Loans For Unemployed Students

Q: Are there loans for unemployed students, or will a student not be able to receive a student loan for college if they are unemployed?

A: There are loans for unemployed students through FAFSA. FAFSA is the Free Application for Federal Student Aid, and any student regardless of employment status, in need of money for college should file a FAFSA. After filing a FAFSA the Department of Education reviews your financial circumstances, and determines if and what Federal Financial Aid Programs you are eligible for. Most students will qualify for the Federal Stafford Loan Program, regardless of employment status or credit history. Individuals that have exceptional financial need may qualify for special need-based financial aid programs such as federal grants, which unlike student loans will not have to be repaid, and/or Subsidized Stafford Loans (federal government pays the loan interest for students while attending school) or Perkins Loans (low interest student loan made via your schools financial aid office). Graduate students who are unemployed (or employed) may also qualify for a Federal PLUS loan, as long as the student does not have an adverse credit history.

As for private student loans for unemployed students, this will depend on the lender. Each private student loan lender may have a different set or standard of lending criteria that needs to be met by the borrower before they can approve the loan. For many private student loan lenders the borrower will need to demonstrate a trustworthy credit history, in addition to demonstrating they have the current ability to repay the student loan. For students who find that their unemployment status or credit history is preventing them from obtaining a private student loan, they may want to find a creditworthy cosigner and re-apply.

Peer To Peer Lending Student Loans

With peer to peer lending and peer to peer student loans becoming…

Student Loan Forgiveness: Programs and Who Qualifies

There are several student loan forgiveness programs available, primarily aimed at helping…

How To Find Easy Student Loans

A: I was wondering, as a first time college student, how do…

Can I Use Student Loans To Pay For Textbooks

Q: I will be entering college next semester. I do not have…

My School Does Not Offer Financial Aid

Q: I am applying for a school that doesn’t offer financial aid….

College Tax Questions: Deductions And Credits

The topic of your taxes and your educatioal expenses, always lends itself…

Online College Financial Aid

Q: Is there any difference in the financial aid process for online…

How To Get In State College Tuition

Q: I really would like to attend a university that is out…

Student Loans
9 Important Financial Aid Questions For College

When choosing a college or school, understanding and evaluating the schools financial…

Student Loans
Benefits of A Low Interest Student Loan

A low interest student loan is a good choice when it comes…

Student Loans
4 Easy Student Loan Tips For Beginners

Student Loans can be difficult to understand for those new to borrowing…

Student Loans
Paying Student Loans Back During Grace Period

Q: Can I start paying back my student loans during the grace…

Student Loans

Questions For CollegeWhale

Have a college financial aid question? is full on answers! Type your question in the search box to get started.

Sign Up To Win Scholarships

Sign up for The Weekly Scholarship Round-Up, and let us bring the scholarships to you! Get a list of new available college scholarships delivered to your inbox each week.

sign upsign up