How do I qualify?

Most families with a reasonable credit history will qualify for a private student loan. The basic requirements are:

	$18,000/year income
	Not currently delinquent on a major trade line (mortgage, auto loan, credit card)
	Not bankrupt in the past three years
	Debt-to-Income ratio below 50%

Below are frequently asked questions about the credit evaluation process:

What is a debt-to-income ratio? What is a co-signer? Who can co-sign for a loan? What is a FICO score? How can I find out my FICO score? Can I still qualify if I've filed bankruptcy in the past? Should I apply if I know I have poor credit?

What is a debt-to-income ratio? Also known as a "D-to-I" ratio, it measures how much of your monthly income goes toward paying your mortgage or rent, credit cards, car loans and other obligations. Your total monthly payments divided by your monthly income equals your debt ratio. The lower the ratio, the better. What is a co-signer? Who can co-sign for a loan? If we are unable to qualify you for our program due to limited credit history or income, you may be able to use a co-signer to qualify. Co-signers are not acceptable in cases of unsatisfactory credit. An immediate family member, such as a parent, sibling or grandparent, is eligible to be considered as a co-signer. What is a FICO score? A FICO score is the dominant method lenders use to assess a borrower’s risk. Named after Fair Isaac Corp., the firm that developed the scoring model used by the three major credit bureaus (Experian, Trans Union, and Equifax), your FICO score is calculated using a computer model that compares the information in your credit report to what’s on the credit reports of thousands of other customers. FICO scores range from about 300 to 850 and generally the higher the score, the better your credit rating. How can I find out my FICO score? By clicking here you may order a copy of your credit report, including your FICO score. Can I still qualify if I've filed bankruptcy in the past? If you have filed for bankruptcy within the past 3 years, we would not be able to make you eligible for the program. However, if the bankruptcy was filed at least 3 years ago and you have a minimum of 2 years of reestablished credit in good standing (major credit card, car loan, mortgage), the likelihood for approval would be relatively high. Should I apply if I know I have poor credit? While it doesn’t cost anything to apply, we would strongly urge poor credit applicants to avoid placing an application so as not to further lower their credit rating. Each time a credit inquiry is placed on your credit report, your credit score can potentially be negatively impacted.