by Robyn Stewart, former financial aid officer at College of the Holy Cross
Question: If I’ve had credit issues in my past, will I still be able to get a loan to pay for my child’s college education?
College Coach’s college finance experts get asked this question frequently and there is no simple answer. Unfortunately the true answer is that it depends. Credit issues can certainly impact your ability to borrow and to earn a competitive interest rate on an education loan. This doesn’t mean that you should rule out using student loans as part of your paying for college strategy.
Find a Co-Borrower
Many education loans for parents are available with a co-borrower. If you have a friend or family member who is willing to back your loan, you may be able to get a loan even with poor credit.