The credit history required for student loan depends on the sort of loan you wish to just take down — federal or personal. So 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 manner in which you borrow education loan cash or refinance figuratively speaking.
Do i want a credit history for the federal education loan?
There is no need to possess a credit rating or a co-signer to get a federal direct loan that is undergraduate. This particular loan is advised over personal figuratively speaking as it holds a lower life expectancy interest price while offering income-driven repayment loan forgiveness choices.
To have a federal education loan, you’ll have actually to fulfill fundamental eligibility requirements, such as for instance citizenship demands and enrollment within an program that is eligible. Read More