To increase your chances of approval and possibly improve the rate you receive, you are strongly recommended to apply with a credit-worthy co-signer. Some lenders require you to apply with a co-signer regardless of your income or credit rating. You'll need to look at each loan program for these requirements

Applying with a co-signer may also help you receive a lower interest rate and better terms on your loan offer.

Most lenders will require a borrower to have a strong credit score (good-excellent) in addition to other criteria such as no negative credit history (missed payments), debt-to-income ratio (amount of debt vs. your current income) and even proof of current employment and income.

So, if you are a student without sufficient personal income or credit history you'll almost certainly need to apply with a credit-worthy co-signer.

After selecting the lender of your choice at SimpleTuition, you can either call the lender via the toll free number listed or click through to the lender’s site to begin an application. The approval and processing of applications varies greatly from lender to lender so it is hard to put a time-line to it, however, some lenders offer e-signature, which will allow you to complete the process online and receive your funds faster. Some banks will send or express mail the necessary documents to you to complete the loan. As with federal student loans, you will be required to sign (or e-sign) a promissory note whereby you agree to accept the terms of the loan (rate/fee/APR/repayment) and then repay it.

Private loans are an excellent, affordable way of paying for education costs that are not covered by other aid received from your financial aid office. Many students and families use private loans to supplement other aid and to cover costs associated with the estimated family contribution, or EFC. In some cases, you can also use private loans to cover any outstanding balances owed to your school.

Yes. Private loans are personal loans issued to individual borrowers by lending institutions. Much like a mortgage or an auto loan, your credit will determine if you are approved and also what rate (and possibly fees) you may receive. These loans are not guaranteed by the federal government and therefore are treated like any other consumer loan but with a special purpose. Additionally, most lenders will require the presence of a credit-worthy co-signer or co-borrower whose credit will also be checked.

A private education loan is a non-governmental loan made from a bank to an individual expressly for the purposes of paying for college expenses such as tuition, room and board and other associated costs. Traditionally, private loans are used to cover unmet need or the "gap" (costs not covered by scholarships or other loans offered by your school).