The credit history necessary for a learning student loan depends on the sort of loan you wish to just take away — federal or private. Therefore you have options if you don’t have a credit score, or if your score is bad — a 629 or lower FICO score.
Here’s how your credit affects the way you borrow education loan cash or refinance figuratively speaking.
Do I need a credit history for a student loan that is federal?
You certainly do not need to have a credit rating or a co-signer to have a federal direct undergraduate loan. This sort of loan is recommended over personal figuratively speaking since it holds a diminished interest price while offering income-driven payment loan forgiveness choices.
To obtain a federal education loan, you’ll have actually to generally meet fundamental eligibility requirements, such as for instance citizenship needs and enrollment within an qualified program.