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You don't need credit for a student loan. It is backed by the Government. The loan is a percentage of the total needed to pay for tuition, around ninety five percent, but you will still have to come up with money to pay that difference in tuition and also books. In a lot of cases even more money is needed to pay for living expenses if you are away from home. You need 120 credits for a Bachelors degree or 8 classes per year. This is what they pay for. This loan is deferred (interest also) while you in college and then six months after you graduate you will start paying on it. You can ask if have not received a job by then to defer longer and also ask for different terms based on your job or family pay.
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Why is my student loan reporting a credit limit?
The credit limit is the initial amount of your student loan. It helps keep your student loan from skewing your debt to credit ratio which can lower your credit score and make it more difficult to get credit.
Does a parent's credit score affect student loan?
If the student loan is taken out in the name of the student then no. The student's credit score is separate from anyone else's. If the student loan is taken out in the name of the parent or with them as cosigner then yes - their credit scores would come into play.
What is a tradline?
any credit line that you have- credit card, car loan, mortgage and student loan
Can a student get a loan with bad credit history?
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Can a student get a loan without credit?
yes
Can your child get a student loan if you have bad credit?
NO
Can you get a student loan if you have bad credit as a student?
yes no maybe so depends on bad your credit actually is
Can you co sign a student loan with bad credit?
In the USA, if the student loan is Federal like a Stafford or Perkins loan, then yes you can cosign with bad credit. If the student loan is a private student loan, then no, you must have good credit. Keep in mind, you should never take out private student loans out until you have used up Federal loans, grants, and scholarships. Private student loans have high interest rates and no benefits.
If cosigners for student loan miss a mortgage payment will this affect student loan?
As long as loan stays current, credit & other obligations irrelevant.
Should you pay student loan with line of credit?
I heard you can write off you student loan if you put it on your house/line of credit. But i thought you could do that anyway. Anyone know?
Where can one with bad credit apply for a student loan?
The best place to apply for a student loan is through a company that services federal student loans. Otherwise, a few companies that specialize in student loans for those with bad credit include Education Connection and Better Loan Choice.
If you have bad credit and owe a lot on credit cards plus previous student loans can you get a new student loan approved?
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