My parents have bad credit, what options do I have for money for college?

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Your parents may be turned down for the PLUS student loan due to their bad credit rating. However, this will allow you to become eligible for higher limits in a Stafford student loan. Currently a Stafford student loan allows dependent undergraduate students to borrow over $2,600 during their first year and $3,500 during their second year and $5,500 during each remaining year.

However, the amounts will be higher for a dependent student if it is determined that their parents have bad credit. In this case, you are allowed an additional $4,000 during your freshman and sophomore year. Plus, you can borrow an additional $5,000 during your junior and senior years.

What are other options you have to find money for college?

Following is a list of options you can seek out when you need to borrow money for college.

• College grant - College grants are based on need and you do not have to pay them back. College grants can be viewed as free money for college.
   
• College scholarship - College scholarships are available from a myriad of resources including academic and athletic scholarships.
   
• Financial Aid through your college is a great way to find money for college.
   
• ROTC - Provides financial aid for those students interested in going into the military.
   
• Part time Job
   
• Other family members

Don't feel as if you won't find any money for college due to your parent's bad credit. There are ways to work around this financial situation. Make sure that you keep your own credit in good standing. Avoid relying on credit cards and live within your means.

Strive to apply for many college grants, student scholarships, and student loans. Search for philanthropic organizations that can assist you with money for college. The combination of these resources could provide a significant amount of money for college.