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For many people, student loans are the only way to afford a college education. Although loans are money that you'll have to repay, you often don't have to start paying back funds until after you leave school. And while most types of loans require a good credit score, student loan lenders recognize that many student borrowers may not have much credit history. Bad-credit student loans are available for those borrowers.
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When shopping for student loans you can use to pay for school, look for a competitive interest rate, repayment terms that meet your needs and minimal fees. Loan details presented here are current as of the publish date. Check the lenders’ websites for more current information. The top lenders listed below are selected based on factors such as student loan interest rates, loan amounts, fees, credit requirements and broad availability.
| Lender |
Current APR Range
|
Loan Terms
|
Min. Loan Amount
|
Max. Loan Amount
|
Best For
|
|---|---|---|---|---|---|
| Federal student loans |
2.75% to 5.3%
|
Standard repayment is for 10 years
|
None
|
$12,500 annually for undergraduates and 100% total cost of attendance for graduate students
|
Overall student loans
|
| Earnest |
Starting at 1.05% variable and 3.49% fixed (with autopay)
|
Not specified
|
$1,000
|
100% total cost of attendance
|
Flexible repayment options
|
| Ascent |
2.46% to 12.98% variable, 3.39% to 14.5% fixed (with autopay)
|
5 to 20 years
|
$1,000
|
$200,000
|
Student loans without a co-signer
|
| Sallie Mae |
1.25% to 11.76% variable, 4.25% to 12.35% fixed (with autopay)
|
5 to 20 years
|
$1,000
|
100% total cost of attendance
|
Student loans with a co-signer
|
| Credible |
1.04% to 13.19% variable, 3.39% to 14.5% fixed (with autopay)
|
5 to 20 years
|
Varies
|
Varies
|
Loan comparison
|
If you're searching for a student loan with bad credit or no credit, start with the following steps:
If you don’t have a solid credit history, you still have options. Most federal student loans don't require a credit check, and the interest rate for each type of federal loan is the same for all borrowers.
If you need to borrow private student loans, the best thing to do is shop around with a few lenders to find one that offers products to borrowers with less-than-stellar credit. Getting a co-signer can also increase your chances of approval with private student loans.
Regardless, you can get approved for both private and federal student loans with little or bad credit, but it's best to do your research before applying so you don't hurt your credit score down the road by applying for loans that you don't qualify for.
If you don’t have a co-signer or you have some time to go before you need to apply for a student loan, it’s worth figuring out some ways to increase your credit score. Fortunately, there are some simple ways to boost your credit score.
Like other financial products, student loans have been affected by the coronavirus pandemic. Interest rates are at near-record lows, making this a good time to take out a new loan or refinance old private loans.
The federal government has introduced its own relief options for federal student loans, as well. Through Jan. 31, 2021, borrowers with federal student loans are not required to make payments, and interest charges are suspended.
While college loan lenders for bad credit can’t offer the best rates and terms, they do make it possible to borrow money you can use to pay for school. We compared the top loan options for bad credit to help you figure out which lender might work best for your needs and goals.
Overview: Most federal student loans don’t require a credit check, so these loans are easily the best option for students with poor credit or no credit history. Federal student loans also come with competitive interest rates, and you get the option to choose from a variety of repayment options.
Perks: Federal student loans come with federal protections like deferment, forbearance and income-driven repayment plans that can lead to loan forgiveness after 20 to 25 years. Federal student loans may also be subsidized by the federal government, meaning that the government may pay your interest charges while you’re still in school.
What to watch out for: Federal student loans come with limits and may have higher interest rates than the lowest rates advertised by private student lenders. Also watch out for loan fees that are tacked on to your monthly payment throughout the life of the loan.
| Lender | Federal student loans |
|---|---|
| APR | 2.75% to 5.3% |
| Loan amounts | Up to $12,500 annually for undergraduates and up to 100% total cost of attendance for graduate students |
| Loan terms | Standard repayment is for 10 years, but repayment terms vary |
| Fees | Loan fees of 1.057% to 4.236% |
Overview: Earnest is a unique private student loan company based on the fact that it considers factors other than your credit score during the application process — although a minimum credit score of 650 is still required to be a borrower or a co-signer. Better yet, Earnest lets you choose among flexible repayment options to suit your needs.
Perks: Student loans from Earnest don’t charge an origination fee, prepayment fee or late payment fee. Earnest also bases its rates on a variety of factors outside of your credit score.
What to watch out for: You will need a minimum credit score of 650 to qualify.
| Lender | Earnest |
|---|---|
| APR | Variable: Starting at 1.05% (with autopay) Fixed: Starting at 3.49% (with autopay) |
| Loan amounts | $1,000 to 100% total cost of attendance |
| Loan terms | Not specified |
| Fees | None |
Overview: Ascent offers unique non-co-signed student loans, which take into account your school, program, graduation date and other factors. Ascent claims that these loans are based on your future income, so you may be able to qualify if you're in a high-earning field of study. Check your personalized rates from Ascent today.
Perks: Ascent offers borrowers a 1 percent back cash reward upon graduation. You can also earn an autopay discount of 0.25 percent to 2 percent off your APR.
What to watch out for: Requirements vary depending on the type of loan you are applying for; depending on the loan, you may be subject to income requirements, a well as a debt-to-income ratio limit and a minimum credit history.
| Lender | Ascent |
|---|---|
| APR | Variable: 2.46% to 12.98% (with autopay) Fixed: 3.39% to 14.5% (with autopay) |
| Loan amounts | $1,000 to $200,000 |
| Loan terms | 5 to 20 years |
| Fees | None |
Overview: While Sallie Mae doesn’t disclose a minimum credit score for its student loans, it does have extremely low rates that could be attainable if you have a co-signer with good credit. Having a co-signer may make it considerably easier to qualify for a student loan, and that’s especially true if you need access to private student loans for bad credit.
Perks: Sallie Mae student loans come with no origination fees and no prepayment penalties. Its undergraduate student loans also come with four free months of Chegg Study, and you can get a 0.25 percent discount off your rate if you sign up for autopay.
What to watch out for: If you have poor or fair credit and don't want to use a co-signer, you may have trouble being approved for a Sallie Mae loan.
| Lender | Sallie Mae |
|---|---|
| APR | Variable: 1.25% to 11.76% (with autopay) Fixed: 4.25% to 12.35% (with autopay) |
| Loan amounts | $1,000 to 100% total cost of attendance |
| Loan terms | 5 to 20 years |
| Fees | Late fee: 5% or $25; Returned check fee: Up to $20 |
Overview: Credible is a loan comparison site, meaning you can enter your information once and see loan offers from multiple sources in one place. This means that Credible itself doesn’t have any minimum credit score requirements, but you’ll be able to gauge your ability to qualify across multiple student lenders, including bad-credit student loans, in one place.
Perks: Instead of having to get student loan quotes from multiple lenders, Credible does the grunt work for you. There are also no origination fees, no service fees and no prepayment fees if you pay your loan off early.
What to watch out for: Credible is just a loan aggregator, so it does not extend loans itself. If you apply for a loan with Credible and you’re approved, you’ll be connected with a partner lender.
| Lender | Credible |
|---|---|
| APR | Variable: 1.04% to 13.19% (with autopay) Fixed: 3.39% to 14.5% (with autopay) |
| Loan amounts | Varies |
| Loan terms | 5 to 20 years |
| Fees | None |
It is possible to get a student loan with bad credit. That said, having a bad credit score means that you will be charged higher rates.
Many federal student loans do not require a credit check, but most private lenders do. If you don't have much credit, you may be required to add a co-signer to your loan.
Many private student loan lenders do not disclose credit score requirements, but it's likely that you or your co-signer must have a credit score in the mid-600s to qualify. The higher your credit score, the lower rates you'll receive.
Applying for a student loan could temporarily lower your credit score, since the lender will likely perform a hard credit check. However, you may be able to prequalify with lenders, which allows you to see what rates you're eligible for before going through the hard credit check. Any negative effects to your score should be temporary.
If you don't have a co-signer, your best bet at finding funding is federal student loans, since most federal student loans don't require a credit check.
When it comes to private student loans, whether or not you can get approved without a co-signer depends on the lender. Use lenders' prequalification tools or check the minimum requirements to avoid multiple hard credit checks.