What options do I have for a student loan with bad credit. My company will pay back as soon as I get grades?
August 8th, 2009 | 
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Mark asked:
I need a student loan and I have bad credit. My company will pay back as soon as I get grades, but I need an initial approx. 3000K loan to start. What are my options for a bad credit student loan? I’d like to do it without a cosigner. I could use 401K funds but would like to avoid penalties.
bad credit loan
I need a student loan and I have bad credit. My company will pay back as soon as I get grades, but I need an initial approx. 3000K loan to start. What are my options for a bad credit student loan? I’d like to do it without a cosigner. I could use 401K funds but would like to avoid penalties.
bad credit loan
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bad credit loan
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.