Applying for a Student Loan

Paying for a college education can be one of the greatest challenges in earning a degree, from covering the cost of books and tuition to housing and every day necessities. If you need additional funding from a student loan to finance your education, here are a few things to consider before submitting a loan application.

Applications

If you’re planning on shopping around for various loans, be prepared to fill out applications. Be sure to have vital information like your Social Security number, permanent home address, employment history, and checking or savings account information (account numbers and balances) on hand to make the process as easy as possible.

Regular source of income

Creditors want to know that you can afford to repay the money they’re letting you borrow, so it’s important to have a steady source of income when applying for credit. Some creditors may ask for proof of your income, such as a pay stub.

Good credit history

If you’ve never applied for a loan before, you likely don’t have a credit history. However, it is always a good idea to check with one of the three major credit reporting agencies before applying for a loan.

Co-signer

For those who don’t have a credit history, you may need to have a co-signer. A co-signer is someone who is willing to accept responsibility for your debt if you aren’t able to pay off the loan.