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Question for the Money Doctors

Question submitted on Apr 18, 2012.

Question

My HUsband and I have bad credit but it''s time for my daughter to go off to college.We wouldn''t qualify for a loan and neither would she since she has no credit.We don''t have anyone at all who can cosign on a loan for her. Do we have any options at all now or are we in a situation that we cannot send her to college.

Answer

Many college-bound students find themselves in this situation: no credit and with no available cosigner.  Fortunately, the federal government offers student loans with no credit check. 

Two of these are the Stafford Loan, and the Perkins Loan.  Apply for these loans by filling out the Free Application for Federal Student Aid (FAFSA).  Submitting the FAFSA form as early as possible will increase your chances of qualifying, as much of the funds are distributed on a first-come-first-served basis. 

Don’t rule out scholarships and grants which are based on need and merit, not credit history.


For additional information visit http://www.360financialliteracy.org/