If you graduated high school and went straight to work, you may realize that flipping burgers at the local fast food restaurant isn’t a career move. You have come to realize that you can’t spend the rest of your life at a job with no future, however you got yourself into financial difficulties and now have bad credit. Don’t worry; you have a solution to your problem. Personal student loans for bad credit are available.
There are two different types of student loans that are available from the Federal Government. These two different types of student loans are called Stafford loans and Perkins loans. The Federal Government also awards Pell Grants, which are given to the student and are gifts of money.
Stafford loans are, in all probability, the most common type of student loan made by the Federal Government. Stafford loans are made on either a subsidized or unsubsidized basis. In subsidized loans, the government makes the interest payment while the student is registered in school. In unsubsidized loans, the student is responsible for the payment of the interest. As a general rule, the students who have the most financial need receive loans that are subsidized. These loans usually have a six month grace period before the principle of the loan must be paid on.
Aside from subsidized Stafford loans, the students with the greatest financial need can often be awarded Perkins loans. Perkins loans usually amount to $1,000 – $4,000 per year. The student is allowed to obtain a total of $20,000 of Perkins loans.
The Federal Government recognizes that students with the greatest financial need often, even with Perkins and Stafford loans, can not afford college. Pell Grants are offered by the Federal Government to these students which are simply awards of money to allow the student to attend college.
Students who choose to enter the medical profession have found that there are loans available for both nursing and primary care fields of study. These loans are an attempt to insure that enough medical professionals are available to meet the needs of the population. The acceptance of these loans is usually with the provision that as long as the loan is unpaid, the student will remain in the health care professions.