Can you get a college loan with fair credit?

Answer 1

Yes, you can. Two of the major federal student loan programs -- Stafford and Perkins -- require no credit check at all (your school is prohibited from checking your credit as a condition for offering you these loans). In order to obtain a Stafford or Perkins loan, you will need to file a FAFSA and have the results sent to your school, at which point they will inform you of your eligibility for federal student aid funding.

If federal student loans do not meet your costs, you can apply for a private educational loan. If your credit is fair, you are better off if you can obtain credit-worthy co-signer (a.k.a., a co-applicant). You will still be the primary borrower (and you'll be the one responsible for making payments), but the cosigner's good credit will help you get approved and, most likely, help you obtain a better interest rate. In my opinion, Sallie Mae's Signature Loan and Citibank's CitiAssist Loan are two of the best private loan products available.

If you truly cannot find a co-signer, you will need to seek out loan products that are catered to students with no or bad credit. In my experience, companies like Campus Door and Wells Fargo have been known to approve students with less-than-stellar credit scores. I would encourage you to read the information on their websites (links below) and make an informed, honest decision about whether you are the kind of borrower that they would approve. If not, try the website finaid.org, which maintains a long list of private loan lenders: http://www.finaid.org/loans/privatestudentloans.phtml . Click on their links on this page and read the "terms" or "criteria" for the various loans offered. Then pick one that plays to your strengths (job history, perhaps?).

Keep in mind that, as someone with fair credit, you are more of a credit "risk" than an applicant with good credit. This means that, if you get approved, you are more likely to be saddled with a higher interest rate. You might need to swallow this loss for now and, when your credit improves, consolidate your debt or obtain a lower-rate loan to pay off the high-rate one.

Every time you seek out credit (whether it be a credit card or a student loan), your credit will take a small hit, so research private loan options carefully before applying. Choose a loan product that you believe you qualify for (based on the lender's criteria), apply, and wait to see if you are approved before moving on. Use the knowledge that you gain about your eligibility to determine what kinds of loans you need to seek out.

Answer 2

Yes you can from almost alot of loans company. But probably go first to the Pell Grant and se if you can qualify for it and if you do you might get up to 4000 a yr. and you don't have to pay it back. ALso to see if your STate offers guarateed loans for going to college. SOme states have the No child left behind program you should look in to it. Go to your library and you willl find a book of governments loans and grants and apply to all th e grants that pertain to your major because grants you don't pay back then apply for the loans after. SO you n eed to start now to get ahead of a lot of people who will graduate this spring.

Answer 3

What do you advise by using straight forward credit? in case you have a score of a minimum of 680 i will help pair you with a corporation who pays you to cosign. charge could be everywhere as much as $15,000 and that they pay back the interior maximum loan from investments. e mail me in case you meet the standards and have an interest.

Answer 4

Yes you can. Sallie Mae Services can help. And if you qualify for financial aid then you can get loans because the govt. will gurantee them.