Most applicants need a co-signer to be approved.
Benefits of applying for a private education loan with a credit-worthy cosigner may include:
- Increased chance of approval
- Smaller monthly payments
- Less interest paid over the term of the loan
Credit Guidelines and Recommendations
Even if you meet the established credit guidelines below, it may be in your best interest to apply with a qualified cosigner. A credit-worthy applicant demonstrates a current ability to repay a loan. To determine if you are eligible to be approved as a credit-worthy applicant ask yourself if you meet all of the criteria listed below:
- You must have proof of current income (in some instance this may not be required).
- You must have 21 months of established credit with overall satisfactory credit history,
- You must have resided at your current and immediately preceding addresses for a total of at least 12 months, and
- You must be a US citizen or Permanent Resident wand must have lived in the US for the past 2 years.
International students can apply, but must have a qualified credit-worthy U.S. citizen or permanent resident cosigner.
