Private Student Loan Eligibility

Private Loan Benefits:

• Borrow up to the cost of education
  
• No FAFSA required

In order to qualify for a private student loan, applicants must be enrolled at least half-time at an eligible school and typically meet the following requirements:

• Must be a U.S. citizen or permanent resident
• You and your cosigner must pass a credit check

What is Considered Good Credit?

It is recommended that you review your credit report before you apply for a private student loan. Creditors look at Personal data such as employment history, a summary of credit history, details of any accounts turned over to a credit agency, and your current FICO score.

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A FICO score is a standard credit scoring method that determines the likelihood that consumers will pay their bills. Typically, a FICO score ranging from 680-700 is considered fair, and anything over 700 is considered good. While your FICO score is not the only deciding factor when applying for a private student loan, it does play a major part in the approval process.

Credit Score and FICO Resources

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For more information about private student loans, check out our frequently asked questions page, loan comparison page, or simply get started and apply online.