- Understand how much you may need to borrow.
- Choose a loan that meets your needs.
- Find a cosigner.
No matter who the lender is, private student loan applicants may need a cosigner, especially undergraduates or students who don’t have a credit history or steady income. Even if you have an established credit history, a cosigner may improve your ability to get approved, enable you to secure a lower interest rate, and speed up the credit decision process. Student borrowers that meet these requirements on their own do not need a cosigner (but may still choose to apply with a cosigner).
- Collect the information for the application.
- School information, including school name, major, grade, and school term for which you need the loan
- Social Security number
- Telephone numbers
- Current addresses, both for your home and your school
- Gross income information
- Residence information, including whether you own or rent, and the monthly housing payment
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