In this video, we discuss the steps to take if your student loan has been denied. We provide the steps you should take to try to obtain additional financial aid and resources to help to put the funds together to attend college. Private student loan lenders might deny applications for a variety of reasons, including credit and other financial issues. If you’ve applied for a loan on your own and had your application denied, you still have several paths to move forward. We talk about Parent Plus loans, NJ Class Loans and Private loans like Sallie Mae, Nelnet, Sofi, Citizen Bank, Discover, etc. We talk about when not to take a private student loan and when to go with a state loan like NJ Class, Vermont Student loan, PHEAA Student loan. We go over the different credit score levels and how you should look to apply for student loans based on your score TransUnion, Equifax, and Experian. Student loans are the one corner of consumer finance where your credit score doesn't always dictate your ability to borrow, especially if you take out federal student loans. However, private student loan lenders typically require you to have a credit score of at least 670. Most private lenders require you to have a credit score of at least 670 or higher on a 300850 scale used by FICO, the most widely known credit score.

Useful Links
Student loan list:
https://www.salliemae.com/smartoption...
https://www.citizensbank.com/student...
https://www.discover.com/studentloans/
https://www.hesaa.org/oNJCLASS/jsp/NJ...

Here is the last loan to consider if the rates are higher than what you want or if you are denied:
https://studentaid.gov/


Other videos to check out here:

Understanding the 3 types of student loans to help pay for college
   • Understanding the 3 types of student ...  

Understanding the Subsidized & Unsubsidized Student loans & the Parent Plus Loan
   • Understanding the Subsidized & Unsubs...  

The College Process and Financial Aid during Covid
   • The College Process and Financial Aid...  

Take Gap Year leap or head off to College?
   • Take a Gap Year leap or head off to C...  

College Admissions and Financial Aid Scams, Frauds and things to avoid
   • College Admissions and Financial Aid ...  

Understanding College Scholarships and where to get them and why you never pay for them
   • Understanding College Scholarships an...  

Principia Prep has been around for almost 20 years helping families with the college process both admissions and financial aid.


#College #highschool #studentloans