Are you eligible for a private student loan? | 07.13.10
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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