Getting Student Loans With Bad Credit and No Cosigner

Student loans are out there to take advantage of, but are they available for people with bad credit? Getting student loans with bad credit and no cosigner is a possibility because most lenders are much more eager to help people out with financing something like school rather than material things. However, people with good credit do have the best chance of getting an easy student loan. No cosigner is also normally not a big deal for potential students with high credit scores.

Student Loans Through Government Programs

There are a lot of different student loan programs that go through the federal government. These loans generally come with much more favorable terms than those available through traditional lenders because the programs are in place more for the purpose of helping out American citizens looking to get an education rather than to profit from. Additionally, student loans with bad credit and no cosigner are also possible through the government because they tend to be more lenient than other types of lenders. The Stafford loan is one of the most popular types of federal student loans.

Perkins Student Loans

People who have bad credit are often in dire financial need, although this is not always the case. However, a person with bad credit and very low income might be able to qualify for a Perkins student loan. Perkins loans come with extremely low interest, which is usually somewhere around five percent. People who apply must be able to prove that they are in need of financial assistance for school. There is no guarantee of approval, but a person with bad credit should consider it as an option if he can prove he has limited income.

Private Student Loans

The best place to get a student loan is probably through the federal government, but there are some companies not affiliated with the federal government who offer private student loans. The eligibility requirements generally vary from lender to lender, but there are many who are more lenient on credit scores than others. A person who wants to go to school with bad credit and no cosigner can research different lenders to find out what chances he has for approval. Some lenders to start with are Credit Union Student Loans and Citi Student Loans.