What options do I have for a student loan with bad credit. My company will pay back as soon as I get grades.?
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I need a student loan and have bad credit. My company will pay as soon as possible to get votes, but I need an original ca. 3000K loan to start. What are the options for a student loan bad credit; I would not do a cosigner. I could use 401K money, but I would avoid imposing sanctions.
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Tags: back, Company, credit, grades., Loan, Options, soon, Student
March 3rd, 2010 at 12:18 pm
Please for goodness sake do not borrow against your 401k except in dire emergencies.
A home equity loan may be an option to ‘prime the pump’. You’ll want to make payments on it all along though so you can actually get caught up at some point and not have to borrow at the beginning of each term.
You may also be able to arrange an unsubsidized loan through the school. Ask the Financial Aid folks what’s available; they’ll know since they’re involved with all financial aid anyway.
And – while you’re in School Mode, find and attend a Dave Ramsey “Financial Peace University” course. Bad credit is almost always a sign you lack skills for managing money. Ramsey’s course will teach you important stuff about keeping track of your finances so you get ahead and eventually have a good credit record to show for it.