, there are some steps you can take to get the funding you need.

The first thing you need to do is fill out the FAFSA application. FAFSA stands for the Free Application for Federal Student Aid. When you first look at the paperwork involved, you might be apprehensive, but the time it takes to do this one thing will pay you in the future.

When you submit a FAFSA, you are applying for the Federal Stafford Loan. This loan is given to those who have a small income and it has a low interest rate. No credit check is involved with getting it. In order to receive it you have to be able to prove citizenship and financial need and you can’t have a former Stafford Loan in default.

Another loan that does not require good credit is the Perkins loan. Apply for this as soon as possible because they are given out as people apply and the funding will eventually run out. These loans are funded by the government and the college you are attending.

More often than not, the money received from these loans will not pay for everything you need so you should be prepared to apply for a private student loan. These DO require a credit check so if you have bad credit, you must have a cosigner in order to be approved.

The person you ask to cosign for your loan must have good credit. Because your credit is not good enough to get a loan, the loan you get will be based on the cosigners credit score. Don’t bother using a cosigner whose credit is marginal or worse.

When someone cosigns for you they are literally accepting responsibility for the repayment of your loan if you do not make timely payments or if you default on your student loan. They take the risk of ruining their credit if you shirk your responsibility, so don’t shirk it! Keep that person in mind and always make timely payments.

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