Private Student Loan Eligibility
Private Loan Benefits:
- Borrow up to the true cost of your education
- Fast eSignature process
In order to obtain private student loan eligibility, 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 will both need to have a valid social security number
- You and your co-signer must pass a credit check
Private Student Loan Eligibility Credit Requirements
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. Get your FICO® score now and improve your credit score.
Apply With a Cosigner
While not required, we strongly encourage undergraduate students to apply with a creditworthy cosigner if they may have difficulty qualifying for a loan due to limited income and credit history. This may increase an applicant's chances of approval and of possibly obtaining a better interest rate.
While not all private student loans require that you apply with a cosigner, having a credit worthy cosigner can potentially increase your chances for approval and potentially give you a lower interest rate. Learn about cosigners and private student loans
Private Student Loan Eligibility School Requirements
You must attend an eligible community college, traditional college or university, or eligible graduate program at least half time. Enrollment is verified after you submit an application, as part of the loan approval process.
- Cover additional costs not met by other financial aid
- Borrow up to the cost of attendance and pay for tuition, housing, etc.