College life is not the same as the image presented in movies. The cliché has it that the college experience is all parties, midday wake-up calls and missed tutorials. But the truth is that students spend countless hours worrying over whether their application for a student loan with bad credit will be approved.For many students, financial woes play a bigger part in everyday life at university than studies, since it is only by securing loan approval that they can actually pay the school and graduate to start on their career.But how can a student loan be secured in the first place? And is bad credit the killer of applications that we are led to believe? There is a variety of financial options to choose from, but there are just as many factors that should be considered before submitting an application.Loan Options to Choose FromTraditional lenders are not the only source of student loans with bad credit. In fact, with public and private lending options to choose from, funding specifically to finance a college degree is quite accessible. The advantages and disadvantages of a loan depends on which lender granted it.For example, a public lender usually means the federal government, from which student loans are available at the lowest interest rates. Government is happy enough to foot the bill for college-goers because of their importance to the future of the local and national economies. However, securing loan approval provides key advantages to the borrower too.On the other hand, student loans secured from private lenders have terms that vary quite dramatically, principally because each lender sets their conditions. Approval rates despite poor credit are quite high though, mainly due to the fact that many lenders view such loans as special financial packages.Publicly Sourced LoansArguably, the best source of college funds is through public loans. This is because they are designed to help students to meet monthly obligations or to handle financial difficulties. So, when seeking student loans with bad credit, the federal lender is not interested in the credit score at all. Also, low fixed interest rates are typically charged, and usually repayment schedules are on hold until after graduation.There are several loan programs available, but the two most common are the Stafford Loan and the Perkins Loan programs. Stafford loans are issued to students coming straight from high school, and effectively subsidize their tuition fees. Securing loan approval is not difficult if the applicant qualifies.The Perkins program, however, is designed to aid students that already find themselves in a tight financial situation. These student loans can be used to cover living expenses, and are not confined to tuition and college fees, as the Stafford loan is. Supply is limited so early application is generally advised.Privately Sourced LoansLoans from private lenders are more expensive than public or federal loans. This comes down to the fact that higher rates of interest are charged. When, applying for a student loan with poor credit, the terms will probably make it a bigger financial drain than needs be. However, a private loan is a sound option when public loans do not offer enough.It is worth noting, however, that most private lenders provide a period of grace that usually extends to graduation, before any repayments need to be made. The specific terms of this kind of concession is important to know, then securing loan approval can be looked forward to.What is more, when considering application for student loans, most private lenders will also ignore the credit score too.