Education

What Qualifies You for a Student Loan?

Attending college or university, whether right out of high school or going back to school to earn a degree, is a positive step towards the next chapter of your life. Attending college or university also requires funding, which is where student loans come in, but many people don’t know if they qualify. So we’ll go over what qualifies you for a student loan that allows you to make the right decision confidently.

Federal Student Loan Eligibility

Before we cover private student loans below, we’ll review the eligibility requirements for federal student loans. For example, with a federal student loan, a student’s eligibility doesn’t depend on employment history, credit scores, or a debt-to-income ratio. Still, they can’t be in default of a federal education loan.

As with both loan types, your classes must count toward a certificate or a degree in an accredited school. You don’t want to end up disqualified for a loan by taking a class that doesn’t count toward a degree or certificate, even if it is a fun class.

There is also:

  • No minimum age
  • Must have a high school diploma, GED, or homeschool equivalent
  • They must also file a FAFSA and enroll in school on a full-time or half-time basis.

Private Student Loan Eligibility

When you seek private student loans to pay for your education, you must be of the minimum legal age in your state. The minimum legal age for a private student loan in most states is 18. Still, Nebraska and Alabama have a minimum legal age of 19, and New York, Mississippi, and Indiana have a minimum legal age of 21.

The borrower must have credit worthiness, or at least a cosigner with credit worthiness, and be a U.S. citizen or permanent resident. If the borrower doesn’t have U.S. citizenship, some lenders will allow the student to qualify if their cosigner is a U.S. citizen or a permanent resident. With private loans, your eligibility for acquiring the loan may also depend on your academic major or even the degree you seek.

With private students loans, you:

  • Don’t have to file the FAFSA,
  • Do have to be enrolled on a minimum of a half-time basis.

How Can SoFi Help?

There are many reasons to love a private student loan from SoFi. y First, we offer loan options with no fees, making it easy to apply online. SoFi members can pay down their loan with rewards points, which they earn from monitoring their credit score, logging in, setting up credit card autopay for their credit card, etc.

Speaking of autopay, you receive a 0.25% discount on your rates when you set up autopay. Those returning to school are eligible for an additional 0.125% discount. You don’t have to start paying back your loan right away when you graduate, as we also offer a six-month grace period.

At SoFi, their mission is to help people realize their ambitions and reach financial independence. And also, to help people grow is providing them with the means to do so.

Read More: Benefits of TQM

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