One of the concerns for many considering higher education is the ability to pay for it. Student loans are an option for many, however if you have bad credit there may be some hurdles you have to jump through.

Both Stafford and Perkins loans, federal loans, are available to borrowers and do not require a credit check. In fact, they are both subsidized and typically free from any credit requirements. Additionally all students qualify for varying degrees of federal funding. The trouble with relying solely on federal aid is that it generally doesn’t offer more than a few thousand dollars.

The next option if you have bad credit is to apply for a private loan with a co-borrower. It is quite common for applicants to have a co-borrower when it comes to private based student loans because a majority of the applicants have little or no credit. One benefit is that many loans offer repayment features that release you as a co-borrower from your loan once so you have made a series of consecutive payments on time you are able to repair your credit on your own.

There are also a number of student loans advertised to applicants with bad credit. Most associations and experts advise against these types of loans. The reasons why range from extremely high interest rates and fees to payment terms and monthly payments that are difficult to pay. However, if you need money for college, know that your student loans are deferred until you graduate which gives you plenty of time to improve your credit rating before you graduate. Once your credit rating is improved, you can refinance your loan or consolidate your student loans and lock in a fixed rate and better terms.

Getting a student loan or loans for your education is an option for every one regardless of their financial standing and credit rating. There are options both with the federal government loan system and through private loans. A little bit of research and determination and college is affordable to everyone.