The key component of being approved for a low-interest private student loan is the credit score and history of you and/or your co-signer. Depending on what your score looks like to a lender, you could see a variance of anywhere from 1 to 10% on the interest rate of your approved student loan.
Aside from checking your ability to get a loan, knowing your credit is important for a ton of other things in life such as buying a car, getting an apartment and, of course, getting a credit card. If you’re just starting out and need to build your credit, check out StudentPlatinum’s page on student credit cards.
Otherwise, do yourself a favor and check your credit ahead of time; it will save you a lot of time and frustration to have the right expectations set based on your personal financial profile.
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