Paying for college can be difficult enough without having to deal with bad credit. Your credit history can affect how much loan money you may receive. If you have bad credit and no cosigner, your best bet is to apply for federal student aid. Most federal loans are based on financial need and do not require a cosigner or credit check.
Most students are eligible for some type of federal aid regardless of income and whether or not they have a cosigner. To qualify for federal student aid, you must meet a few requirements.
According to the Free Application for Federal Student Aid (FAFSA) website, basic eligibility requires you to:
Note: Students with criminal convictions who are incarcerated have limited availability to federal student aid. Once released, you can apply for student aid. If you are on probation or parole, you may apply for federal financial aid, but your options may be limited.
Draw Bad Credit Student Loans Without A Cosigner
Federal Loans offer many benefits to people with bad credit and no cosigner compared to private loans, including
Direct Loans are the largest federal student loan program. With these types of loans, the lender is the United States Department of Education. There are four types of Direct Loan Programs.
If you can demonstrate exceptional financial need, you may qualify for a Federal Perkins Loan. The school is the lender on this type of loan. Not all colleges offer Federal Perkins Loans.
The first step to receiving federal student aid is to apply online. Visit the Free Application for Federal Student Aid (FAFSA) website to begin. Pay attention to all deadlines. Priority is given to students who apply by March 1 of each year, so start the application early.
If you have bad credit, a federal student loan is the best way to get a student loan without having a cosigner. So, what are you waiting for? Watch this short video to help you get started right now.