WHAT ARE THE REQUIREMENTS FOR A STUDENT LOAN?

WHAT ARE THE REQUIREMENTS FOR A STUDENT LOAN?

Although there is a need to get a student loan the criteria may not be as tight as you think. Here's what you need to know. Your uncle, cousin, the boss at work - it seems like everyone today has a student loan. They must give it to anyone who asks, right?
Not necessarily. Although the requirements for accepting a student loan are not very stringent, there are certain criteria that you must meet before considering them. This varies both at the federal and private levels, but just about any loan you receive throughout your life, you will have some loops to jump ahead. In fact, any lender who offers unsecured loans may be a predator - and may well be avoided.
Looking to see if you qualify for federal or private student loans? Read on to get started.

Federal Student Loan Criteria

If you would like to obtain a federal student loan here are the criteria:
Have a valid Social Security number.
Men must be registered with selected services. Male students between the ages of 18-25 must register with the selected service to receive the loan.
Be a citizen or an unqualified person. Undocumented immigrants are not eligible for federal or state funding. Permanent residents with green cards can apply for assistance. Immigrants with T-1, foreign-qualified immigrants, or refugee status are also eligible.
Has a high school degree or equivalent, such as a GED or a certificate from a homeschooling program.
Enroll in an eligible school. Students in unrecognized schools may not qualify for federal aid. Some schools also choose not to receive federal assistance.
Fill out Free Application for Federal Student Assistance. Any high school student interested in financial aid should fill out the FAFSA, a form that asks for your family's financial information to determine how qualified you are. Even those who do not have to indicate the need to get a student loan, so officials encourage everyone to apply. Without the FAFSA, you will not receive any federal loans, scholarships or grants.
Be good with federal financial aid. Students cannot default on other federal loans or owe money on federal grants.
Maintains a 2.0 GPA. Students need to maintain a cumulative 2.0 GPA or risk losing financial aid until their grades improve.
Be present half-time or more. Students must be considered part-time to qualify for a loan. Each college determines part-time and full-time ways, so ask your financial aid officer how much credit you need to take.
It can be difficult to understand the difference between subsidized and non-subsidized student loans. Only students with the FAFSA show financial need to receive subsidized loans, which do not charge interest while still in school. Students who defer their loans also do not have to pay interest at that time.
Students who complete the FAFSA and are not eligible to "demonstrate financial need" may receive a non-subsidized loan, which benefits during the semester and the six-month grace period following graduation.
Parents can take a non-subsidized PLUS loan for all dependents, for the total cost of attendance excluding other loans or scholarships the child has received.
Private Student Loans
Students who do not get enough help from the federal government can qualify for a private loan. Private lending usually requires a cost keeper, such as a parent, who promises to take out your loan if you fail to pay.
Each private loan service has different needs, so it pays to shop for the best deals. Most require a minimum income and credit score before they agree to lend you. That is why private lenders often need an eye-opener because college students usually have no income or credit history.
We recommend comparing your personal student loan options with services like Credible. Credible lets you compare multiple borrowers in minutes, without having to do a hard credit check.
Again, be wary of any personal lender without any restrictions or criteria to meet. For example, p

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