Will a borrower check my credit score if I apply for a federal student loan?
Date: Sun, 01/19/2020 - 22:37
Will a borrower check my credit score if I apply for a federal student loan?
What you have heard is
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.
If you are interested in
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.
Well, you don't need to have
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.