What Is The Minimum Credit Score Needed For Student Loans? Bankrate Caret RightMain Menu Mortgage Mortgages Financing a home purchase Refinancing your existing loan Finding the right lender Additional Resources Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Bank Banking Compare Accounts Use calculators Get advice Bank reviews Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Credit Card Credit cards Compare by category Compare by credit needed Compare by issuer Get advice Looking for the perfect credit card? Narrow your search with CardMatch Caret RightMain Menu Loan Loans Personal Loans Student Loans Auto Loans Loan calculators Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Invest Investing Best of Brokerages and robo-advisors Learn the basics Additional resources Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Home Equity Home equity Get the best rates Lender reviews Use calculators Knowledge base Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Loan Home Improvement Real estate Selling a home Buying a home Finding the right agent Additional resources Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Insurance Insurance Car insurance Homeowners insurance Other insurance Company reviews Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Retirement Retirement Retirement plans & accounts Learn the basics Retirement calculators Additional resources Elevate your Bankrate experience Get insider access to our best financial tools and content Advertiser Disclosure
Advertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. SHARE: On This Page
fizkes/Shutterstock April 14, 2022 Chelsea has been with Bankrate since early 2020. She is invested in helping students navigate the high costs of college and breaking down the complexities of student loans. Bankrate logo The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money. Bankrate logo The Bankrate promise
Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next. Bankrate follows a strict , so you can trust that we’re putting your interests first. All of our content is authored by and edited by , who ensure everything we publish is objective, accurate and trustworthy. Our loans reporters and editors focus on the points consumers care about most — the different types of lending options, the best rates, the best lenders, how to pay off debt and more — so you can feel confident when investing your money. Bankrate logo Editorial integrity
Bankrate follows a strict , so you can trust that we’re putting your interests first. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. Key Principles
We value your trust. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers. Editorial Independence
Bankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information. Bankrate logo How we make money
You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. Student loans are the one corner of consumer finance where your credit score doesn’t always dictate your ability to borrow, especially if you take out . However, typically require you to have a credit score of at least 670. The higher your number, the lower your interest rate. What credit score do you need for federal student loans
Federal student loans do not have any credit score requirements. That makes sense, given that many people entering college have yet to establish credit histories. The only type of federal loan that will check your credit history is federal PLUS loans — with these, the government will check for an , although there are still no minimum credit score requirements. The plus side of this approach to federal loans is that it allows most students to receive funding if they need it. Federal loans set one interest rate for all borrowers, so having a poor credit score will not affect your loan rate or terms. What credit score do you need for private student loans
While federal loans are usually a better deal, many people turn to for additional funding. Private student loans, including refinance loans, usually require a credit score of at least 670. However, knowing the precise requirements is tricky, because private lenders consider their credit score guidelines a trade secret; the only way to find out if you qualify is to apply. Some lenders offer prequalification, which allows you to see if you are eligible for a student loan without the lender pulling a hard check on your credit, which can hurt your score. Take advantage of these offers as much as possible when shopping around with private lenders. What is considered a good credit score
FICO, one of the leading credit-scoring models in the U.S., defines “good credit” as a FICO Score between 670 and 739. Anything above that is considered very good or exceptional. A credit score is a measure of how responsible you are with borrowed money — how much debt you have relative to your income, how many accounts you manage and how often you make payments on time. Lenders will evaluate these factors and more along with your raw credit score, so having a good credit score alone may not be enough to qualify you for a loan. However, you’ll have your best chance of qualifying if you have a score above 670. Can you get a student loan with bad credit
Most federal loans (with the exception of PLUS loans) are made without credit checks, so a spotty credit history poses no obstacle. However, if you’re applying for private loans, your credit score will come into play. If you have bad credit, recruit a parent as a co-signer. In this scenario, the lender will evaluate your co-signer’s credit history in addition to your own, potentially reducing your interest rate. The downside is that the co-signer takes on partial responsibility for the loan, meaning their credit may take a hit if you fail to make payments. If you have a credit score in the mid-600s or below, a co-signer will be all but necessary. However, you can also take a look at your options with . Just be ready to pay a much higher price. How do I check my credit score
Knowing your credit score is key to knowing which types of loans you might be eligible for. One of the simplest ways to is to purchase it from Experian, Equifax or TransUnion, or from FICO itself. But there are also free ways to see your score. Many banks and credit card issuers give you free monthly updates of your credit score, as do companies like Intuit — creator of TurboTax and Mint. How to improve your credit score
The easiest way to in the short term is to pay off your existing debts. That means lowering your credit card balances and paying off any other loans you might have. It’s also a good idea to limit new loan applications to a short window of time. Each new application you submit and account you open can drop your score by a few points. In the long run, the best way to boost your credit score is to build a good payment history. Consider signing up for automatic payments to ensure that you never miss a payment or make a late payment on your credit cards and other bills. Learn more
SHARE: Chelsea has been with Bankrate since early 2020. She is invested in helping students navigate the high costs of college and breaking down the complexities of student loans. Related Articles