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Why did I get denied for student loans?

Why would you be denied a student loan if?

  • You have good credit (in fact nothing on record at all)? I'm trying to get a student loan and i was denied for whatever reason? If credit isn't the problem then what would be? Does anyone know who has student loans that are reasonable? I checked Chase but they don't have my school on their list. thanks

  • Answer:

    No Credit.... is closer to bad credit than it is good credit The criteria usually includes 1) Excellent Credit (score of 750 or higher) 2) Low Debt-To-Income Ration 3) High Income (higher than average) 4) Solid work history (typically more than 5 years in the type of work & more than 2 years at the employer) You would have to find a co-signer who met the criteria

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no credit isn't as good as you think. Try to get a co-signer

Cronus

"No credit" is not "good credit". You were denied because you have no credit history so you are too high of a risk. Get a cosigner with good, established credit. You should also never take out private loans until you have exhausted your federal and state options. www.fafsa.ed.gov

Supercell

I assume you're asking about "private" loans, rather than "federal" or "federally-guaranteed" loans? Have you completed and filed the FAFSA: Free Application for Federal Student Aid? Just about every student with a verified FAFSA is offered a subsidized or unsubsidized Stafford Direct loans (in the amount of $5,500 in freshman years, $6,500 sophomore year, and $7,500 each in junior and senior year) as part of a college's financial aid package. Other loans may also be offered if there is a large "need" shown. Always accept federal loans before looking for pricey (high interest) loans offered by banks or other private institutions. Good luck.

Denny

Federal loans are best that you get from doing FAFSA like Staffords, Perkins, which are not given by credit. Federal Parent is given based on credit but better than a private loan. If you cant get those then you need a private loan: http://student-loans-review.toptenreviews.com/

PETA

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