QandAs: Loans

If I have Bad Credit, Can I Get a Student Loan without a Co-Signer?

Answer:
Students with bad credit, or no credit history, are

considered to be a high financial risk for many lenders. However, loans such as the Federal Stafford Loan, and the Federal Perkins Loan, are not based on your credit history. Therefore, it is possible to obtain these low interest rates without a co-signer.

In order to apply for a federal student loan, you must first apply out an FAFSA (Free Application for Federal Student Aid). These forms are available at the financial aid office or online. After you complete the application, you’ll be able to find out what type of financial assistance is available to you from the federal government.

Private loans usually require a good credit history or a co-signer. These loans may cost you more because of higher interest rates.

If you still need additional financial assistance, check with your advisor to see if other options, such as work-study programs, might be available.


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