Who is eligible for a student loan (US)?
Curious about student loan
Eligibility for a student loan can depend on several factors, including the type of loan and the lender. Here are some general eligibility requirements for federal student loans:
1. Citizenship or legal residency: To be eligible for federal student loans, you must be a U.S. citizen, permanent resident, or eligible noncitizen.
2. Enrollment in an eligible program: You must be enrolled at least halftime in an eligible program at an accredited institution to be eligible for federal student loans.
3. Maintaining satisfactory academic progress: To continue receiving federal student loans, you must maintain satisfactory academic progress and meet certain GPA requirements.
4. No default on previous loans: You cannot be in default on any previous federal student loans or owe a refund on a federal grant.
5. Financial need: To be eligible for subsidized federal student loans, you must demonstrate financial need based on the information provided in your FAFSA.
Private student loan eligibility requirements can vary depending on the lender, but generally require a credit check and may also require a cosigner.
It's important to carefully review the eligibility requirements for any student loan before applying, and to understand the terms and conditions of the loan before accepting it.