Private Student Loan Application

What you'll need to start your application:

• 

  You’ll need some personal information:

  • Your permanent address, phone number and email.
  • Your social security number.
  • A Government-Issued Photo ID, such as a Driver's License or a Passport.
  • Basic information about your academic standing, including your current GPA.
• 

  You’ll need a cosigner if you do not have all of the following:

  • 36 months of established credit.
  • A job that pays at least $24,000 annually.

  (Even if you meet the guidelines above, a creditworthy cosigner can increase your chances of getting approved and will often lead to lower rates!)

After your initial application is conditionally approved:

• 

  You’ll need to provide some documents for further loan review.

  • Your school transcript (unless you’re a first semester freshman).
  • A Government-Issued Photo ID, such as a Driver's License or a Passport.
  • Proof of income, like recent pay stubs (unless you have a cosigner).
• 

  You may need to join a credit union.

  • Don’t worry! If you’re not already a member of a credit union participating in the LendKey network, we’ll match you with one! Credit unions are easy to join.
  • After you’ve been conditionally approved for the loan, you’ll join the credit union selected during the application process (a small initial deposit may be required).
  • If you later choose to cancel your loan request, there’s no obligation to remain a member of the credit union.

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  Credit union benefits:

  • Low minimum balance required to maintain an account.
  • Lower APR on most loan types, including student loans, mortgages, auto loans and credit cards.
  • Low-fee or no-fee checking accounts and ATM access.
  • Better rates of return on savings accounts and certificates of deposit.
  • U.S. Government insured accounts up to $250,000.
  • Dividends are paid to members (that may be you), not shareholders!
• 

  You’ll need to decide your in-school repayment options.

  • Interest-Only Payment: You'll make full monthly interest payments on your loan while you’re in school.
  • Proactive Payment: You’ll make a $25 monthly payment while you’re in school. Any unpaid accrued interest is added to the outstanding loan amount at the end of the deferment period.

  You’ll enter repayment status and make full interest and principal payments six (6) months after you leave school (or are no longer enrolled at least half-time).

  Repayment Tip
  The Proactive Payment works well for those on a budget, but selecting Interest-Only will help you pay off the loan faster.