Are you eligible for a private student loan? | 07.13.10

Posted in Private Student Loans By Student Loan Network Staff

If federal aid and scholarships have left you staring at a financial abyss to pay for college, you might be considering applying for a private student loan. To be eligible for a loan, you must meet the following criteria:

You must be a U.S. citizen or permanent U.S. resident. If you are using a cosigner, he or she must also be a U.S. citizen or resident. You will both need a valid social security number.

You must attend an eligible school, such as a community college, two or four-year college or university, or eligible graduate program. Contact your financial aid office to ensure the school can certify a private student loan for you.

You must pass a credit check to be approved.  Lenders typically prefer borrowers have a credit score of 650+. If your score is below that mark, you may have to tab a cosigner with a stronger credit history to cosign the loan for you.

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One Response to “Are you eligible for a private student loan?”

  1. Adrien Govan says on August 18, 2010 at 4:19 pm:

    I have no credit or cosigner.

    Reply To This Comment

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