- \n
- Does credit score matter for federal student loans?<\/a><\/li>\n
- What\u2019s the credit score minimum for a private student loan?<\/a><\/li>\n
- Student loan cosigner credit score minimum<\/a><\/li>\n
- What to know about cosigner release<\/a><\/li>\n
- How to get a student loan with bad credit<\/a><\/li>\n
- How to check your credit score<\/a><\/li>\n
- How to raise your credit score<\/a><\/li>\n<\/ul>\n
<\/a><\/p>\n
Does credit score matter for federal student loans?<\/h2>\n
Most federal student loans<\/a> \u2014 including Direct Subsidized and Unsubsidized Loans \u2014 don\u2019t require a credit check. That\u2019s why these loans make a good option for students who need help paying for school but who don\u2019t yet have established credit histories.<\/p>\n
But if you\u2019d like to take out a Direct PLUS Loan, you\u2019ll have to undergo a credit check. While you don\u2019t need a specific credit score to qualify for a PLUS Loan, you can\u2019t have an adverse credit history.<\/p>\n
For the purposes of federal student loans, an adverse credit history means:<\/p>\n
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- You have a history of missed or late payments on at least one credit card or loan.<\/li>\n
- You\u2019re 90 days or more delinquent on more than $2,085 of total debt.<\/li>\n
- Your debt has been placed in collection or written off by the lender.<\/li>\n<\/ul>\n
Additionally, if you\u2019ve had any of the following on your credit report in the past five years, the Department of Education will view it as adverse credit history:<\/p>\n
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- Been found in default<\/li>\n
- Had debts discharged in bankruptcy<\/li>\n
- Had property foreclosed on<\/li>\n
- Had property repossessed<\/li>\n
- Had a tax lien<\/li>\n
- Had your wages garnished<\/li>\n
- Had federal student loan debt written off<\/li>\n<\/ul>\nGood to know: <\/b>You may still qualify for a federal student loan with adverse credit history. You\u2019ll probably have to apply with a cosigner, or submit documentation that the negative mark was caused by extenuating circumstances. You\u2019ll also have to go through PLUS counseling.<\/div><\/div>\n
Learn More: <\/i><\/b>Grad PLUS Loans: PLUS Loans for Graduate Students<\/i><\/b><\/a><\/p>\n
<\/a><\/p>\n
What\u2019s the credit score minimum for a private student loan?<\/h2>\n
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- Minimum credit score: 670<\/b><\/li>\n
- Ideal credit score for lower interest rates: 700+<\/b><\/li>\n<\/ul>\n
Among our partner lenders, you\u2019ll need a credit score of at least 670 to qualify for a private student loan<\/a>, although some lenders don\u2019t disclose their minimum credit score requirements. However, the higher your score, the better. Most lenders will give you better rates and terms if your score is at least 700.<\/p>\n
If you have a poor credit score or limited credit history, you may be better off applying with a cosigner<\/a>. Around 90% of private student loans are cosigned, according to the Consumer Financial Protection Bureau.<\/p>\n
If you need a private student loan, you can easily see your prequalified rates from our partner lenders in the table below. It\u2019s 100% free to compare rates, and it won\u2019t affect your credit.<\/p>\n\n
- Ideal credit score for lower interest rates: 700+<\/b><\/li>\n<\/ul>\n
- Minimum credit score: 670<\/b><\/li>\n
- What\u2019s the credit score minimum for a private student loan?<\/a><\/li>\n
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