The credit history necessary for student loan is determined by the sort of loan you wish to simply simply just take away — federal or personal. Therefore in the event that you don’t have a credit history, or if your rating is bad — a 629 or lower FICO score — you’ve got options.
Here’s how your credit affects the method that you borrow education loan cash or refinance student education loans.
Do i want a credit history for a federal education loan?
There is no need to possess a credit rating or a co-signer getting a federal direct undergraduate loan. This kind of loan is advised over personal figuratively speaking since it holds a lesser interest rate and will be offering income-driven payment loan forgiveness choices.
To have a federal education loan, you’ll have actually to fulfill fundamental eligibility requirements, such as for instance citizenship needs and enrollment in an program that is eligible. Read more