Best Student Loans for Bad Credit of August 2022

If you have access to a cosigner, Earnest may be able to offer you a student loan. Its minimum credit score requirement for a co-signed student loan is 650 for the co-signer, and no score is required for the student. This is the lowest credit score requirement of the lenders we reviewed.

Although the minimum credit score is low, some of these approval factors could make it difficult to obtain an Earnest private student loan, depending on your situation:
  • You must be enrolled in school full-time if you are a freshman, sophomore, or junior, or at least part-time for seniors and graduate students.
  • You must have enough savings to cover at least two months of normal expenses, including housing.
  • You cannot have large non-student, non-mortgage debt (eg credit cards, personal loans).
  • You must prove that you are spending less than you are earning and that your bank account balances are increasing.

If you meet these guidelines and other Earnest eligibility requirements, you can get competitive rates on a co-signed student loan. With a 0.25% automatic payment discount, the current interest rates are:

  • Variable rates: 1.89% to 7.99%
  • Fixed rates: 3.49% to 7.99%

With Earnest, you can borrow as little as $1,000, and maximum amounts are set based on the primary borrower’s level of financial independence. Loans for dependent undergraduate students are capped at $31,000 in total for a four-year program. Financially independent undergraduates can borrow up to $57,500 in total. Loan terms available include five, seven, 10, 12 or 15 years. Your four repayment options include $25 payments while in school, interest-only payments while in school, payment deferral for up to nine months after graduation, and immediate monthly principal payments plus interest on the loan.

Read the full review: Serious Student Loans

Remarks: Earnest is unable to offer variable rate loans in Alaska, Illinois, Minnesota, New Hampshire, Ohio, Tennessee or Texas.

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