It still may be possible, however, to get a student loan if you apply with a co-signer who has excellent credit, because their good credit may help to offset your bad credit.
In addition, some student lenders do not rely solely on the FICO score to make approval, they will look at all of your credit history into consideration when evaluating a potential borrower’s loan application.
When federal student loans aren’t enough, private student loans can be very helpful in filling the financial gap.
Students can receive subsidized or unsubsidized Direct Loans to meet educational expenses, with different loans available depending on financial need.
Certain need-based loans, such as subsidized Direct loans and Perkins Loans have extremely low interest rates, and are also subsidized, meaning the government pays the interest that accrues on the loan while the student is in school.
There are also certain private student loans for bad credit available for borrowers but those have a stringent criteria.
These loans are funded by the federal government and are easy to apply for. While searching for school loans for students with bad credit, I came across consolidation options. Consolidation, or refinance, is a program that combines multiple students loans into a new single loan with a single monthly payment.
No matter what your credit score is, you will be eligible as long as you apply. This is a useful program for students who have taken out more than one loan and have difficulty managing the multiple loan payments every month.Finally, federal student loans are an example of student loans that people with bad credit can obtain, as they are awarded on the basis of financial need.