Did you know that 30% of Americans have poor credit–or none at all?
If you’re one of them, you may worry about getting the money you need when you need it. When you’re trying to finish (or start) college, your worries are compounded.
How can you get the education you need to get a better job and improve your credit?
The good news is that is it possible to get student loans with bad credit. You may have to get creative, but with enough effort, you can get the funding you need.
Here are four avenues that might help you get bad credit student loans.
1. Find a Co-Signer
One of the least complicated ways to get student loans with bad credit is to find a qualified co-signer.
Do you have a family member or close friend who has excellent credit? If you have a good relationship, ask them if they’d consider co-signing on your college loans.
The lender will provide terms based on your co-signer’s credit score, which means a better interest rate for you. The catch is that the co-signer becomes responsible for paying back the loan if you fail to do so.
Before you choose this route, make sure you’re able to keep up with the loan repayments. If you don’t, it could ruin your co-signer’s credit–and your relationship.
2. Ask Your Family for Help
If you can’t find a co-signer or don’t want to use a traditional lender, could someone in your family front the cash you need?
A parent, grandparent, or another relative may be able to provide the assistance you need. Before you borrow, however, make sure to set clear terms for repayments that work for both parties.
That way, there are no hard feelings on either end.
3. Fill out a FAFSA
If you haven’t already, be sure to fill out a FAFSA (Free Application for Federal Student Aid).
These loans are given to students who have genuine financial need. The government determines this based on your (or your parents’) income and taxes. Your credit–good or bad–is not a determining factor.
Depending on your circumstances, you may qualify for a Perkins Loan or a Direct Subsidized Loan.
4. Consider a Personal Installment Loan
If none of the above options work for you, consider applying for a personal loan with no credit check.
To qualify, you’ll need a bank account, a steady paycheck, and the ability to make weekly or monthly repayments. Most lenders who offer these types of loans will not check your credit, so a poor credit score doesn’t matter.
You don’t have to put up any collateral to get an installment loan. And you can often receive the funding you need within 24 hours.
Learn more about education loans with bad credit.
How to Get Bad Credit Student Loans: Now You Know
Bad credit is an inconvenience, but it doesn’t have to hold you back.
By trying the tips outlined above, you should be able to qualify for one or more bad credit student loans.
Interested in learning more about getting loans with less than stellar credit? Here’s more helpful information about online installment loans. Here are some other articles you might find helpful:
The pros and cons of Discover It student credit card
How Student loans with cosigner can help your credit
Student credit – 5 credit cards for 18 year olds with no credit
How to get student loans for adults