Application requirements and repayment options are different from the traditional Federal student loan program, and the commercial loan programs vary among themselves. Citizen or permanent resident. Per academic year, a student may borrow a commercial loan amount equal to the total cost of attendance minus any other confirmed financial aid. Unlike the Federal Stafford loan program, commercial student loan programs consider the applicant's credit history. Each lender has its own criteria for approving a loan, but those mentioned are just a few.
Some lenders are more stringent.
Those who have excellent credit, usually get better loan terms. GULC strongly suggests that applicants request a copy of their credit report, well in advance of applying for the loan. In doing so, you have the opportunity to correct any erroneous or incomplete information that may be reflected on your report. To insure that your application is favorably reviewed, you should make every effort to reduce or eliminate consumer debt. There is no charge for the report if you have been denied credit within the last 30 days.