Student Loans For People With Bad Credit

Student loans for people with bad credit – do they exist? The answer is yes. In fact, if you are looking for a loan to pay for your college and you don’t have good credit, there is a perfect loan out there for you. This loan is called the federal loan for students.

Federal loans, which include the Perkins loan and the Stafford loan, require no credit check or cosigner. These loans not only don’t require credit checks but the they offer some of the lowest interest rates in the business. You will never get a better interest rate with poor credit than that of a federal student loan.

Poor credit affects your ability to get loans and it also affects how much interest you end up paying on a loan. Fortunately with federal loans, the issue of credit becomes a non issue.

Now, if you want to take out a private loan for students, the issue of bad credit becomes important. How to get a private loan with poor credit? Well the answer is that it’s possible, but you are going to need a cosigner to get such a loan. Some of the big college loans like Chase student loans and Signature loans are given out to students with bad credit, but you will need a cosigner. How to get a private loan without a cosigner? Now this is a tricky question. The basic answer is that you won’t be able to get a traditional student but will need to seek out an online low credit student loan. A poor credit student loan will allow you to get the funding you need without a cosigner and with bad credit, but the interest rats will be high.