Just like federal student loans, private student loans can help bridge the gap between grants, scholarships, and the price of college tuition.However, when you apply for student loans, whether or not you get the interest rate, loan term, and loan amount you need is completely dependent on your credit check. Before you are approved for a private student loan, you are subjected to a credit check. The credit check will reveal your credit score, existing debt, and repayment history. With good credit, you'll likely get a favorable interest rate and loan term.