Having bad credit can affect anybody. Students that have bad credit will also be affected. They shouldn’t have many credit cards and actually I don’t see why a student would have bad credit as long as their parents are there for them. If the student is going to school full time and working part time then they need to be able to turn to their parents when they can’t seem to pay the bills.
As a parent I don’t plan on allowing my children to get credit cards whenever they feel like it. There are credit applications all of the time sent to my oldest child and I throw them away. I don’t see the point in going into debt before beginning your life. One credit card is really all any student may need.
Responsibility is important for the student to learn. Having bad credit states that the student didn’t learn this very well. It may their circumstances however, that has prevented them from paying past credit cards. So, receiving a loan may not be in their best interest anyway.
Bad credit will not stop the student from being able to get a student loan. The banks seem ok with sending students applications for various student loans just because they know they are going for a degree that could earn them a good income. I would recommend students to turn those applications away unless they talk to their parents first so that they will get help if they can’t afford to pay it back.
A students past bad credit could result in loan officers charging a higher interest rate, but they can still receive help to pay for school. There are plenty of loans out there that a student can be eligible for. The student just needs to be careful in what the interest rate is and the rules of paying back. They could end up paying back twice as much if they are not careful.
My recommendation is to read all of the information regarding the student loan you decide to go for before signing. Make sure your parents can help you out especially if you are attending school full time. There’s no need to make your future filled with debt as well as with really bad credit scores. If the student feels as though there is going to be a problem paying the money back then try talking with the loan company and work something out before it gets out of control.