Can I get a private student loan with bad credit or no credit?

You can get a student loan with bad credit, but not necessarily on your own. While federal loans don’t require a credit check, private student loans do. Many students don’t qualify for private loans on their own because they don’t have a credit history or they have bad credit. If that’s your situation, you may need to add a cosigner to qualify for a private loan.

Private student loans require a credit application that examines income, employment, and a credit report.

The lower your credit score, the higher the risk for the lender, which translates into higher interest rates.

One way to get approved for a loan with a lower rate can be to add a creditworthy cosigner to your loan application.