Any student who may be bound for college will more than likely need a student loan to help them pay for the cost of college. There are a vast number of college students who leave school with some form of student debt due to the rising costs of attending a university. However, many of these students who may have a bad credit score often worry about getting a student loan.
Any student who may have a low credit score or no credit history might benefit from seeking federal student loan aid. Federal student loans often do not take into account a credit score when it comes to lending.
Many college students will fill out a FAFSA form, otherwise known as the Free Application for Federal Student Aid, which will tell them if they qualify for various forms of federal student loan aid, or other financial aid from the government, and through this they can borrow money which will help them afford the costs of attending a university.
There are private student loans available and loans that can be obtained if a student has a cosigner, but it will be dependent upon the individual’s situation as to if they get an affordable interest rate on their student loans. Federal student loans often have set interest rates and can be more affordable for someone with a bad credit score.
More information on federal student loans and the qualifications for obtaining this type of financial aid can be found on the FAFSA website or from talking with a college financial aid counselor. Scholarships and grants should be a student’s first priority when it comes to getting student aid for paying college tuition, but if loans are inevitable a student should only borrow as little as they need in order to help meet the cost of paying for college.