Student Loan Eligibility

Joined: 19 May 2005 Posts: 1 135 Debtcc Points

Hi,

This is good news that Debt Consolidationcare has started consolidating stdent loans. Lot of people must be waiting for this step for quite some time now.
There is some info on criteria related to eligibility of stdent loans i wanted to share in the forums.

Student Loan Eligibility

Like all other loans there is certain eligibility required for you to get a student loan approval. Most important amongst them is that you must be a regular student enrolled in an approved program at least on a per time basis.

There are other eligibility requirements and they are as follows:

You need to demonstrate genuine financial need with some valid reasons behind your requirement.
Have a high school diploma and pass a test approved by the US Department of Education.
Enrollment in a telecommunications courses will not make you eligible for student loans, unless the stature of your course is a Bachelors or Master Degree Program or a part of any associate.
You have to be a US citizen or eligible non citizen.
You need to have a valid Social Security number (unless you are from the Republic of the Marshall Islands, the Federated Sates of Micronesia or the Republic of Palau)
You are capable of maintaining satisfactory progress standards set by the school or institutions you plan to attend.
Certify that the student loan grant will be only used for educational purposes.
Produce a valid proof that you are in default for any federal student loans and do not owe money on a federal student grant.
Comply with the requirements of the Selective Service.

Hope this will be helpful to the people in this forum.

Cheers
James Sherringham

Ronaald · Guest 100 Debtcc Points

This information is very helpful. I wish to inquire if I can consolidate the loan with my spouse.

Posted: Sat Sep 03, 2005 12:51 pm

Yes Ronaald, you can consolidate your student loans with your spouse too. But it is important that you both have to individually qualify for a consolidation.

If you both have consolidated your student loans together, two important things need to be quite clear right from the beginning:

If any one of you passes away, the deceased’s portion of the loan is forgiven. And
If you divorce, one of you will have to take the responsibility of the balance amount.

Regards
Roxette

Guest · 100 Debtcc Points

jimmy,

Can't I qualify for Federal Aid if I fail to prove genuine financial need? Is there any other way that can help me?

Thanks in advance.

Posted: Wed Oct 19, 2005 1:49 pm

Subsidized loans are completely need-based. You have to pass a need analysis phase to get it.

However; Federal government also offers unsubsidized loans for students and it does not include a need analysis. If you do not qualify the need analysis, you can still get an unsubsidized federal student loan.

Contact your school or any student loan servicing company to know the options that you can get.

Sabrina · Guest 100 Debtcc Points

Guest,
You can consider private student loans too. They are not need based. Since you have a good credit, you will pass the credit check easily Smile