People with bad credit often get stuck in a trap.
They usually regret the financial irresponsibility in their past.
But they can't make it better because those with bad credit pay high interest on their loans and often get rejected from reputable banks as soon as they learn of their FICO score.
This is a double whammy for those who want to go back to school.
Often these types of people are in a dead-end job that is low paying and not much upward mobility.
They want to get a higher income job to pay back their loans.
Going back to school is usually the only option.
But they can't get take classes because of their bad credit.
This is an unfortunate predicament to be in.
However, don't get discouraged.
A determined person can overcome these obstacles if they are willing to put in the work and research.
For one, research as many alternative sources of loans as possible.
Banks that lend to those with bad credit often get criticized for charging usurious rates.
It would be in your best long term financial interests to avoid these types of lenders.
They make a lot of profit of their customers so they often spend a lot of money on ads and hiring friendly sales people.
What are some alternatives? It is funny that most people do not consider borrowing from friends and families.
Maybe they have too much pride.
Or they don't think they'll say yes.
But it doesn't hurt to ask! You can even set up an investment note online that will charge you interest to the person that lends it to you.
This way everyone wins.
Your friend or family member gets paid interest while you get a cheap loan.
And the money stays within your social circle rather than going to a gigantic bank.