Obtaining financial aid to pay for college tuition is often necessary for college students who are just entering school or who may have been in school for a while. What many college students worry about is if they’re faced with student loans as their only financial option, the question is often asked, “Will my credit score hurt my chances of getting a college loan?”
The truth is many types of loans that are popular among college students don’t factor in your credit score at all. There are various federal student loans that can be easily obtained by simply filling out a FAFSA form and do not take into account a student’s credit score. Many college students are incoming freshmen and have little or no credit history, thus giving them a poor credit score if they have one at all.
It’s for this reason that the federal government offers certain types of loans to students that don’t factor in their credit history or credit score because many people who either are new college students or who may have had financial problems in the past and seen their credit score drop deserve the opportunity to attend the university without being weighted down by student loan interest rates.
While there are certain types of loans that may be beneficial for college students that do check a students credit score or require a cosigner, there are numerous student loan options available to help anyone meet the costs of college tuition, books, and university fees that are often associated with paying for school.
If student loans are your only option for student financial aid, meaning you have exhausted all of their scholarship and grant opportunities, you shouldn’t be worried about your credit score affecting your ability to get a student loan.