Q: For college students with bad credit are there any guaranteed approval student loans to apply for?
A: There are no guaranteed approval student loans, however for college students with poor or little credit history, there are federal student loans that you may qualify for. You can apply for federal student loans by visiting www.fafsa.gov and completing The Free Application For Federal Financial Aid. Unlike private student loans, federal student loans are not based upon credit.
If you need additional funds for college expenses, but do not have the credit to qualify for a private student loan, you should consider obtaining a creditworthy cosigner for the loan. If you can get the help of a cosigner who has good credit, you will have a better chance of securing the loan. Since private student loans are based upon credit, if you have poor or little credit history, obtaining a private student loan without a cosigner will be difficult. Before considering a private student loan for college, make certain that you have exhausted all of your federal financial aid options (including federal student loans and grants) and scholarship options.
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