This is a very common student loan question: “How to get a student loan with bad credit?” Well, the answer is that there ARE ways in which you most certainly can get a student loan with bad credit, starting with federal student loans for college. Perkins Loans and Stafford Loans are not based on credit, so if you have not yet applied for federal student loans, visit www.fafsa.gov and file a Free Application for Federal Student Aid (FAFSA). Federal student loans have some of the lowest interest rates, best repayment options, and best of all (for those with bad credit) they are not based on your credit history.
As for private student loans, the best way for you to secure a private student loan with bad credit will be to obtain a creditworthy cosigner for the loan. A cosigner could be any friend or member of your family who has excellent credit and is willing to cosign on a private student loan for you.
Once you have a creditworthy cosigner you can start contacting banks and other private lending institutions and explain your situation to them. In most cases, you will be able to secure a decent private student loan with a creditworthy cosigner, despite your bad credit. Do not take the first student loan you are approved for, shop around to ensure you get the best possible terms and rates.
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