Can You Get a Student Loan without a Credit Check?

All loans require a credit check, meaning you will not be able to secure a student loan without a credit check. If you find a lender willing to fund your loan without reviewing your credit, then you should suspect that this lender has bad practices. Instead of trying to look for sub-standard lenders, consider the many options for getting a student loan with your current credit score.

Credit Report Basics

Most students have bad credit. There are many reasons for this problem. First, students do not have the income to meet expenses, meaning they must rely on debt to get through day-to-day means. Second, students have a low asset base to mitigate the affect of a high amount of debt. Finally, students do not have long credit history. Even if a student has never missed a loan payment, has little to no debt, and has a high income, that person will not be attractive to a lender without a history of taking and paying off loans. You may try to build your credit before taking student loans by using a credit card for purchases. However, while this will help a little, it will not totally eliminate the problem you have with a short credit history.

Need Based Lending

Thankfully, many student loans are need based. Even if you do not have the financial prowess to qualify for a large loan, you may be able to secure one with the help of federal and state student loan programs. There are options for subsidized loans, meaning you will not even face large interest payments. Even if you do not qualify for a government subsidy, your interest rates will remain low if you can qualify for another loan program. To participate in government loan programs, you will still have to submit a credit check. You need to be credit worthy in the eyes of the federal or local lender handing you the financing. However, these lenders are specialized in dealing with student borrowers, and they are likely to forgive problems like a short credit history or low asset base. As long as you have not defaulted on loans in the past, you should qualify.

Bad Credit Student Loans

If you have previous loan defaults and a bad credit history, you may not qualify for government loan programs or other need based loans. Of course, you may look into grants and scholarships in order to cover the costs of college. However, if these options do not work for you, there are still bad credit loan options to consider. First, you may opt for a cosigner on your loan, such as a parent or relative. Second, you may collateralize an asset, such as a car or savings account in order to get funding. Finally, you may look into work-study programs at your school. Work-study programs are not actually loans. They reduce the cost of tuition by allowing you to work in an on-campus job. With a work-study job and the addition of a small loan, you should cover the cost of school, even with bad credit.


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