Q: Do I Need Good Credit to Borrow a Student Loan?
A: To determine if credit (your credit) will play a part in your student loan borrowing, we have to first define “what” kind of student loans we are talking about. Starting with federal student loans for college, all federal student loans (with the exception of the PLUS loans) will not take into consideration your credit score or history.
This (among others) is the reason we at StudentLoansForCollege.org place SO much emphases on encouraging students to borrow all the federal student loans you can before seeking private student loans. If you would like to learn more about federal student loans, you can click here to visit our Federal Student Loans section.
Moving on to private student loans, private student loans for college ARE based on your credit, meaning the interest rate you get will depend on your credit score (as well as if you will be eligible to secure the private student loan without the help of a cosigner). We stress this all the time, but private student loans should be a last option for funding your college education. If you have gone through ALL of your other options to pay for college, and still require help from a private student loan, you can visit our Private Student Loan section by clicking here, or choose from some of our most popular private student loan topics:
Private Student Loan Without Cosigner
4 Easy Student Loan Tips for Beginners
Why are Private Student Loans More Expensive Than Federal?
The Difference Between Federal and Private Loans?
5 Tips to Help with Private Student Loan Debt
To learn all about federal student loans for college, please visit our Federal Student Loans section. To learn all about private student loans for college, please visit our Private Student Loans section.
TheStudentLoanShark:
Answering all of your student loan and college financial aid questions. Read all of my posts by clicking here or ask me your student loan and/or college financial aid questions.
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