Do You Need Good Credit to Get a Student Loan?

If you are applying for a Stafford loan you do not have to worry about your credit. They do not base the decision on your credit at all. However, there are strict criteria to qualify for a Stafford loan and other loans that do not require a credit check. Even if you do qualify they will almost never cover all your college expenses.

Therefore, credit scores will play a factor in paying for your education. As parents and students try to get additional financing they will find that good scores on their credit go a long way.

If you have bad credit that does not mean that no one will ever lend you money. But chances are that it will be more difficult for you to obtain a loan and you are almost guaranteed to pay more for it.

Do You Need Good Credit to Get a Student Loan?

So what does good credit mean for you? It means getting the best loan with the best terms and the lowest rate. So you do you know what your credit standing is?

Your FICO score is one of the first things that will be looked at before you are extended credit by anyone. Since that score is so important you need to know how it is determined. There is a formula that is not publicized, but there are enough variables that we do know.

Some of these variables are the amount of actual debt that you have and the amount of potential debt you have. There is also the matter of paying bills late. The later you pay your bills the more it affects your FICO scores. All these variables and others are not considered equally but they are all considered.

Parents want to be very careful with their credit because any problems they have with their credit will reflect badly on their children. The truth is that most students haven't had time to establish credit so lenders must base their decisions on the parents' credit.

Really the best scenario is if both parents and students have good credit rating. A bad credit rating for either one can negatively affect the process of getting a student loan. It is important to maintain an FICO score of at least 650. If your scores are lower than that you will have to work harder for a loan and possibly pay more for it.

Do You Need Good Credit to Get a Student Loan?

Apply Payday Loans Online

Step 1

Personal Information

*Requested Amount

-Select- $100.00 $200.00 $300.00 $400.00 $500.00 $600.00 $700.00 $800.00 $900.00 $1000.00 $1100.00 $1200.00 $1300.00 $1400.00 $1500.00

*First Name

*Last Name

*Street Address

*Zip Code

*State

- AK AL AR AZ CA CO CT DC DE FL GA HI IA ID IL IN KS KY LA MA MD ME MI MN MO MS MT NC ND NE NH NJ NM NV NY OH OK OR PA RI SC SD TN TX UT VA VT WA WI WY

*Primary Phone

Alternate Phone

*Email

*Verify Email

*Social Security Number

*Date of Birth

M 1 2 3 4 5 6 7 8 9 10 11 12 D 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 Y 1993 1992 1991 1990 1989 1988 1987 1986 1985 1984 1983 1982 1981 1980 1979 1978 1977 1976 1975 1974 1973 1972 1971 1970 1969 1968 1967 1966 1965 1964 1963 1962 1961 1960 1959 1958 1957 1956 1955 1954 1953 1952 1951 1950 1949 1948 1947 1946 1945 1944 1943 1942 1941 1940 1939 1938 1937 1936 1935 1934 1933 1932 1931 1930 1929 1928 1927 1926 1925 1924 1923 1922 1921 1920 1919 1918 1917 1916 1915 1914 1913 1912

*Driver's License/State ID #

*ID State

- AK AL AR AZ CA CO CT DC DE FL GA HI IA ID IL IN KS KY LA MA MD ME MI MN MO MS MT NC ND NE NH NJ NM NV NY OH OK OR PA RI SC SD TN TX UT VA VT WA WI WY

*Months at Address?

- Select - 1 month 2 months 3 months 4 to 6 months 7 to 12 months More than 1 year

*Are You a Homeowner?

- Select - Yes No

Step 2

Employment Information

*Income Type

- Select - Employment Benefits

*Monthly Income

- Select - $751 - $1000 $1001 - $1250 $1251 - $1500 $1501 - $1750 $1751 - $2000 $2001 - $2250 $2251 - $2500 $2501 - $2750 $2751 - $3000 $3001 - $3250 $3251 - $3500 $3501 - $3750 $3751 - $4000 $4001 - $4250 $4251 - $4500 $4501 - $4750 $4751 - $5000 More than $5000

*Employer

*Months Employed

- Select - 1 month 2 months 3 months 4 to 6 months 7 to 12 months More than 1 year

*Employer Phone

Extension

*How Often Are You Paid?

- Select - Weekly Every 2 weeks Twice a Month Monthly

*How Do You Recieve Your Paycheck?

- Select - Electronic Deposit Paper Check

*Are You Active Military or Dependent?

- Select - Yes No

*What Are Your Next Scheduled Paydates?

*Pay Date One (mm/dd/yyyy)

*Pay Date Two (mm/dd/yyyy)

Step 3

Financial Information

*Bank Name

*Type of Account

- Select - Checking Savings

*Months with Bank Account

- Select - 1 month 2 months 3 months 4 to 6 months 7 to 12 months More than 1 year

*ABA/Routing Number

*Account Number

By clicking the button and submitting your application, you certify that you are at least 18 years old and agree to the terms of our Privacy Policy, Disclosure, and the Terms and Conditions that govern this web site and the service.

Apply Payday Loans Online

 Payday Loans Online