How to Get a Student Loan With Bad Credit
Apply for student aid., Learn the basic eligibility requirements., Take advantage of your independent status if possible.
Step-by-Step Guide
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Step 1: Apply for student aid.
You can qualify for financial aid regardless of your credit score, and you can still get student loans from the federal government.
Most federal financial aid is based on need alone; your credit is not taken into consideration.
However, a bad credit history due to bankruptcy, default, foreclosure, etc., may affect you, especially on Parent and Graduate PLUS loans, but it doesn't automatically disqualify you.
If you have bad credit, you should make the most of your federal financial aid opportunities before you move on to private funding, which can be much more difficult to secure. -
Step 2: Learn the basic eligibility requirements.
To get federal financial aid, you need to be a U.S. citizen, a U.S. national, or a U.S. permanent resident.
Your school of choice must be an accredited one, and you must be attending at least half time.
There are exceptions to the citizenship requirements, so check with the financial aid offices at any schools you are considering.
Documented refugees and victims of human trafficking, for example, may qualify for financial aid., Depending on your circumstances, you may qualify for more federal financial aid if you are considered an independent student.
If you will be at least 24 years old by the end of the year, you can fill out your financial aid paperwork as an independent student.
This means that your parents’ income will not be considered, and you may get more aid.In certain cases, students under the age of 24 can qualify as independent.
Talk to your financial aid office if you are an orphan, a former foster child, a ward of the court, homeless, a veteran, in graduate school or professional school, or married or have children. -
Step 3: Take advantage of your independent status if possible.
Detailed Guide
You can qualify for financial aid regardless of your credit score, and you can still get student loans from the federal government.
Most federal financial aid is based on need alone; your credit is not taken into consideration.
However, a bad credit history due to bankruptcy, default, foreclosure, etc., may affect you, especially on Parent and Graduate PLUS loans, but it doesn't automatically disqualify you.
If you have bad credit, you should make the most of your federal financial aid opportunities before you move on to private funding, which can be much more difficult to secure.
To get federal financial aid, you need to be a U.S. citizen, a U.S. national, or a U.S. permanent resident.
Your school of choice must be an accredited one, and you must be attending at least half time.
There are exceptions to the citizenship requirements, so check with the financial aid offices at any schools you are considering.
Documented refugees and victims of human trafficking, for example, may qualify for financial aid., Depending on your circumstances, you may qualify for more federal financial aid if you are considered an independent student.
If you will be at least 24 years old by the end of the year, you can fill out your financial aid paperwork as an independent student.
This means that your parents’ income will not be considered, and you may get more aid.In certain cases, students under the age of 24 can qualify as independent.
Talk to your financial aid office if you are an orphan, a former foster child, a ward of the court, homeless, a veteran, in graduate school or professional school, or married or have children.
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Joan Simmons
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