You can get college student loans with bad credit, no matter what you may have heard. Many students see either their own bad credit or their parents' bad credit as an obstacle to getting the loans they need to get a top-notch education. There are plenty of options, however, for students who need the money, but don't have great credit.
Stafford Loans
The Federal Stafford loan is one of the federal student loans that do not require a credit check in order to qualify. Whether you opt to go subsidized or unsubsidized, you can apply for and be granted funds regardless of your credit. Do your research and figure out what course of action you should take. The application and approval process can take time, so don't put it off. If you know you are going to need the money, get it done ahead of time so you're not scrambling when your university bill is due.
Perkins Loans
The federal Perkins Loan is another student loan program that does not require a credit check. Far fewer of these loans are doled out than the Stafford Loan, making it a less viable option for many students, but the potential of getting one of these loans makes filling out a FAFSA worth it. Once you know how much you can expect from these loans, you can have a better idea of how much you will need from other sources.
Finding A Cosigner
Unfortunately, the Stafford and Perkins loans are simply not enough to cover a lot of people's education expenses. If you fall into this category, your best option is finding a cosigner. A cosigner is anyone who signs the loan agreement with you and agrees to pay off the debt in the event that you cannot. Typically this is a parent or family member, but if they are also in the unfortunate position of having a bad credit score, it can be a family friend or anyone else who is willing. Finding a cosigner can be difficult, but if the alternative is not being able to afford an education, it behooves you to look for one.
Paying for college is not easy, and it is hard to avoid student loan debt. Tuition prices are shooting up at both public and private universities. Many people have no choice but to take out loans, and those with bad credit find themselves in an uphill battle. Fortunately, there are loans that do not require credit checks, making getting a viable education a possibility for many people for whom it otherwise wouldn't be.
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