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Securing funding is a key concern for college-goers, and one that can be a challenge. With no credit history, these loan applicants are given a bad credit status automatically. But the good news is that applying for student loans with bad credit scores, does not make the task any more difficult at all.The reason that students are given a low credit rating immediately is that lenders have no information to go on to justify a good credit status. But when seeking financial aid for either federal or private lenders, it is still possible to secure low interest rates on the deals – though some loans come at lower interest than others.Considering the right student loan option is important however, with the specific factors of each loan package having different advantages and disadvantages. But it is also important to know what factors should be known.Opting for Federal LoansThe favorite option amongst college-goers is definitely the federal financial aid that is available. Students can qualify fairly easily for the loan programs, and because credit ratings are ignored, it is easier to get approval for student loans with bad credit. However, there are more advantages than that.For a start, federal loans come at very low interest rates, something that private lenders are simply unable to match. What is more, these loans are specifically designed to address the needs of the borrower, so other aspects, like the repayment schedule are tailored to make repayment easier. This usually means that repayments are frozen until after graduation.The Stafford and Perkins programs are the most common loan options, with low interest and flexible repayments standard features. However, Stafford loans are student loans designed for those coming from high school, while Perkins loans are structured to provide help to students already in financial difficulty.The PLUS Loan OptionEven when the parents of students have excellent credit histories, federal funding is still available. The fact is that student loans with bad credit can be secured if the parents already have a high degree of debt to deal with, thereby threatening to place them in a difficult financial situation. The idea is the students are not withdrawn from school simply because of cost.For this reason, the PLUS loan is issued to the parents through the Department of Education to allow them to provide financial support to their college-going son or daughter. The Stafford and Perkins Loan programs are structured on the understanding that parents will provide some financial support. So, the low interest rates only relates to about 50% of the overall loan.The great advantage of the PLUS loan program is that parents no longer have to face the extra costs of sending their child to college. The pressure that a college-goer can add is lifted through this student loan option.Meeting Loan CriteriaQualifying for student loans with bad credit generally comes down to simply meeting the criteria set by the lender. With federal loans, this generally means establishing that there would be severe financial difficulty as a result of paying college fees. The ability to repay the loan is always essential, but it does depend on the particular loan program secured.For example, while low interest rates are certain from a Stafford loan, half the costs need to be covered by the parents too. And financial difficulty must be proved to get a Perkins loan. Whatever the intention, be sure to visit the financial aid office on campus, and check out the options, conditions and criteria to the different student loans.