If you have poor or bad credit, you might be hesitant to apply for a loan to cover education costs. Luckily, there are private student loans for bad credit out there to help everyone get access to the education they need to better their situation.
Private student loans are loans that are offered through a bank, credit union, or specialized online lender to finance tuition, textbooks, rent, and other higher-education related costs. While many private lenders require even students to have good credit history, there are options for private student loans with bad credit.
How to Get Student Loans with Bad Credit
If you have poor credit, you can still get loans to help fund your higher education. The first stop for education funding is applying for federal aid through the free FAFSA application. The federal government offers a variety of grants and subsidized and unsubsidized student loans. These are great options because some of them are need-based. The application process does not require a credit history, and flexible payments are available.
However, there are borrowing limits to federal student loans. If you need to fill in the gaps to get your degree, private student loans for bad credit scores are available. If you have a lower score, generally between 300 and 629, look for a private lender that doesn’t require credit checks—though you may end up paying more in interest—or a lender that will let you co-sign for the loan with someone who has good credit.
To learn more about applying for loans with poor credit, visit LiftCredit.com.