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A credit score below 580 can make funding your education difficult, especially if you exhausted federal loans and grants. But there are options out there — just make sure to weigh all of the pros and cons before choosing a lender.
When choosing these three lenders, we looked at the overall quality and prioritized flexible eligibility requirements, low interest rates and high borrowing limits.
All three of these lenders offer loans that don’t use credit as a factor for approval. So you may be eligible, even with low or no credit.
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Ascent is well-known for working with students who struggle with credit and don't have a cosigner. In fact, if you meet all of the other requirements for the loan, credit score isn't even considered. However, loans are capped at $20,000 for borrowers applying for future income-based loans without a cosigner.
| APR | 1.47% to 9.05% |
|---|---|
| Loan amount | $2,001 – $200,000 |
| Min. Credit Score | None with cosigner |
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Mpower provides loans to international and domestic students who struggle to get funding elsewhere. You don't need to have a cosigner, collateral or credit history. Also, loans are available to students attending school in both the US and Canada.
| APR | 7.52% to 14.98% |
|---|---|
| Loan amount | $2,001 – $25,000 |
| Min. Credit Score | Not required |
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FundingU is another lender that doesn't use your credit score to approve or deny your loan. Instead they use their SMaRT (Student Merit and Risk Test) scoring model. This takes into account non-credit variables like your academic success, likelihood to graduate on time and projected earnings for your major. However, the company does not disclose their interest rates online so they could be very high.
| APR | 7.99% to 13.99% |
|---|---|
| Loan amount | $3,001 – $10,000 |
| Min. Credit Score | Not required |
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You may still get approved for a loan with a more traditional lender if you apply with a cosigner. Our top three picks include options for flexible repayments, multiyear approval and less than part-time students.
CollegeAve understands that you might not have enough credit history to get a loan on your own, and encourages borrowers to use a cosigner. Once you have the loan, you can choose from multiple repayment plans and loan terms to tailor the loan to your needs.
| APR | 2.94% to 4.84% |
|---|---|
| Loan amount | $5,000 – $150,000 |
| Min. Credit Score | 680 |
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Discover is a well-known name for credit cards, but it also offers student loans — generally at pretty fair rates. You can qualify for loans up to your yearly cost of attendance, and you can prequalify for future loans with your initial application. But its required credit score is high, so students who have no credit or low credit will need a qualifying cosigner.
| APR | Variable APRs: 1.24% to 11.99% Fixed APRs: 4.24% to 12.99% |
|---|---|
| Loan amount | Starting at $1,000 |
| Min. Credit Score | Not stated |
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SallieMae has been in the business of private student loans for many years. You can qualify for a Smart Option Student Loan even if you're studying at less than half-time hours. In fact, you can use the loan for single classes, study abroad programs and summer or winter sessions.
| APR | 1.13% to 11.23% |
|---|---|
| Loan amount | Starting at $1,000 |
| Min. Credit Score | Not stated |
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Working around bad credit to get a student loan can take extra research and a dash of creativity. You can read our guide to getting a student loan with bad credit to get more in-depth information. In the meantime, consider these tips:
The overall cost of your loan can vary greatly based on factors like amount, loan term, repayment plan and interest rate. To get an idea of what your monthly payments might look like, use our calculator by entering in your potential APR, loan amount and term.
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Check out even more options — that don’t require a credit check — before you take out a personal loan.
Having bad-credit doesn’t completely nix private student loans as an option. Specialty single-borrower and cosigner friendly loans exist and can help you fund your education — regardless of your credit. If you are looking for even more information on available loans, read our guide to student loans.
