College students with a bad credit score often worry about their ability to qualify for student loans to supplement other financial aid. However, college-bound students who may a have a bad credit score are able to borrow student loans without having their credit score considered.
There are private student loans and federal student loans which are typically chosen by college students and while private student loans may factor in a student’s credit score when it comes to eligibility and interest rate, federal student loans don’t look at a student’s credit history when lending. Usually, a college student can fill out a FAFSA form to see if they are eligible for federal student financial aid.
Federal student loans are, obviously, from the federal government so they don’t factor in a student’s credit score, but rather set caps on the amount one can borrow, in most cases, and they are open to almost all college students, despite credit history or score. There are some federal student loans they may require a cosigner but a traditional unsubsidized or subsidized loan can obtained, again, by the majority of students.
However, despite this fact, students are often advised to seek out as much financial aid from scholarships and grants as they can obtain so that if they must use federal student loans the amount borrowed will be kept to a minimum. Sometimes scholarships and grants can be given in amounts that will cover the entirety of one’s college education, so loans will not be needed but this will take some work on the student’s part since research, time, and filling out applications will be involved.