Student loan opportunities for individuals with a bad credit score are available in the form of federal college loans and typically do not require a credit check for individuals who apply. While there are private student loans that may be available to some individuals with a low credit score, federal student loans do not look at one’s credit score or history when lending, but rather set a cap on the amount one can borrow depending upon the class rank they hold in college.
While there are some federal student loan opportunities that may require a good credit score, federal student loans are often the means which bad credit student borrowers will be able to gain the money they need to meet the costs of attending a university. Students who have a bad credit score may find that other student loan opportunities come at too high of a cost or have an interest rate that is unaffordable, so bad credit student borrowers usually fill out a FAFSA form to see if they can qualify for federal loans.
Keep in mind, not every student will be able to get the federal student loans they need, but there are countless students across the nation who use federal student loans to meet the costs of a college or university every year. Also, changes that were made to student loans may make these loans more accessible for some, as student loans will now be lent directly from the federal government rather than going through a financial institution, which acted as the middleman.
However, students who are in need of assistance to meet the cost of college tuition, fees, and books, should look for as many sources of scholarships and grants as they can due to the fact that these free sources of financial aid can not only help pay for some college costs, but if student loans are still required, they can cut down on the amount of money that one must borrow. Online resources for scholarships and grants are available, and a simple Google search will yield countless results for these types of free financial aid.