Many people face the uncertainty of paying for college. The good news is, there are several options available to help students obtain an education. For instance, scholarships and grants are given to students and are based upon certain qualifications such as academic or artistic talent. Some grants and scholarships are offered to students who enter into a particular field of study or demonstrate a financial need. They do not need to be paid back; however, not everyone will qualify for a grant or scholarship and may have to look elsewhere for more options.

If you do not qualify for a scholarship or grant, or have received one but it doesn’t cover the entire cost of your college expenses, a student loan may be considered. Some people fear they may not qualify for a student loan because of bad or no credit. There are many ways to obtain a student loan, even with bad credit.

The most widely disbursed loan among both undergraduate and graduate students is known as a Stafford Loan. The Stafford Loan is available to all students regardless of their credit history. There are two types of Stafford Loans – subsidized and unsubsidized. A subsidized loan is available to students who demonstrate a financial need. The government pays the interest on this loan during the time the student is in school. There is a 6-month grace period between graduation and repayment. This means that the student has six months after they graduate to begin repaying on the loan. With the unsubsidized loan, students do not need to demonstrate financial need as they are available to everyone. Unlike the Stafford loan, interest begins accumulating on the loan from the day it is received.

Another loan, similar to the subsidized Stafford Loan, is the Perkins Loan. It is a low interest federal loan that is awarded based on the financial need of the student. Just like the Stafford Loan, there is no credit check involved with obtaining these loans.

Just as there are scholarships and grants for students who enter a particular field of study, there are loans available as well. Students who are studying certain fields of healthcare, such as nursing, are eligible for these types of loans. These loans typically have low interest rates and eligible students can acquire these loans with bad or no credit.

There may be some circumstances that may prevent a student from being eligible for the loans. Another alternative to these loans are obtaining a private student loan, although these loans are based on credit. A person with bad credit may still qualify for a private student loan if they can get a co-signor to sign on the loan with them. If you have a family member or a good friend with good credit, consider asking them to sign the promissory note. Look into a loan that offers a co-signers release. This means that they will be dropped from the loan once you enter into repayment, making you fully responsible for the loan.