Student Loans for Bad or No Credit

Student Loans for Bad or No Credit

For many students, applying for student loans to help pay for college is a necessity. Moreover, because federal student loans have borrowing limits that don’t always cover all educational expenses, and many people have to take out private student loans , as well.

According to the Institute for College Access and Success , 62% of college seniors who graduated from public and private nonprofit colleges had student loan debt.

But is credit required for student loans? That may be a concern for many students, especially if they haven’t had the opportunity to build a credit history.

The truth is that some types of student loans do require a credit check. But for most college students, applying for student loans without credit shouldn’t be a problem. And if it is, there are ways to get the financing you need.

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Federal Student Loans Are Best for Students With Bad or No Credit

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If you’re looking to get a student loan but don’t have a credit history, federal student loans are the way to go.

With federal undergraduate loans, there’s no credit check required at all. This means that everyone who’s eligible to apply based on their financial need will be approved.Seguir leyendo