What does it need to qualify for a student loan?

[DannyZucker]

Hi there! My son is been accepted in Boston University. He will start to attend his school in September. He will need a small student loan. I would like to know what does he needs to qualify for a student loan?

[Tübingen]

With a co-signer, most students can get a student loan. A co-signer essentially agrees to pay the loan if the student does not. Interest rates depend on the income/credit of the applicant. Thus, if a student applies without a co-signer, they are usually either denied or given a very high interest rate (for private loans). With a co-signer you may be able to get a better interest rate (though mine have all been higher than 8% and I have amazing credit, as did my co-signer).

[GradSchoolTruther]

This is America. You don't need a co-signer for a federal student loan. Also, I suggest your son research the process himself, unless you're going to be paying his student loan debt.

[Tübingen]

This is America. You don't need a co-signer for a federal student loan. Also, I suggest your son research the process himself, unless you're going to be paying his student loan debt.

 

The OP did not mention if the loan was Federal or Private. Private loans often require a cosigner.