2006-06-09 11:00:25 · 7 answers · asked by Anonymous in Education & Reference ➔ Financial Aid
It depends on the type of loan (Federal, state, private, or institutional).
Two of the major Federal Student loan programs -- Stafford and Perkins -- are unique in that they require absolutely NO credit check. In fact, Financial Aid Administrators are forbidden from checking your credit as a condition for receiving these loans. You don't even need to show financial need to obtain an Unsubsidized Stafford Loan -- as long as your school is accredited, you are enrolled at least half-time as a regular student, and your other financial aid doesn't exceed your Cost of Attendance, you will be offered a Stafford Loan.
The Federal PLUS loan program does require the borrower to undergo a credit check, but it is usually a fairly "shallow" check. Most PLUS lenders just want to see that you haven't defaulted on any other student loans.
Lenders of private loans will perform a credit check and, if your credit is bad, you may be denied for a loan through them. However, if your credit is less-than-perfect, you can apply with a co-signer and their credit will act as a sort of "stand in" for yours. (Some borrowers have a tough time getting a friend or family member to co-sign their loan, since, technically, the cosigner is responsible for the loan payments if you aren't good about keeping up with your payments. However, you can seek out a loan that offers a "cosigner release" so that, once you've made a certain number of payments on-time [36 or 48, typically], your co-signer will be let "off the hook.")
Every company will have slightly different credit criteria, so you might get approved for a loan at one company but denied with another. If you're interested in learning more about the various lenders' credit criteria, start with the list of private loan lenders on FinAid's website: http://www.finaid.org/loans/privatestudentloans.phtml . You can go to each lender's site and read the terms and credit criteria of their loans until you find one that's right for you.
2006-06-09 15:15:47 · answer #1 · answered by FinAidGrrl 5 · 0⤊ 0⤋
Apply for the loan through your school and your credit should not be an issue. One tip.. Apply for a Subsidized loan, meaning that the US Government will cover the Interest on the loan.. Just some friendly advice...
2006-06-09 11:06:21 · answer #2 · answered by fairwells_vixen2005 1 · 0⤊ 0⤋
yes, you can still get student loans with bad credit as long as they are gotten through your school.
2006-06-09 12:46:44 · answer #3 · answered by profghost 5 · 0⤊ 0⤋
you will desire to stick to for a the stafford loans, to be eligible, bypass to federal stafford loans, and fill out the web application. you may take out a Federal Pell furnish, and additionally a Federal backed Stafford loan, and a Federal unsubsidized Stafford loan, no remember your credit status and you do no longer would desire to have a co-signer, you basically would desire to finished your FAFSA, you're able to do this on line, or with the aid of your faculties, financail help place of work.
2016-10-30 11:22:18 · answer #4 · answered by Anonymous · 0⤊ 0⤋
If you get one through the financial aid department of your school, your credit status doesn't matter. If you get one on your own with a bank, you have to have good credit.
2006-06-09 11:02:51 · answer #5 · answered by ? 2 · 0⤊ 0⤋
not sure about student loans
but investigate the link on my profile see if it can help
2006-06-09 11:02:36 · answer #6 · answered by umdanddvd 3 · 0⤊ 0⤋
ask you financial aid office in your school.
2006-06-09 15:09:36 · answer #7 · answered by curious kitty 1 · 0⤊ 0⤋