The credit history required for education loan is determined by the kind of loan you intend to just simply take away — federal or private. Therefore if you don’t have a credit history, or if your score is bad — a 629 or lower FICO score — you have got choices.
Here’s how your credit affects the manner in which you borrow education loan cash or refinance figuratively speaking.
Do I need a credit history for a federal education loan?
You certainly do not need to own a credit rating or a co-signer to have a federal direct undergraduate loan. This type of loan is recommended over personal student loans since it carries a lesser interest rate and will be offering repayment that is income-driven forgiveness choices.
To obtain a federal education loan, you’ll have actually to meet up fundamental eligibility criteria, such as for instance citizenship needs and enrollment in an program that is eligible. Read more