College has always been a dream of yours and after applying yourself you have decent enough grades and SAT scores to get into the university you wanted. However, for you managing your budget has not been a strong point and you are fearful that your credit score will prevent you from getting the student loan you need.
If your goal is solely to borrow money from a private institution, your credit score is certainly going to be an issue when qualifying for a loan. The banks will do a credit check on you to see if you have a credit history. However, if you're not experienced in this area don't be discouraged - there is a way to get around this.
Parents or guardians with good credit records can help you secure a loan by co-signing for you. When someone co-signs on a loan that person has the financial responsibility to pay for the loan if the main person defaults on the loan payment.
Not all student loans require a full credit check. The Federal Government offers loans to students that meet certain qualifications with low fixed interest rates. This money does require a decent credit history (usually for the previous three months) but a credit score doesn't really matter. However, the loan amounts are capped by Congress, and unfortunately will not cover the full amount of most four-year college programs. An additional private institution student loan may be necessary.
Students can also apply for a personal loan, where a credit history doesn't really matter as much. However, these loans have very high interest rates and closing fees.
