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Federal Student Loan

This type of loan is not based on your credit score. The good thing about a federal student loan is its need-based structure. Students with bad credit can get the necessary funds as long as they meet the requirements. Applicants with bad credit may not be able to get approval for federally subsidized private loans, since credit is a factor in the approval process for these loans.

Private Funding

Getting private funding for your student loans can be even more difficult because credit verifications are necessary. Usually, there are also credit limits to students who have a bad credit history.

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There are exceptions to this rule. For the most part, an average person doesn't get to access this type of loan.

As long as there is a demand for a certain product as service, private funding will always find ways to meet this demand. This enabled bad credit student loan products to be introduced.