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Do Private Student Loans Require Good Credit

Good credit is preferred by all private student loan lenders. In general, private student loan lenders are looking for borrowers to have FICO® a credit score of at least 680, a decent debt-to-income ratio, and at least two years of work history.  Good credit generally signifies that the loan has a high probability of being repaid on-time and in-full and all lenders desire to be repaid without incident. Private student loan lenders will offer the best terms and interest rates to borrowers with strong credit. If you’re not able to qualify for the best terms on your own, you can always apply with a creditworthy cosigner.

That said, there are some student loan lenders that will consider your field of study, grades and other factors that might help them determine if you are likely to be a good candidate to loan money to and if you will successfully repay your loan.

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