Student loans for individuals with a bad credit score are available and can be very affordable when it comes to interest. Typically, a private student loan will take into account someone’s credit score but federal student loans usually have set interest rates and put a cap on the amount a college student can borrow, which allows them to forgo factoring in a credit score when lending.
The cost of attending a college or university is becoming more expensive and it’s becoming more common for college students to have to borrow student loans in order to supplement scholarships and grants. Federal student loans are often an affordable kind of student aid which is available to the vast majority of college-bound students.
Many college students will fill out a FAFSA form in order to see what type of student loans, among other forms of aid, they may be able to obtain. Keep in mind that student loans are not free money and they are debt that must be paid back. It will be in a borrower’s best interest to only take a loan for the amount they need to cover their college costs.
Federal student loans have a variety of plans and programs which can make them more affordable when it comes time to repay but college students should still seek out as much financial aid from scholarships and grants as they can before borrowing. However, even with a bad credit score, anyone who wants to obtain an education should be able to get the funding they need in order to do so.