Private Student Loan ?

[aprilvaca04]

Does anyone have an idea if it becomes easier to qualify for a private student loan without a cosigner once the student turns 21?

 

[lucigo]

This is just going off our own experience, but I'm going to say no, that whats going to help is if the student has established credit, has a job, etc. My 21-yo is in college and has bought and paid off her car, has kept a job (at a burger joint), and has a credit card that she pays off in full every month. Still, when she went to get an apartment I had to sign that I would pay the rent if she couldn't.

 

[mcorbo]

This is just going off our own experience, but I'm going to say no, that whats going to help is if the student has established credit, has a job, etc. My 21-yo is in college and has bought and paid off her car, has kept a job (at a burger joint), and has a credit card that she pays off in full every month. Still, when she went to get an apartment I had to sign that I would pay the rent if she couldn't.

My daughter, also 21, just tried to get a Smart Option Sallie Mae student loan, she also has credit cards etc, nothing bad in her credit history, and needed a co signer.

 

[hffmnheidi]

I have a private Citibank student loan for my first year at a 4 yr school. I'd already done 3 yrs at junior college because it was cheaper to get the transfer credits.

In my experience, it was harder to qualify for a private loan. I had a part-time job for 3 years(with the same company and still there) during school time and then fulltime during summer and school breaks and my dad still had to sign on as a co-signer. I had credit cards and bank accounts in my name and a good job making a lot more than min. wage and they didn't take that into consideration and I was older than 21. All the loan companies see is "student" and Citibank requires a co-signer for any student loan, according to my loan paperwork.

 

[Crystal824]

No, I think it really depends more on your credit history than age. Unfortunately, at 21 even with a few ccs that are paid off each month and/or a car with a payment; there isn't much history there to review. Often, you need a co-signor.