Student Loans for Bad Credit
If you have bad credit but You Want Student Loans for Bad Credit or need to borrow money to pay for your education, there are still some options available to you. Here are some of the best student loans for bad credit in the USA for 2023:
Federal Direct PLUS Loan: This loan is available to graduate or professional students, as well as parents of dependent undergraduate students. While there is a credit check required, the requirements are less stringent than for private loans. The interest rate is fixed at 6.28% for the 2021-22 academic year, and the loan amount can cover up to the full cost of attendance minus other financial aid received.
Ascent Independent: This lender offers private student loans with no cosigner requirement and flexible repayment options. While a credit check is required, they also consider other factors like academic performance and future earning potential. The interest rate ranges from 3.28% to 12.00% APR, depending on the repayment plan chosen.
Sallie Mae Smart Option Student Loan: This lender offers private student loans with no origination fees or prepayment penalties, and flexible repayment options. While a credit check is required, they also consider other factors like academic performance and future earning potential. The interest rate ranges from 4.25% to 12.35% APR, depending on the repayment plan chosen.
Earnest: This lender offers private student loans with no origination fees or prepayment penalties, and flexible repayment options. While a credit check is required, they also consider other factors like academic performance and future earning potential. The interest rate ranges from 3.49% to 12.99% APR, depending on the repayment plan chosen.
MPOWER Financing: This lender offers private student loans to international and DACA students with no cosigner requirement and no credit history required. The interest rate ranges from 7.99% to 13.99% APR, depending on the repayment plan chosen.
When considering a student loan for bad credit, it’s important to read the terms and conditions carefully, including the interest rate, fees, and repayment terms. It’s also important to exhaust all federal student loan options before considering a private loan, as federal loans typically offer more favorable terms and conditions.
