In order to receive aid from Financial Aid programs, especially federal once, students and parents must meet certain criteria.
Here we talk about what criteria is required and for what type of student loan.
The most important student loan is the one with lowest interest rate.
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Student Loans Eligibility Overview
Federal program are need based. This means most of the financial aid is distributed based on the financial need of the applicant. Therefore, students must present financial need in order to be
considered. This is true for almost all federal programs except for some Student Loans.
In the private sector of Financial Aid the funds are not disbursed based on the financial need, and private lenders
have different eligibility requirements than federal programs.
These eligibility requirement allow private lenders to select trustworthy borrowers. For the most part private lenders are looking for borrowers with good credit history who will be able
to repay the loans.
Federal Student Loans Eligibility
Financial need is the first requirement for Federal Programs. You must present financial need in order to be eligible.
Private Student Loans Overview
The most important eligibility requirement for private student loans is Credit History. Applications must have
long good student history especially in the time of recessions. Co-signer is not required, but very helpful.
Most of the requirements from the federal programs apply to private loans. It is harder to obtain Private Student Loans
and the requirements are tougher.
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High School Diploma Or a GED Certificate |
Student Loan Tips |
Q: Take Out Student Loans As The Last Resort
When you try to get all types of Financial Aid and you do not receive anything or if the amount of money is not enough try borrowing money by taking out loans.
Q: Use Your Grandparents
Everyone talks about parents, but very rarely do we hear Grandparents. They can take out a Loans and help you store some of the assets.
Q: Apply For Student Loans On the Same Day
We are not sure if this tip is valid, but if you have to apply for more than one student loan (different banks) do it on the same day. This will prevent the second bank to see your first loan on the credit history and it will be easier to get qualified.
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Important Questions |
Q: Am I eligible for financial aid?
Just about everyone qualifies for some type of financial aid. In fact, over 8 million students receive financial aid every year. Even if you are not a straight-A student or a star athlete,
you may be eligible for more aid than you think. To see if you meet basic eligibility requirements, take our Financial Aid Eligibility Quiz. Then, complete the Free Application for Federal Student
Aid to see how much aid you can get.
Q: Do Student Loans Cover Off-Campus Housing?
Yes, in general student loans can be used for anything you want related to college. That's why it's a loan. Grants and scholarships on the other hand have to be used for tuition and books only.
Q: Possible to get a student loan without a co-signer?
Most of the federal student loans do not need a co-signer since they are geared towards young students without long credit history. With private loans you will need a co-signer. With peer to peer
loans it will be on case by case basis. Some investors could provide a loan without a co-singer for a higher interest rate.
Q: How old do I have to be to apply or be eligible for a loan?
To be eligible for a private student loan you must be at least 18 years of age (19 in Nebraska and Alabama, 21 in Puerto Rico & Mississippi). Mississippi residents under the age of 21 may borrow with written consent from a parent or guardian.
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Both federal and private loan programs require students and parents meet certain criteria in order to be eligible to loans.
Federal loans and private loan criteria is mostly the same, but private lenders require students and parents to present good long
Credit History in order to be eligible for Student Loans.
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