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So you have managed to get yourself into credit trouble and now you need a student loan. But is it possible to get a bad credit student loan without a cosigner? Well, we can’t lie. It is going to be more difficult than if you had good credit, but applying for a student loan, even when you have bad credit is still well worth a try.
Probably your best bet for this type of loan is going to be the Stafford federal loans. These federal loans do not take into account the credit history of the applicant and they also do not require a cosigner. By not taking into account your credit history, any bad credit you may have is irrelevant to the application. If you are in a position where you do not have any means of obtaining family assistance in attending college or univeristy, then a subsidized Stafford loan may be your best bet.
In terms of private student loans with bad credit and no cosigner, the truth is you are going to have a hard time of it. If you have a part time job or can demonstrate some form of income of at least a couple hundred dollars per week, then your chances do increase. Some private loan companies will offer no credit chack short term loans or even bad credit loans, but the terms on those loans will usually be quite expensive. It is not impossible though, it’s just that the companies that offer these types of loans to students change their terms and condistions a lot and you need to shop around as a loan product that is available this week, may not be available next week.
In short, yes, you can get a bad credit student loan with no cosigner in the form of a Stafford loan. If you decide that the Stafford loan is not for you, then you can still get a loan but it will be under much more harsh conditions.
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