How to determine if you’re actually a candidate for a student loan
Not all students can afford college education. Lucky are those who have a family who can support them until they finish their course or those who were granted with full scholarship. To help those students who want to pursue their dreams for their future, a student loan is being offered. Simply, this is a money borrowed from the government or a private lender in order to pay for college. The money can be used for tuition, room and board, books, or other related fees. Once the borrower, which is the student has finished college, his/her loan has to be paid back. Note that just like any other loans, a student loan also builds up interest overtime. Click here to know how to manage student loans to avoid huge interest and/or penalties.
Are you interested to know more about student loans? Let me share with you the Eligibility Requirements.
Federal student aid eligibility requirements
The Department of Education of the United States has set specific requirements that a student needs to meet to be eligible for federal student loans and financial aid.
- First of course is that you must be a citizen or be an eligible noncitizen of the country. Eligible noncitizen means :
You are a U.S. permanent resident with an Alien Registration Card.
You are a holder of an I-551C card which is for conditional permanent resident.
You have an Arrival Departure Record given by the Immigration and Naturalization Service.
- You have a valid Social Security number. Why do you need this? Lenders will use it to run a credit check so they can see your credit score, then they match this information with the Social Security number you provide to verify all the information is correct and accurate.However, students from the Republic of the Marshall Islands, Federated States of Micronesia, and the Republic of Palau are exempted from submission of this requirement.Can you still get a student loan without a social security number? The answer is YES. You’re still eligible to apply for a loan with a financial institution that accepts ITINs in lieu of SSNs. ITIN is one of the easiest ways to get a loan, whether it is for personal or business purposes. When applying for an ITIN make sure to submit all of the paperwork, so you should receive your number within four to six weeks.
- You have a high school diploma or a General Education Development (GED) certificate, or have completed homeschooling.
- Enrollment in an eligible program as a regular student seeking a certificate or degree.
- You maintain satisfactory academic progress.
- You did not owe a refund on a federal student grant or not in default on a federal student loan.
- You are registered with the Selective Service System, if you are a male and not currently on active duty in the U.S. Armed Forces.
- You are not convicted for the possession or sale of illegal drugs for an offense that occurred while you were receiving federal student aid (such as loans, grants, or work-study).
If you did not satisfy all of these requirements, you can be denied. The lender, whether it is the federal state or a private institution will always carefully check your personal background and scrutinize all your information to make sure you are serious in getting a loan and that you can pay all your debt once you have finished college and got a job or any source of income after your education.