College Students with Bad Credit Can Now Afford College with Credit Challenged Scholarship from SpendOnLife. com
SpendOnLife. com will award up to 10 scholarships, ranging from $500 to $5,000, to students who have been rejected for a student loan because of their negative credit or the current credit crunch.
Dallas, TX (PRWEB) June 1, 2009
30% of college students wind up putting some portion of their tuition on a credit card, according to the latest study from Sallie Mae. In fact, half of all college students say they feel anxiety about being able to pay off monthly credit card debt.
Turning to credit cards is often the unfortunate result of the tightened financial aid market. And while student loans are getting harder and harder to qualify for, tuition just keeps going up.
Many students are turning to private companies to try to bridge the gap. Private scholarships are often merit-based, awarding money based on grades or performance in a particular area of study. But one company, SpendOnLife. com (http://www. spendonlife. com), had a different idea.
"We wanted to give students who have made a few mistakes with their credit a second chance," says Keith Lauren of SpendOnLife. com, a website dedicated to educating consumers about the pitfalls of credit. "Most kids don't receive formal education about how to use credit cards wisely, either from their parents or in school. Before they know it, their credit rating is in the gutter."
SpendOnLife is offering a "Credit Challenged" scholarship to those students affected by poor credit. This doesn't necessarily mean the student has to have a bad credit score to apply. "It could just mean that their parents' poor financial situation means no extra money for school," explains Keith.
SpendOnLife. com will award up to 10 scholarships, ranging from $500 to $5,000, to students aged 17-25 who have been rejected for a student loan because of their negative credit or that of their parents. Applications are being accepted online only, through June 15th. For more details on how to apply, visit http://students. spendonlife. com/blogging-scholarship (http://students. spendonlife. com/blogging-scholarship).
SpendOnLife. com is an online credit services provider that offers the tools and information needed to achieve healthy credit. SpendonLife. com makes it easy to get your free credit report and score (http://www. spendonlife. com) to see how you rate. We also offer credit monitoring services and identity theft education (http://www. spendonlife. com). Our goal is to help consumers and students build and maintain a positive credit rating.
# # #