Back when we were students (a long time ago!), money wasn't our main concern - thanks to government grants and the incredibly lenient student loans system, we were able to focus entirely on our studies instead of worrying where our next meal was coming from. Unfortunately, things are very different if you're a student now and between students having to fund their own tuition fees and then look after themselves on top of that (not to mention the traditional student lifestyle!), things can get tight if you go to university today. So tight, in fact, that you could end up running into serious debt before you've even got your foot on the career ladder...
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The huge amount of money needed to fund a university degree these days can often leave you not just floundering for cash, but also leave them with a bad credit rating early on in their lives, which is a problem that can stay with you for a long time unless you do something about it. Thankfully though, the same kind of bad credit loans that are widely available to people already in work can also be applied to students too - indeed, a student with bad credit can sometimes get better treatment than a normal person due to their student status. This is especially true if you can convince a parent or relative (if you're a younger student) to act as a guarantor for the loan, or have your own assets that you can offer up as collateral in the case of mature students. Unsecured bad credit student loans are also available, although these are harder to be approved for due to your bad credit status.
As is traditional for student loans, bad credit student loans are repayable once your education is completed - however, it's important to remember that the interest rate will be significantly higher than a regular loan due to your bad credit status (especially in the case of unsecured loans), meaning that you'll need to have enough income once you leave university to be able to pay back the loan. You also need to be aware that if you drop out of university before you complete your degree, it's likely that the entire loan will become repayable immediately so be sure to consider your options carefully before taking out such a loan. That said, regular repayments on your loan once you start paying it back can actually help repair your credit rating in the long run - combine this with careful spending during your days at university and you could be back on your feet in no time.
Regardless of your financial history though, no-one should be held back from learning and so even if you find yourself with bad credit, you shouldn't let it deter you from getting an education. Researching lenders is the key to finding the right deal for you, so talking to a loan broker to discuss your options might help if you find the wealth of loan providers promising good rates a bit overwhelming.
In Summary
Bad credit student loans...
Can help even people with bad credit histories get the education they want Are only repayable once you complete your degree (unless you drop out!) Will have higher interest rates than regular loans, especially if they're unsecured Are easier to get if you have a guarantor or collateral to secure against the money Can improve your credit rating if you pay them back in a timely manner
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