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How to apply for private student loans Understand private student loan requirements. Generally, you must be at least 18 years old with a valid Social Security number and be a U.S. citizen or resident. Consider getting a cosigner. Compare offers from multiple private lenders. Submit an application. Receive funds.
Students have to pay back financial aid if it is in the form of a loan, but they do not have to pay back grants, scholarships or money awarded through a work-study program. Students eligible for grants or scholarships should exhaust those options before taking out any loans, experts say.
Most private lenders require borrowers to have a credit score of 690 or above. If you dont have credit or your credit history is thin, you have two options for private loans: A private loan from one of the few lenders that dont have credit or co-signer requirements, though youll pay higher interest rates.
Age and citizenship. Most lenders also include requirements surrounding age and citizenship status. An applicant must usually have a Social Security number and be a U.S. citizen or permanent resident. Borrowers must also be at least 18 with a high school diploma or equivalent, such as a GED.
Private student loans do not necessarily require a parent to be involved, but either the student or another co-signer must meet loan eligibility.
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What is Estimated Financial Aid (EFA)? EFA is the total amount of financial aid a student receives. EFA includes scholarships grants, loans, and need-based employment like work-study. EFA can come from federal or state governments, institutions, or private organizations or companies.
There are many types of private student loans, including degree-specific loans, international student loans, and bad credit loans.
The state of Mississippi provides about $40 million each year to help students go to college. The state offers three undergraduate grant programs: HELP, which awards full tuition for students with financial need; MTAG, which awards $500 per year to freshmen and sophomores and $1,000 per year to juniors and seniors; and.

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