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A private student loan is like any other private loan. Each private lender will determine what qualifications they require the student to meet before they will lend out their money. Some lenders will want some form of collateral and others will base their decision solely on the student's ability to repay the loan.
What else can I help you with?
Can people get a student loan with a class E felony for DWI?
Student loans are issued by private lenders whose qualifications may differ. Probably not -HOWEVER- check with your lender.
What is a creditworthy cosigner for a private student loan?
a secured loan
Who can apply for a private student loan?
Any person can apply for a private student loan at any time during the school year. Request for private student loans can be found and filled out online.
How can I find out more about private student loan consolidation?
When you are receiving a private student loan, it cannot be consolidated with federal student loans so you would need to take that into consideration. Here is a website to find out more about private student loan consolidation. http://www.finaid.org/loans/privateconsolidation.phtml
Where could someone go to look for private student loan consolidations?
To look for private student loan consolidations, on can go to the Student Aid website. The website has information about student loans, including how and where to consolidate them.
What are the qualifications for a parent plus loan?
Qualifications for a Parent PLUS loan include being a parent of a dependent undergraduate student, having a good credit history, and not having any adverse credit history such as bankruptcy or default on a federal student loan.
Can the borrower of a private student loan change the cosigner during the term of a loan or must she refinance to do that?
AnswerThe short answer is no, you can never change cosigner on a private student loan. If they die, however, it is transferred to you.
How do you defer your student loans?
The process through which one defers student loans depends greatly on the type of loan (or loans) that they wish to defer. For private loans, one must contact the lender to determine what qualifications are necessary to allow deferment. For government loans, there are also specific qualifications that must be met, however, each government loan has different qualifications. Some useful links to review are associated with this message.
Where can I find information about student loan rates?
Student loan rates vary by the type of student loan, but can be either fixed or variable rate. Most federal student loans are fixed at 6.8% Private student loan rates are typically higher.
Where can you get a private student loan that is not based on tuition?
there are a couple of credit based companies that will give a private student loan to creditworthy student and a co-borrower such as a parent if necessary. You can use the loan for tuition, books, transportation, housing, and any other related expenses that you'd have as a student.
Can you file bankruptcy for your student loans and keep your house out of it?
If the student loan is a federal loan and not a private loan then the answer is no. Federal student loans can not be included in bankruptcy, you will always be responsible for repayment of FEDERAL student loans.
If you default on a private student loan through a private lender not associated with your school or financial aid office are you still eligible for a federal student loan through your school?
Yes you are.
