A few days ago

What are the credit factors for private student loans?

I am trying to accumulate financial aid for this upcomin fall semester and it is a lot harder than it was a year ago.

I’ve tried applying to 3 different institutions for private student loans and we keep getting denied. And I also have a cosigner. My cosigner has the same credit score that she did a year ago (when she cosigned on my loan for last year) and she isn’t getting approved other…..so what else factors into the loan decision? What makes this year different from last year?

Also, what other sources of financial aid can I try…private student loans were my last resort.

Top 1 Answers
A few days ago

Favorite Answer

Each bank uses its own criteria. They also can come up with their own method of calculating the credit score. They don’t all use FICO. Debt to income ratio could be a factor, and the loan you took out is now showing on your cosigner’s credit as a new debt. (Since she is equally liable on the loan, it shows on her credit as if she were the borrower.) All of the banks have an appeal process. Work specifically with the bank that gave you the loan last year (if the rate and service are good) and have your cosigner contact them regarding the credit denial reason and the appeal process.