Consider a Cosigner
You may still qualify for a FEL, even if you have an adverse credit history, if you apply with a credit worthy cosigner. ACPE encourages borrowers who do not meet the credit requirements to consider adding a cosigner who has a minimum 680 FICO credit score.
What is a Cosigner?
A cosigner on a loan assumes responsibility for the loan if the borrower should fail to repay the loan. A cosigner has an independent responsibility to repay the loan and to notify ACPE in the event of changes affecting the cosigner or the primary borrower.
ACPE may notify the cosigner of delinquency in repayment, deferments granted, or any repayment agreement that increases the amount due on the loan. You may elect to provide a cosigner to ensure your application is found to be creditworthy. If you elect to provide a cosigner in support of your loan request, that person will continue to be a responsible party for the loan even in the event you meet the credit conditions independently.
For more information about a Cosigner click here