Bad Credit Canadian Student Loan
If you are going to attend college and you have bad credit or no credit, you need information for a Canadian student loan for people with bad credit. If you know anything about loans, you probably know that your credit rating, or credit score, matter a great deal. In fact, this credit rating could prevent you from getting a Canadian student loan.
Canadian Student Loan for People with Bad Credit are Government Canada Student Loans
First, you need to know that bad credit is not going to prevent you from attending school, or from finding the funds to pay for it. The first thing that you need to do is to apply for student loans, grants, and bursaries through the federal government and the providence where you reside. This can usually be done with one application. For these government Canada student loans, your credit makes no difference. These student loans are granted based on your financial need to help pay for your education.
Unfortunately, if your entire education is not paid for through this source, including government Canadian student loans, grants, bursaries, and any scholarships that you may win, you will have to seek funding elsewhere. This is where your credit could become a big issue. This doesn’t mean it is impossible to obtain these funds however.
If you have bad credit, a Canadian student and you need private student loans, you will most likely need a co-signer, and that co-signer will need to have good credit. Most students will turn to their parents for help in this situation – or grandparents. In some cases, it may be better for the parents or grandparents to obtain a loan, which would not be called a Canada student loan, because they may get a lower interest rate. However, if the loan is a standard loan, and not a Canadian student loan, you will have to start making loan payments the following month. With a student loan Canada, payments are not due until you finish school.
Another student loan for those Canadian students who have bad credit is to check with the college that you will be attending for financial help. Many colleges and universities have in-house financial programs. For example, they may allow you to make payments over a period of time during the semester to pay for the courses that you are taking during that semester. This may make paying for college more manageable, if you cannot obtain enough financing from other sources.
Check into work/study options that are available as well. Apply for the positions that are available on campus as early as possible, since many other students will also be seeking these jobs to help pay for their education. Talk to the financial aid office at your school to learn more about this program. Usually if you talk to someone in the financial aid office, they will help you find ways to fund your education, regardless of your credit rating. In the end, the worst that can happen is that you have to cut down on the number of courses you are taking for a while, so that you can afford your education with the funds that have been made available to you. For more information go to the Can Learn website: Canadian Student Loans for people with bad credit and visit the financial aid office at your school.
Related Reading
Government of Canada Student Loans and Grants Programs
