Getting Student Loans With Bad Credit: What College-Goers Need to Consider

College-goers will testify to the expense directly associated with getting a university education. In fact, for most, the pressure of study is the least difficult to cope with. The pressure of finding the funding to complete their course is far greater. The problem is how to secure student loans with bad credit ratings to wrangle with.That students begin their financial lives with a bad credit rating might seem unfair, but with little or no credit history, there is no accurate pattern for lenders to go by. Thankfully, even low ratings have very little to do with securing loan approval, with low interest rate financing still available from the Department of Education, for example.But what are the student loan options for those who are in real need of financial help? Whether to cover tuition or make sure the cupboards are not bare, the shortlist of options and factors to consider is pretty clear.The Federal Loan AdvantagesFor any college-goer seeking financial aid, federal programs are the first real consideration. But it is important to select the right financial aid program if the benefits are to be enjoyed fully. Getting the right student loan with bad credit starts with a conversation with your college financial aid officer. They are experts in providing sound advice once all of your details have been shown to them.Of course, getting a loan to cover the costs of going to college is seen as different to those exclusively to paying for tuition fees. However, each loan is tailored to provide a solution to the needs of a student that has very limited income. Qualifying students find not difficult to secure approval, with low interest rates generally ensuring affordability.There are two main federal student loan options to consider: the Stafford Loan Program and the Perkins Loan Program. The Perkins program is designed to help students already in serious financial difficulties, so qualification is quite strict, while the Stafford program is open to those coming straight from high-school but unable to meet college fees.Other Options to ConsiderOf course, even when the parents of a student have an excellent credit score, it can be difficult to get the funds together to afford a college education. But it is still possible to get a federal student loan, with bad credit not always the essential factor in qualifying. The strain on parents can be high too.The DOE has a financing option to help parents in covering the costs too. Known as the PLUS loan, it is given directly to the parents rather than to the student. Securing program approval, with low interest rates part of the deal, can greatly ease the burden that comes with providing financial help to their children.But remember that the PLUS student loan program is actually designed to alleviate the pressure on parents, not the student. So qualification is dependent on the results of a means test on the income of the parents, not the income of the student.Qualifying CriteriaOf course, qualify for a student loan with bad credit is dependent on meeting a number of criteria. Federal loans may be the preferred option, with low interest and affordable repayments, but only students who are facing real financial difficulties are going to qualify for them.The primary concern for lenders is that the borrower has the ability to repay, but there is an allowance made with student loans, with the repayment schedule often not kicking in until after graduation - in some cases 6 months after graduation.  Still, the chances of getting loan approval, with low interest rates part of the deal, are very good, but remember that some students are happy to just to get financing and not worry about the interest rate.