Do you have bad credit and are trying to qualify for a student loan?  Although it is much easier for one who has a good credit rating to find a student loan with lower interest rates, it is still possible for one who has a poor credit rating to find a student loan. Your ability to land a loan will depend on a bunch of different factors including how bad your credit is, and what type of loan you're applying for. There are quite a few different types of loans and for some, credit is a huge issue. For others, it's a non-factor and isn't even considered as part of the criteria that's used to determine your eligibility.

For example, the most popular lender, The United States Department of Education assumes that most student loan applicants will not have any credit rating yet because they will be going to college directly out of high school. Therefore, the US department of education will not even consider credit as a determining factor when it comes to qualifying for a student loan.  It is also true for Perkins loans, federal loans designated for the hungriest students.  One main reason that one would not qualify for a Stafford loan (government subsidized) is if you have previously defaulted on any federally granted student loan. Eligibility for these loans is determined entirely by the person's need. The government looks at your income level and the income level of your parents if you're still a dependant. The students whose parents have the lowest incomes will likely be eligible, unless their personal income is quite high, and that's rarely the case.

Students with bad credit can also apply for a PLUS loan.  If your parents have better credit than you do, your parents can be granted money that will pay for the students education.  Stafford and Perkins loans, both US department of Education student loans, assume that parents will contribute a certain amount of their children’s education.  PLUS loans are intended for the amount parents are expected to contribute toward college fees. While the credit isn't considered as part of the application process for  PLUS loan, these loans aren't truly bad credit student loans. Someone in the familiy is going to have to have solid credit to qualify for this type of loan because it's considered as part of the loan application process.

Stafford and Perkins loans are always a good choice as student loans with bad credit.  They are specifically intended to help make funds more available for college students to pay for their education.  Their lending standards are much looser than those of other banks and lending companies because the loans are backed by the Federal government of the United States. The government does this to help boost the economy and if you think about it, it's a pretty smart investment for them in the long run. People with more education are going to end up paying a lot more taxes in their lifetimes.

If you are unable to secure a US Department of Education student loan, you may need to apply for a private signature loan. Also, you may have a higher chance of qualifying for a student loan if you are planning to graduate in a discipline with higher earnings potential (i.e. medicine, law, business, etc.)  Private student loans for individuals with bad credit are going to be a lot harder to get. You may need to ask your parents or grandparents to cosign on the loan with you because no private institution is going to provide a loan to a person with bad credit.

One might be able to finance college through a combination of these strategies.  Even if you are only able to qualify for a student loan with a high interest rate, most payments are deferred until you have finished college.  This gives you more time to improve your credit rating.  As your credit rating improves, you may be able to look into different ways to consolidate your loan at a better rate and make your payments at a much more affordable level.

Most people use a combination of family money, Pell grants, loans, and working in come to pay for their educations. You will need to find out how much your education is going to cost, and then work towards arranging all of the funds that you're going to need. If you have a high amount of need, the government will probably be willing to help you out.

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