How to Get a Student Loan with Bad Credit or No Credit

Do you have bad credit and want to get a student loan? and you don’t know how to go about it.If yes you are in the right platform as We share how to get a student loan with bad credit right.

If you want to finance your education but have a bad credit history, you may struggle to qualify for student loans. Thousands of students face a similar situation every year, but they manage to get the loans they need to fund their education. You could employ various methods to get a student loan, and even with a bad credit score, you can get the necessary funding for your education.

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If you’re worried about your credit score or how much funding you will get for college, we will be sharing some options that will help you get a student loan even with bad credit.

1. Get a Co-Signer If You Have Bad Credit

If you have a bad credit history, you can qualify for a student loan by getting a co-signer. It is easier said than done, but a co-signer with a good credit history improves your chances of securing a loan. If you’re getting a private student loan, you can’t get it without a co-signer if you have bad credit. In many cases, the co-signer can be anyone from your grandparents and parents to even your friend.

However, you need to take this obligation seriously and only consider it if you can take this responsibility properly. Anyone who will be the co-signer on your student loan will be liable equally for your debt, which is why you must be certain that you can and will repay the loan before you involve someone else and risk their credit as well.

2. Check Federal Student Loans

Most students don’t know they can qualify for federal student loans, which the US Department of Education finances. As a student, you can get anywhere from $5,500 to $12,500 in subsidized and direct subsidized loans and nearly $20,500 every year for a graduate degree.

Those students who have established financial needs can qualify for additional funds from the Federal Perkins loan program that offers an extra $5,500 every year for undergraduates and $8,000 every year for graduate students.

The best part is that these federal loan programs don’t check credit scores, so even if you have bad credit, it will not affect your ability to get a student loan. These loans are insured and backed by the federal government, so there are no specific criteria attached to them. All students who have enrolled in an accredited university or college are eligible for them.

Also read: Personal Loan: How to Apply for it

3. Research Loans with Credit Unions and Local Banks

Most student loan lenders and major banks have strict criteria for granting loans to students. Their standards ensure who may qualify for a loan, the rates they can receive, and how much they will be allowed to borrow. Regional and local credit unions have guidelines they use for issuing loans. That means they are more flexible towards their communities and their members.

If you have a bad credit history, you may benefit by getting a loan from a credit union. You can also qualify for a student loan through a small lender.

Below are Credible’s partner lenders that offer student loans for bad credit. Keep in mind that while some of these lenders have high required minimum credit scores.

1. Federal Subsidized/Unsubsidized Loan
2. Ascent Independent Student Loan
3. Funding U Private Student Loan
4.A.M. Money Private Student Loan
5. MPOWER Private Student Loan
6. Stride
7. Avenify
8. Citizens
9. Mefa
10. Invested
11. EDinvestinU

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To sum up, Qualifying for a student with bad credit is possible if you are smart and take the correct steps. Students apply for student loans every year, and most of them have no credit or bad credit scores. If you have bad credit and want to get a student loan, consider the options we have mentioned above.

 

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