Is It Easy to Get Student Loans

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There are student loans available for borrowers with bad or no credit. But not everyone will qualify. Check lender to requirements to see about your situation.

If you need a student loan, but you have bad credit or no credit history, federal student loans are your best option. They don't require a credit history to borrow and offer flexible repayment options.

But federal loans do have borrowing limits. To fill a gap in college costs, you may need to take out a private loan from a bank, credit union or online lender. Most private lenders require borrowers to have a credit score of 690 or above. If you don't have credit or your credit history is thin, you have two options for private loans:

• A private loan from one of the few lenders that don't have credit or co-signer requirements, though you'll pay higher interest rates.
• A private loan with a co-signer who has good credit.

Here's more on how to shop for a student loan when you have bad or no credit:

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1. Start with federal student loans. Fill out the Free Application for Federal Student Aid, known as the FAFSA to apply for federal student loans as well as qualify for free aid such as grants, scholarships and work-study. They offer lower interest rates and come with income-driven repayment plans and forgiveness programs.
2. Find a co-signer with good credit. To borrow private loans with a co-signer and get the most competitive interest rates, they'll need to have a good credit score and steady income. If you opt for a co-signer, they'll be responsible for your debt if you can't repay it.
3. If you can't find a co-signer, consider loans you can get independently. Some lenders offer private student loans without factoring in credit scores. Future income potential is usually considered instead. The higher your earning potential, the more likely you are to get competitive rates.
4. Compare loan features. When shopping for a private loan, compare offers to get the lowest interest rate you qualify for. Note whether the lender will postpone payments in case you have difficulty affording them, and for how long. That's important. Find out if there are origination, prepayment or late fees, and how easily you can reach the lender by phone, email or live chat if you encounter a billing or customer service issue.
5. Opt for a fixed interest rate. Given the choice, a fixed interest rate is a safer bet than a variable interest rate. It won't increase over time.
6. Keep an eye on the bottom line. Use a student loan calculator to see what kind of payment you'll face after borrowing for multiple years.
7. Consider refinancing in the future. Once you're out of school and have built a credit profile, you may be able to refinance private student loans to a lower interest rate. You'll generally need solid income, a credit score of 690 or higher and a history of on-time debt payments.

» COMPARE: Private student loans you can get with a co-signer

Here are our picks for student loans for bad or no credit, as well as how to shop for a loan if you have no credit.

Student Loans for Bad Credit or No Credit

Lender	NerdWallet Rating	Min. credit score	Fixed APR	Variable APR	Learn More
Federal Subsidized/Unsubsidized Loan	5.0/5 Best for Student loan for bad credit	None	3.73-5.28%	N/A	READ REVIEW
Ascent Independent Student Loan	5.0/5Best for Private loans for no credit	Varies	6.11-13.16%	4.05-11.31%	CHECK RATEon Ascent's website
Funding U Private Student Loan	5.0/5Best for Private loans for no credit	None	7.49-12.99%	N/A	CHECK RATEon Funding U's website
A.M. Money Private Student Loan	4.5/5Best for Private loans for no credit	None	7.08-8.85%	N/A	READ REVIEW
MPOWER Private Student Loan	4.5/5Best for Private loans for international students with no credit	N/A	7.52-14.98%	N/A	CHECK RATEon MPOWER's website
Prodigy Private Student Loan	4.5/5Best for Private loans for international students with no credit	N/A	N/A	7.52-12.00%	READ REVIEW
Stride Funding Income Share Agreement	4.5/5 Best for Income Share Agreement	None	N/A	N/A	CHECK RATEon Stride's website
Avenify Income Share Agreement	5.0/5 Best for Income Share Agreement for Nursing Students	None	N/A	N/A	READ REVIEW

Our pick for a Student loan for bad credit

Federal Subsidized/Unsubsidized Loan

5.0 NerdWallet rating

Min. credit scoreNone

Fixed APR3.73-5.28%

Variable APRN/A

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Key facts

Federal direct loans offer generous repayment flexibility and are among the lowest fixed-interest rates you'll find.

Pros

• More flexible repayment options for struggling borrowers than other lenders.
• Subsidized loans do not collect interest while in school or during deferment.
• Lower interest rates compared with private lenders.

Cons

• You pay an origination fee.

Qualifications

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• No credit check or minimum income is needed to borrow.
• Loan amounts for undergraduates: $5,500 year one, $6,500 year two, $7,500 year three and thereafter, up to a total of $31,000
• Independent students and graduate students have higher loan limits.
• Undergraduate interest rate fixed at 3.73%, while grad students get higher 5.28% rate

Available Term Lengths

10 to 25 years once repayment begins, depending on the repayment plan.

Our picks for Private loans for no credit

CHECK RATE

on Ascent's website

Ascent Independent Student Loan

5.0 NerdWallet rating

Min. credit score: Varies

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Fixed APR6.11-13.16%

Variable APR4.05-11.31%

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Key facts

Ascent offers a future income-based option that doesn't require a co-signer and evaluates your application based on factors like earning potential, major and attendance in school.

Pros

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• Among the best for payment flexibility.
• Grace period of 9 months is longer than most lenders.

Cons

• International students are not eligible.
• Freshmen, sophomores and those enrolled less than half-time are not eligible for future-income based loan.

Qualifications

• Typical credit score of approved borrowers: Did not disclose.
• Minimum income: $24,000 per year for credit-based loan. No minimum for future-income based loan.
• Loan amounts: $2,001 to $200,000 per year with an aggregate loan limit of $200,000 for credit-based loan. $2,001 to $20,000 per year for future-income based loan.

Available Term Lengths

5, 7, 10, 12 or 15 years

Disclaimer

Ascent Student Loans are funded by Bank of Lake Mills, Member FDIC. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations; and terms and conditions may apply. For Ascent Terms and Conditions please visit: www.AscentFunding.com/Ts&Cs. Rates are effective as of 02/01/2022 and reflect an automatic payment discount of either 0.25% (for credit-based loans) OR 1.00% (for undergraduate outcomes-based loans).

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Automatic Payment Discount is available if the borrower is enrolled in automatic payments from their personal checking account and the amount is successfully withdrawn from the authorized bank account each month.

For Ascent rates and repayment examples please visit: AscentFunding.com/Rates. 1% Cash Back Graduation Reward subject to terms and conditions. Click here for details. Cosigned Credit-Based Loan students must meet certain minimum credit criteria. The minimum score required is subject to change and may depend on the credit score of your cosigner. The lowest APRs are available for the most creditworthy applicants and may require a cosigner.

Funding U Private Student Loan

5.0 NerdWallet rating

Min. credit score

None

Fixed APR7.49-12.99%

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Variable APRN/A

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Key facts

Best for high-achieving independent students enrolled in four-year programs who have small funding gaps.

Pros

• You don't need a co-signer or credit history to get a loan.
• You can see if you'll qualify and what rate you'll get without a hard credit check.
• Among the best for payment flexibility.

Cons

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• Loans aren't available in 19 states.
• Payment required while in school and during the grace period.
• Maximum funding amount is less than most lenders.

Qualifications

• Typical credit score of approved borrowers: 650.
• Minimum income: No minimum, but borrowers must demonstrate they can pay $20 per month toward their loan.
• Loan amounts: $3,001 up to $10,000.

Available Term Lengths

10 years

Check rate Funding U's website

Easy To Get Private Student Loans

In specifics, the following are some of the easy ways to get private student loans available

private student loans for bad credit

Lender	NerdWallet Rating	Fixed APR	Variable APR	Min. Credit Score	Learn More
Federal Subsidized/Unsubsidized Loan	5.0/5 Best for Student loan for bad credit	2.75 – 4.30%	N/A	None	READ REVIEW
Independent Student Loan	5.0/5 Best for Private loans for no credit	7.00 – 14.50%	5.84 – 12.94%	Varies	CHECK RATEon Ascent's website
Funding U Private Student Loan	5.0/5 Best for Private loans for no credit	7.99 – 14.99%	N/A	None	CHECK RATEon Funding U's website
A.M. Money Private Student Loan	4.5/5 Best for Private loans for no credit	7.08 – 8.85%	N/A	None	READ REVIEW
MPOWER Private Student Loan	4.5/5Best for Private loans for international students with no credit	7.52 – 14.98%	N/A	N/A	READ REVIEW
Stride Funding Income Share Agreement	4.5/5 Best for Income Share Agreement	N/A	N/A	None	CHECK RATEon Stride's website
Avenify Income Share Agreement	5.0/5 Best for Income Share Agreement for Nursing Students	N/A	N/A	None	READ REVIEW

Federal Subsidized/Unsubsidized Loan

5.0 NerdWallet rating

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Fixed APR2.75 – 4.30%

Variable APRN/A

Min. Credit ScoreNone

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Independent Student Loan

5.0NerdWallet rating

Fixed APR7.00 – 14.50%

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Variable APR5.84 – 12.94%

Min. Credit ScoreVaries

View details

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Funding U Private Student Loan

5.0NerdWallet rating

Fixed APR7.99 – 14.99%

Variable APRN/A

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Min. Credit ScoreNone

A.M. Money Private Student Loan

4.5 NerdWallet rating

Fixed APR7.08 – 8.85%

Variable APRN/A

Min. Credit Score None

MPOWER Private Student Loan

4.5 NerdWallet rating

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Fixed APR7.52 – 14.98%

Variable APRN/A

Min. Credit ScoreN/A

Stride Funding Income Share Agreement

4.5 NerdWallet rating

Fixed APRN/A

Variable APRN/A

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Min. Credit ScoreNone

Avenify Income Share Agreement

5.0NerdWallet rating

Fixed APRN/A

Variable APRN/A

Min. Credit ScoreNone

View details

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Apply now

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Student loan options for parents with bad credit

Parents with bad credit have fewer options for parent loans. You'll likely need a guarantor or a co-signer to qualify.

Federal PLUS loans require parent borrowers to not have adverse credit history — a negative mark on your credit history such as charged-off payments, default or bankruptcy.

If you PLUS loan application is denied you can try to get an endorser (similar to a co-signer) who can qualify for a parent PLUS loan. Or you can appeal the decision with the Department of Education by providing documentation of extenuating circumstances.

Your next best option is to look for private student loans for parents that allow you to have a co-signer.

There are a lot of student loans for parents with bad credit.

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Parents with bad credit who want to help their children apply for a student loan may have a hard time finding the best option.

But there's no need to worry as there are several options for parents with bad credit to obtain student loans.

Find out below and get the best solution suited for you.

1. Maximize Your Federal Loans

The best option is federal student loans.

The reason is that their interest rates are the lowest and they have repayment plans which are very flexible.

Among the federal student loans are the Stafford loan and the Perkins loan.

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These two have 5.05% and 6.8% fixed interest rates respectively.

The parent's credit history is not required to be eligible for the federal student loans, and the same goes for the students.

As for parents, you can apply for the federal PLUS loan.

In this program, parents are allowed to borrow on behalf of their child who's an undergraduate, even if credit is denied by other lenders.

2. Look Into Private Student Loans

After exhausting all federal financial aid options, this would be the best time to consider applying for private student loans.

Some banks, however, may offer higher interests and require additional requirements compared to others.

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You can opt to check interest rates and other offers available from different banks or institutions to get the best possible option for you.

3. Consider Getting a Co-Borrower

You may ask one of your willing relatives or family members to back up your loan.

There are several education loans which offer loan options for parents along with a co-borrower.

This option is one of the best considering you'll have access to unsecured and the best education loans available.

4. Opting for a Home Equity Loan

Having equity for the home can give the family an option for the lowest interest rate available for loans.

However, it would be advisable to improve your credit score since this is an important factor when it comes to equity loans.

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Your home becomes the collateral of your loan in this option.

Weigh in the pros and cons of this option before jumping into a decision.

5. Explore Other Payment Options

A university and a college have a wide range of payment plans being offered.

You may consider exploring all these too and the majority of them don't require a credit check.

Having these payment options will also help you out in dividing your loans so you don't have to pay in one big bulk even before the student graduates.

If, however, you won't be needing the loan right away, you can consider your options how to improve credit score instead.

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Start reducing the levels of your debt and start making payments on-time.

Be consistent in working this out for several months.

Most likely, your options on getting student loans for parents with bad credit will come easy, even if you've had a rough start.

private student loans without cosigner

8 student loans without a co-signer:

1. Federal Subsidized/Unsubsidized Loan
2. Ascent Private Student Loan
3. Funding U Private Student Loan
4. A.M. Private Student Loan
5. MPOWER Private Student Loan
6. Prodigy Private Student Loan
7. Stride Funding Income Share Agreement
8. Avenify Income Share Agreement

Federal student loans don't require a credit history or a co-signer. They're also the most flexible when it's time to repay, so use them first.

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But to afford college, some students may need private student loans, which are credit-based. A small number of private lenders offer student loans without a co-signer. You'll pay higher interest rates as a result.

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Source: https://infolearners.com/easy-to-get-private-student-loans/

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