Can Bad Credit Keep You From Getting A Student Loan

Fortunately, no. Even with bad credit, you’re still able to get student loans. 

Most federal loans don’t require credit checks, so you can borrow funds for education regardless of a spotty credit history. Private loans could also be available to you if you are able to get a cosigner or work with a lender that deems your course of study to be lucrative.

Coming up with the money to pay for higher education can be challenging, but loans are helpful in providing support up front. Even if you have a low credit score or a less-than-desirable credit history, student loan options are still available to you.

 

So how do you get student loans with bad credit? 

You have one of two options:

Federal Student Loans – these are funded by the U.S. Department of Education and they're available to many people regardless of their credit history. 

Private Student Loans – these are offered by a variety of non-government associated financial institutions. Often, they're limited to people with higher credit scores or those with cosigners. 

Even if both of these options work for your situation, it’s probably best to apply for a federal student loan first, considering they tend to have lower interest rates and better benefits. 

 

How To Apply for Federal Student Loans:

First, you’ll need to make sure you meet the eligibility criteria, which include the following:

Demonstrate financial need

Be a U.S. citizen (or an eligible noncitizen)

Be accepted/enrolled in a degree or certificate program

Have a valid Social Security number

If you do meet the criteria, you’ll need to fill out the Free Application for Federal Student Aid (FAFSA) to determine which of the following options are available to you.

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