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Can Anyone Get a Student Loan Even With Bad Credit?

Having bad credit should not keep a student from higher education. You can get a student loan for those with bad credit even with no credit history. A mix of loans can do the trick.

Bad Credit Alone Should Not Prevent a Higher Education

Are you looking for a student loan.? Do you have bad credit? Given all the possibilities, it is probable that you will be able to pursue a higher education regardless of your credit history, good or bad, or entire lack thereof. Federal funding student loans for those with bad credit is designed specifically to help people in the above situations who want to pursue a higher education. Federal funding standards are not as tight as private funding when it comes to getting a student loan for those with bad credit.

Get to Your School Financial Aid Office

The first thing any student should do if they are in need of educational funds is to go the school financial aid office and fill out a Free Application for Federal Student Aid (FAFSA). This is a universal application for all federally funded student loans for those with bad credit, most of which emanate from the Department of Education. Your first considerations will probably be a Stafford Loan or a Perkins Loan.

Perkins and Stafford Student Loans for Those with Bad Credit

These are the most used of all federal funding instruments. The assumption is made that a student is progressing immediately from high school to college or university. Hence, no time to have much of a credit history at all. Credit checks are never considered. The other loan you might be able to use is the Perkins Loan. However, you must demonstrate dire financial need. About the only way you will be denied a Stafford or a Perkins student loan for those with bad credit is if you have previously applied for and defaulted on a federally funded student loan.

Other Options at the Financial Aid Office

School financial aid offices will be able to point the student to work-study programs. They also have access to plenty of grant and scholarship programs for which the student may qualify. Often it is a combination of federal student loans, private student loans, grants and scholarships that smooth the way. If you have applied for federally funded student loans for those with bad credit, but are still in need of educational funds, you can consider looking for the private Student Loan Supplement or Student Loan Consolidation. These loans are made by non-governmental financial institutions or private institutions and they do have tighter lending controls, but they are still usually accessible to students who somehow do have bad credit ratings, or no credit rating at all.

Private Lenders May Help

If you are going to be entering a field that is projected to have high-earnings in the future, some private lenders may be willing to finance part of your education. It certainly does not hurt to ask. Perhaps a hometown bank or credit union might step up and offer you a student loan for those with bad credit. Or, you may find an adult with a good credit history and a good job, who is interested in your future, to cosign a student loan for you. Of course, they would have to be cognizant of the fact that should you default for any reason, they are legally responsible to assume the loan. Even though these loans may have very high interest rates, these can be offset in the future.

For one thing, most student loans for those with bad credit are deferred until the end of studies. At that point you will be making decent money and may even have had a chance to start or rebuild a credit history. At that point, a loan consolidation could be considered to bring the interest rates down and bring monthly payments down to a reasonable amount. Whatever happensHealth Fitness Articles, there is no way a bad credit or no credit situation should keep you from a higher education.

Article Tags: Federally Funded Student, Student Loan, Loan Even, Higher Education, Credit History, Federal Funding, Student Loans, Federally Funded, Funded Student

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Melissa Kellett has a Master in Finance and has been a financial consultant for years. She specializes in Bad Credit Loans Guaranteed people and also in helping people to get approved for Personal Loans, unsecured loans, Personal Loans Poor Credit, no credit check loans, student loans among many other financial products. Visit her site at

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