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What is a bad credit student loan?

A bad credit student loan is a private or federal student loan that's tailored to individuals with a poor credit score — 580 or lower — or thin credit history. Like other student loans, they can only be used for approved academic related expenses, like tuition, books or room and board.

Are student loans for bad credit a good idea?

Student loans for bad credit can help those with a limited or poor credit history access funds for their education. You should prioritize federal student loans since they offer flexible repayment plans and don’t consider your credit score. Private student loans can also help fill any remaining financial gaps.

Are federal student loans a good option if you have bad credit?

Interest rates can also be lower for federal student loans — especially for borrowers with less-than-stellar credit. Additionally, most federal student loans don’t require a credit check, which makes them a good option if you have bad or no credit. Here are the three main types of federal student loans to consider:

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