Facts On Student Loans for Non Accredited Schools

If you’re planning to attend a college or university that isn’t accredited, you might run into some problems when you try to secure a student loan for your tuition. Unfortunately, many lenders — both government and private — will not offer student loans for non accredited schools. If you are unemployed and looking for student loans for unemployed people, this could make your situation that much more complicated. However, this doesn’t mean getting loan approval is impossible.

Ask the School You’re Planning to Attend About Loans

It might be a good idea for you to inquire about student loans at the schools you’ve applied to. Explain your situation — they aren’t accredited and you’re having trouble getting a loan. Ask them if they have any ideas regarding what you can do. There’s a good chance they’ll be able to help. After all, they really want your attendance, and they might have some resources for lenders that will grant student loans for non accredited schools.

Loan Terms Might Vary With Non Accredited Student Loans

If you do manage to secure a student loan for your tuition at a non accredited school, you should keep in mind that your loan terms might not be that great. Most lenders let students wait to repay their loans after they’ve graduated rather than forcing them to try to make payments while they’re in school. Even the best place to get a student loan does not usually come with this same luxury. There’s also a good chance that your interest rate and payments will be slightly higher than if you got a loan to attend an accredited school.

Why Non Accredited Schools Have Bad Reputations

Not all non accredited schools are scams, but many are. The schools that either don’t have or have lost their accreditation for various reasons give other non accredited schools that are perfectly legit a bad name. This is why many lenders and government agencies are reluctant to give out student loans to pay for tuition to any non accredited financial institution. If you’re thinking about going to a non accredited school, do your research first to make sure the place you plan to attend is completely legit and trustworthy. Be especially wary of “diploma mills” which are in place to do nothing more than give you a useless degree and take your money.