Every lender has different requirements for people applying for a private student loan.
Like most loans, your credit score will play a major role in your ability to get a private student loan. This is problematic for many students because young people tend to have poor credit or no credit at all since they haven’t had time to build a credit history.
Other factors include your income, debt-to-income ratio and the duration of employment with your current employer. Most lenders also want to make sure you’re attending an accredited school and some may even look at your major and other information about your education, such as your grades and year in school. If you don’t have solid credit, lenders might ask you to have a creditworthy cosigner. Cosigners agree to accept responsibility for repaying your debt if you stop making payments. You’ll want to find a cosigner with good credit to improve your chances of getting the loan and qualifying for a good rate.