Private College Loan: Based on Credit and Employment Records

Lucky are the students nowadays for have many means of financing their education, and one of them is the private student loan (also known as private college loan).

But then, loans cannot be had just by submitting a filled-up form handed to you by your selected lending company. Of course there are requirements that you need to fulfill.

When applying for a private student loan, the most important thing that a student needs to do is to prove his ability to pay back the loan. In other words, you must demonstrate the capacity to be responsible for your private college loan. The credit-worthiness or a student or person is very important as this is sometimes the sole basis of many lending company for his loan application to be approved.

Another qualification of a student borrower that is required of him is that he must be or have been employed for two years at least. Or he can also have a business, which must be running for the same amount of years.

Most lending companies require that for you to qualify for a private college loan, you have to be a United States citizen or at least a permanent resident, having been residing in the States for the last 24 months.

When applying for a private student loan, you would have to show proof of any current income.