Some students, or their parents, have credit that is so bad they canít find a private student loan company willing to grant them a loan for college expenses. One last option that can be explored is to contact a lender of last resort. This is a private lender who is often more liberal in their credit granting criteria in order to make a bad credit college student loan. Information on a lender of last resort can be obtained by contacting the guaranty agency that serves your state. (You can get the contact information for the guaranty agency by calling the Federal Student Aid Information Center.) Unfortunately, even the lender of last resort has credit criteria that you may be required to meet. It is possible that they will not be able to grant you a bad credit student loan as well.
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|Jennifer Mathes, Ph.D.|