What are the qualifications for getting educational loans?

already exists.

Would you like to merge this question into it?

already exists as an alternate of this question.

Would you like to make it the primary and merge this question into it?

exists and is an alternate of .

Whatever you do, be sure to complete a FAFSA application first, to see how much in scholarships, grants and other funds you can obtain from your school and other sources prior to applying for loans and going into debt. Once you know what additional funds you'll need, apply for Federal student loans first, then private student loans. Avoid using credit cards and personal loans, if at all possible - they may have higher interest rates and may not offer the same borrower benefits as do Federal and private loans. There are two major types of education loans: Federal student loans (Stafford, PLUS, GradPLUS, Perkins, etc.) - These are student loans backed by the federal government, and require no credit checks. See the Department of Education's web site for a detailed list of eligibility requirements: http://www.studentaid.ed.gov/PORTALSWebApp/students/english/aideligibility.jsp?tab=funding //////////////////////// Private Student Loans - These are "unsecured" (no collateral) loans that are specifically structured for educational purposes. A good credit history is required, which is why you're encouraged to have a co-signer. Private loans can be used for virtually anything education-related, such as tuition, fees, books, laptop, commuting costs, room and board, etc. In addition to a good credit history, other private loan eligibility requirements include:
  • You must be either enrolled at an eligible school at least half time or on a continuing education basis
  • You must be the age of majority at the time of application
  • You must be a U.S. citizen or permanent resident. International students may apply with an eligible U.S. cosigner.
For more information about private loans, see http://onesimpleloan.com/private_loans.asp Good luck!
13 people found this useful

What are the qualifications for a FHA loan?

Generally 1. No credit lates in the last 12months 2. 3% down...or seller paid DPA 3. No BK 13 in the last 12months, No BK 7 in the last 24months, and no foreclosure in the la

What are qualifications for usda loan?

The loan must be within the USDA Eligible Area footprint, thehousehold income must be below the maximum income for the countyyou are purchasing in, and you need at least 2 cre

What qualifications for VA home loan?

FOR NATIONAL GUARDS AND SERVICE MEMBERS You need a minimum of six years on duty if you are a National Guard or in the Reserves. All six years must be completed before you can

What are the qualifications for a home equity loan?

The typical qualifications to take out a home equity loan are, you must have sufficient equity or collateral in your property, this is the difference in what your mortgage bal

What are the qualifications for you to get a Halifax loan?

To obtain a Halifax Loan, you need to already be a Halifax client with an active account. You need to be at least 18 years old and have a permanent UK address. You need to hav

What are the qualifications of refinance auto loan?

In order to be qualified for refinance auto loans, most companies require that you be over the age of 18, that you posses a valid drivers license, you must be a current US Cit
In Personal Finance

What is a education loan?

In the current economic situation, it is verydifficult to fund education. Due to funding problems, manymeritorious students have to quit their education. So, taking aneducatio
In Personal Finance

What are some drawbacks of getting an education loan?

One drawback of taking a student loan is that it is a lot of money to borrow. Another is that you are placing yourself in long term debt. There could also be long term issues
In Business & Finance

What Are The Requirements For A Loan Qualification?

Each lender includes a unique group of criteria, usually you oughtto be creating 9-10k monthly in product sales regularly and runninga business for 2 years to be able to avoid