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College Loans With A Bad Credit History And With No Cosigner Can Be Expensive
Should you have no credit history or a poor credit history then finding a student loan may be hard. If however you are able to get a suitable person to agree to be a cosigner and guarantee the repayment of your loan then this can certainly help a great deal in securing a loan.
Most students frequently have few if any credit cards,[link widoczny dla zalogowanych], no car loans and rarely have a home mortgage loan so that they have no credit history against which to assess the risk in granted them a loan. Also, in those cases where students do have a credit history it is all too frequently less than favorable because, like a lot of us when we are young, they have made some rash decisions and overstretched themselves so that they ran into difficulties making their repayments.
Either way the lack of any credit history or a record of late payments and perhaps defaulting on a loan will usually put a student into a high risk category as far as most lenders are concerned. As a consequence loan officers, including those taking decision on behalf of the Federal student loans programs,[link widoczny dla zalogowanych], will often handle applications from students in this situation with care. In many cases applications will be turned down or, in borderline instances, loans may be approved but a high interest rate will be fixed to counterbalance the risk and as compensation for increased default rates.
One method of counteracting the lack of any credit history or a bad credit record is for students to have a cosigner on their loan application. In the majority of cases this will be one of the student's parents and loan officers will consider the credit history of the parent when deciding whether or not to approve a loan.
At the same time it is the parent's credit history which becomes the primary factor in determining the interest rate for the loan and those with a good history will characteristically receive the best rates, whilst those with lower credit scores will usually pay a high rate. The difference may seem to be small at first glance but can in reality add up to a considerable sum over the standard repayment period of 10 years.
As an example, one popular program provides loans at an interest rate of 4% for borrowers with an excellent credit history rising to 6% for those with a poorer but nevertheless good enough record. This 2% difference may not seem like much but can represent more than $5, 000 over the life of a normal loan.
It is not uncommon these days for a student to need as much as $100,[link widoczny dla zalogowanych], 000 to fund an undergraduate education and, even if interest is paid from the beginning rather than being rolled up, interest at the Stafford loan rate of 6. 8% is nearly $567 per month or $6,[link widoczny dla zalogowanych], 600 each year. Lowering that interest rate to 5%, which is the current rate for a need-based Perkins loan, reduces these numbers to $417 and $4, 820 respectively.
It also has to be born in mind that these figures assume that repayment starts immediately. However, it is much more usual for repayment to be deferred until six months after college which will increase these figures greatly.
Borrowers who use a cosigner with a superior credit record can not only increase their chances of obtaining a loan in the first place, but they can also reduce their total loan repayment greatly. TheStudentLoansCenter. com provides information on a range of topics including guaranteed student loans without a co-signer and alternative student loans and bad creditTopics related articles：

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