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Will a borrower check my credit score if I apply for a federal student loan?

Date: Sun, 01/19/2020 - 22:37

Submitted by Ardran
on Sun, 01/19/2020 - 22:37

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Total Replies: 3

Will a borrower check my credit score if I apply for a federal student loan?


Will a borrower check my credit score if I apply for a federal student loan? I have heard that lenders check credit profile to decide whether to give and the rate of interest.


What you have heard is correct. But that happens mainly for private student loans. As far as federal student loans are concerned, you don't need to worry about credit score or a co-signer. They are not required here. Plus, the rate of interest on the federal student loan is also low.


lrhall41

Submitted by Nick Jonas on Tue, 01/21/2020 - 02:10

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If you are interested in borrowing a federal student loan, the don't worry about your credit score. In the case of borrowing private student loans, credit score matters.


lrhall41

Submitted by Sanders Patricia on Fri, 01/24/2020 - 05:12

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Well, you don't need to have a credit score to opt for a federal student loan. In fact, you don't need a co-signer too for taking out that loan. To opt for a federal student loan, you need to qualify the basic eligibility criteria like citizenship requirements, enrolment in eligible program, etc. Submit the Free Application for Federal Student Aid (FAFSA) to start the process of taking out a federal student loan.


lrhall41

Submitted by Craigh.terry on Sun, 01/26/2020 - 20:25

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