Students who have bad credit and cannot find a cosigner are not in the most ideal situation when it comes to borrowing money, however, there still may be a way for them to finance their education.
HOW TO GET A BAD CREDIT STUDENT LOAN WITHOUT A COSIGNER
WHAT KIND OF STUDENT LOANS ARE NOT BASED ON CREDIT?
By and large the only student loans that require good credit are private loans. Federal student loans on the other hand do not require good credit and are therefore the best option for students without good credit and a cosigner.
Federal student loans are no cosigner student loans, and do not require a credit check as a requirement. Applying for federal student loans is easy, and because they do not have the same requirements as private loans, they make financing a person’s education a reality, regardless of their credit.
WHAT ARE THE TWO REQUIREMENTS FOR FEDERAL STUDENT LOANS?
- American Citizen
- Have a Social Security number
HOW DO STUDENTS APPLY FOR FEDERAL STUDENT LOANS?
To fill out an application for a federal student loan, a student must simply fill out the free FAFSA form. Once the FAFSA form has been filled out and submitted electronically the student will automatically be considered for their federal student loans as well as an assortment of other grant offers.
HOW DO STUDENTS APPLY FOR ADDITIONAL FUNDING BEYOND FEDERAL STUDENT LOANS?
Even with bad credit, there are still a number of grants and gifts students can apply to in order to gain more capital to help fund their education. The first thing you will want to do as a student is go to your financial aid office and find out if there are any additional grants by looking through grant books and applying for money that way.
WHAT KIND OF BAD CREDIT PRIVATE STUDENT LOANS ARE AVAILABLE?
- If you are in the unfortunate position of having poor credit, and for some reason you are unable to qualify for federal student loans, you can still seek to fund your education by applying for bad credit student loans from participating financial institutions.
These bad credit loans vary in type, depending upon the specific institution. The bad credit loan industry is certainly an industry of itself, with a number of competing players so make sure that you compare what they are offering. Before accepting one of these student loans you will want to make sure to do you research diligently, there are a number of legitimate lenders you just want to make sure that you steer clear of the rest of them.