| As a parent with bad credit, trying to help your children | | | | receive a flat refusal unless your credit and debt is |
| get money for college can be frustrating. Student loans | | | | exceptionally bad. They will compete for the privelege |
| for parents with bad credit can be hard to come by, | | | | of giving you a student loan for your son or daughter's |
| but there are ways you can help. There are some | | | | education; as filing for bankruptcy will not expunge |
| loans you can get even with bad credit as well as | | | | student loan debts, it is a safe and lucrative investment |
| other financial alternatives. | | | | for lenders. |
| Most likely you've already explored your options with | | | | If your student plans on attending graduate school, you |
| federal loans and financial aid along with your student | | | | can take advantage of their years as undergraduates |
| son or daughter. If you are in financial difficulties, your | | | | to start building up your credit score. Parents can apply |
| student may benefit. Check if he or she is eligible for | | | | for a federal PLUS loan for graduate students with |
| financial aid or need-based scholarships or subsidized | | | | minimal credit requirements. If you help your student |
| loans. The best starting point in gathering education | | | | son or daughter with their life expenses, textbooks, |
| funds is the Stafford loan. This does not have any | | | | and supplies, do it with a credit card and pay your card |
| credit requirement, so get this loan and any subsidized | | | | on time. This way you can help them with their studies |
| loans you can first, then see how much you'll need to | | | | and, at the same time, increase your credit rating so |
| borrow from private lenders. | | | | you can help more in the future. |
| You may be eligible to cosign for your children's | | | | Another way to increase your credit rating is taking |
| student loans even with bad credit, especially if you | | | | out a collateral loan and paying it back faithfully. You |
| have a steady employment record to counterbalance | | | | can mortgage a house or car, or apply for a home |
| credit problems. Offering to cosign your son or | | | | equity loan to help pay your student's education costs. |
| daughter's student loans can help despite your bad | | | | With some work, student loans for parents with bad |
| credit because lenders will see that you are backing up | | | | credit can be obtained, and barring student loans, there |
| your student and may offer lower interest rates and | | | | are other methods of helping your children get an |
| fees. | | | | education. |
| There are many lenders and you are unlikely to | | | | |