Loan Eligibility

What Kind of Loan Can I Get?

It depends. There are many types of loans to help finance your child's education, each with their own eligibility requirements. Some are based on your level of financial need (subsidized), some on other things. Your loan can come from a Federal or private source.

Federal Eligibility

To determine eligibility for Federal loans, you'll receive a Student Aid Report (SAR) during the application process that summarizes the information on your FAFSA application. The Department of Education will take that information from your SAR and figure out your Expected Family Contribution (EFC). Needs-based loans will use your EFC as an estimate of how much of the total costs will come out of your own pocket. Your financial aid packet will tell you which Federal loans you're eligible to receive.

Private Eligibility

Eligibility for private loans will depend on school participation and the student's, or cosigner's, credit quality.