Fed Financial - How to get a student loan with bad credit?

How to get a student loan with bad credit?

I'm in need of a student loan, but am not sure how I will be able to get one. I've already applied about half a year ago but was denied due to my lack of credit (it was less than a year old and at the time my score was around 650). Right now my credit isn't that great (515) and has only been established for a little more than a year. I can't get my parents to cosign for me either because they also have bad credit. Is there any way I can get a student loan?

Public Comments

take another person id.. not mine ok
can you get a loan in your parents name?
Research for one online, theres a lot of different ones that take students with not-so-good credit :) Or talk to an administrator in your school, they will know of one :) GOOD LUCK!
you can get a co-signer.. I am in the same boat, they said to get a co-signer. As if it were that easy. Out of that, I don't think there is other way... maybe you could just try to apply for some loans and see what happens. Good Luck
You will robably have to tell them you are filing independent status. idon't know if your parents pay for schooling but that may be the problem. I am indepenent and take out loans from my school unfortunately to help pay for what I cannot afford. My Tuition is veryhigh. After that I take a little, just a little for my pocket. talk to your counslor/advisor. good luck!
Why is your credit bad? Why has it dropped so much in a year? Stop screwing around and face your responsibilities. The whole idea of lending money is that there is a reasonable expectation of it being paid back...
Have you applied for grants? Such as Pell or FAFSA? Your student aid center should be able to help you. Are your parents low income? Have they used your ID to create your bad credit? If so, you can go to the credit beureu and let them know that if you had bad credit established in your name, social etc., prior to you being 18, you ARE NOT responsible, you will have to bring proof of your age, and if your parent's did use your credit, they could be in big trouble. Did you do anything to endanger your credit once you turned of age? Such as buy a car and not pay, have utilities or such that you didn't pay? I'm no expert on credit, but my son has a friend who has gone through HECK with her parents and her credit. There is NO way a parent can use their child's ID for credit, mess them up, and the kid be responsible if under 18. Please check that out if that is the case. NO CREDIT is better than bad credit. I'm sending you best wishes and good luck. You deserve an education.
You're best chance is to shop around. Lenders deal with students with bad/no credit all the time and thanks to favorable legislation, the risks of lending to students are relatively low. (it is extremely difficult to escape your student loans). Therefore, the risks normally associated with lending to a person with bad or no credit are decreased for that same person if it is a student loan. Here are some places to start: http://www.salliemae.com - large student lender http://www.finfo.com - get up to four competing offers, no obligation http://www.nelnet.com - student loans and consolidations Best of luck!
if you dont wont a co signer go to myrichuncle.com and they will give you a loan regardless of credit the loan is called preprime for people in your situation
Are you eligible for Federal loans? I don't remember them being dependent on credit score. Also you could try to fill out FAFSA as an independent if your parents don't support you, that would remove your parents income/credit score from your application and maybe increase your chances? My parents didn't qualify for federal PLUS loans because of their bad credit so I was able to take out an extra loan by myself that I couldn't have otherwise (I think unsubsidized Stafford). You should make an appointment with the loan/financial aid office at your school and make sure they know you are desperate. Try to be really nice and charming, and get an appointment with the most senior person in the office you can. They may have resources they don't publicize that they can use, or some loans you haven't heard of. Good luck.
Federal loans: There are two types of loans for students with bad credit, the Federal Perkins Loan and the Subsidized Stafford Loan. The Federal Stafford Loan is available as both a subsidized and unsubsidized loan, depending on the student's needs. These recognized types of federal student loans are available through the Federal Family Education Loan Progam (FFELP). And it is important to remember that the money you borrow through this and many other educational loan programs must be used for school costs, including tuition, room and board, books and supplies. Private loans: Unlike with most federal loans, when obtaining personal loans, your credit rating will be scrutinized during the application process to obtain a private student loan. And if your credit score is determined to be potentially "bad" (usually somewhere below 600), your application will simply be denied, or you will have to pay the loan back at a much higher interest rate — as high as 10% in some cases, depending on the amount and duration of the educational loan. info on the four common federal education loans: http://credit.privacymatters.com/credit-articles/bad-credit-student-loan.aspx more credit resources: http://credit.privacymatters.com/learning-center.aspx Good luck to you, hope this helps!