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For those of us who don’t have parents who can help, student loans make getting an education realistic. Most 18-22 year old can’t afford the $10,000 annual expense of getting a college education. Tuition, books, fees, and housing can add up in a huge hurry.

Loans can provide much needed relief for those who are in need. The federal government has some amazing programs in place that help students. Stafford loans are available to those in need, and are secured by the federal government. This means that the loans are available to even those who have bad credit.

Once a student has exhausted the amount of funds they can get through Stafford loans, the game starts to get tricky. Getting additional loans may be more difficult, especially for students that have poor credit. Since the Stafford loan limits may prevent you from getting the funds you need, you will need to educate yourself on other options.

For those of you that have good credit, you will be able to qualify for private student loans. There are quite a few companies out there that will take a risk on you. Private loans will be more expensive than federal loans, but will still be reasonably priced. Since you’re a student, many companies that provide these funds won’t require gainful employment.

If you have bad credit, you won’t have as many options when you try to find a private loan. Most lenders will see you as a pretty large risk. Most students don’t make much anyway, and bad credit will most likely disqualify you altogether.

For students that have maxed out Stafford loans and bad credit, your best option is going to be to get a cosigner. If you have bad credit, you basically don’t have any other options. A bank isn’t going to take a huge risk on you if you have established yourself as someone that doesn’t pay your bills.

A cosigner will take away the risk from the bank, providing them with the security they need to hand you the funds you need. This may be your only chance, so let’s hope that you have a decent relationship with someone who has decent credit.

Family and close friends are the best place to start when looking for a cosigner. Parents are normally your best option. Even though you may think that your parents may not want to do it, most parents want their children to be educated. If you can show them that this may be your only option, they may be more helpful than you think. If you can find a cosigner, you’ll have your student loan.

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