 TITLE: Can You Get Student Loans If You Have Bad Credit Scores? CONTENT: How to Improve Your Credit Before Applying for a Private Student Loan\n---------------------------------------------------------------------\nIf you do ultimately decide to take out a private student loan, improving your credit scores can help you qualify for lower interest rates and save you a lot of money in the long run. On a $25,000 student loan at a 9% interest rate, for instance, you'd pay $13,000 in interest over 10 years. With a 6% interest rate on a loan of the same amount, you'd pay nearly $5,000 less in interest by the time the loan is paid off.\nThus, before applying for a private student loan, it's wise to try and increase your credit scores. Here are some strategies for improving bad credit or building credit from the ground up:\n*   **Pay off debt—and pay on time.** If you already have credit card debt, pay off as much as possible before applying for a private student loan. Reducing your credit utilization can give your credit scores a quick boost. And, going forward, always pay your bills on time, as that is crucial to building strong credit scores.\n*   **Open a credit card.** If you have zero credit history, responsible use of a credit card can show lenders you're able to responsibly manage debt. Or, if you've missed payments in the past, a secured card can help you get back on track. Just make sure to pay off your balance every month to keep your utilization low.\n*   **Become an authorized user**. Whether you're building or rebuilding credit, becoming an authorized user on a credit card that belongs to a loved one who always pays their bill on time could help raise your scores.\n*   **Sign up for Experian Boost™† .** No credit history? No problem. This unique service allows you to build credit by adding on-time payments of utility, internet, cellphone and Netflix® bills to your credit report.\n*   **Talk to your landlord.** Since Experian includes positive rental payments on its credit reports, make sure your landlord is reporting payments to Experian RentBureau.\nThe Most Important Thing to Remember About Student Loans\n--------------------------------------------------------\nWhether you decide to use federal student loans, private student loans or a combination of the two, there's one thing you should always remember: Student loans must be paid back. So, even if graduation seems like forever from now, think carefully before signing on the dotted line.\nTo put it in perspective, the average student loan debt was $35,620 in 2019, according to Experian data. If you borrowed that much at the federal student loan interest rate of 2.75%, you'd be on the hook for payments of $340 per month for a whole decade after finishing college.\nIf you borrowed that same amount at a 14% interest rate—which is feasible if you have bad credit and use private student loans—you'd owe a whopping $553 per month post-graduation. In some cities, that could nearly cover your rent! Not to mention, you'd pay a total of $30,747 in interest over 10 years.\nIt's possible to get student loans with bad credit, and a college education is valuable, but it's vital to first crunch the numbers before taking on debt. You're not required to accept the full loan amount you're offered—and if you take only what you need, we promise your future self will love you for it. END