We are independent & ad-supported. We may earn a commission for purchases made through our links.
Advertiser Disclosure
Our website is an independent, advertising-supported platform. We provide our content free of charge to our readers, and to keep it that way, we rely on revenue generated through advertisements and affiliate partnerships. This means that when you click on certain links on our site and make a purchase, we may earn a commission. Learn more.
How We Make Money
We sustain our operations through affiliate commissions and advertising. If you click on an affiliate link and make a purchase, we may receive a commission from the merchant at no additional cost to you. We also display advertisements on our website, which help generate revenue to support our work and keep our content free for readers. Our editorial team operates independently of our advertising and affiliate partnerships to ensure that our content remains unbiased and focused on providing you with the best information and recommendations based on thorough research and honest evaluations. To remain transparent, we’ve provided a list of our current affiliate partners here.
Finance

Our Promise to you

Founded in 2002, our company has been a trusted resource for readers seeking informative and engaging content. Our dedication to quality remains unwavering—and will never change. We follow a strict editorial policy, ensuring that our content is authored by highly qualified professionals and edited by subject matter experts. This guarantees that everything we publish is objective, accurate, and trustworthy.

Over the years, we've refined our approach to cover a wide range of topics, providing readers with reliable and practical advice to enhance their knowledge and skills. That's why millions of readers turn to us each year. Join us in celebrating the joy of learning, guided by standards you can trust.

What Are the Different Types of Student Loan Qualifications?

Jessica Ellis
By
Updated: May 17, 2024
Views: 4,015
Share

Meeting student loan qualifications can help eligible students receive financing for advanced education. Different loan programs may offer different qualification guidelines, such as financial need, citizenship status, completed educational parameters, and enrollment in a qualifying school or degree program. In addition to pre-existing guidelines, some student loan qualifications include maintaining eligibility during the disbursement period of the loan.

Some of the most basic student loan qualifications include income and financial status. Governmental loans are often easier to access if a student can demonstrate financial need. Minor students may have to include financial history data from their parents or guardians in loan applications, even if they are fully funding their own education without parental assistance. Students who come from families with substantial income levels may find private loans easier to secure; private loans often require an excellent credit history and a co-signer or guarantor in good financial standing to ensure repayment.

Student loan qualifications for public programs often include citizenship requirements. Students may need to submit proof of citizenship, such as a passport number or birth certificate, in order to be considered eligible. Those with permanent residency status may also be eligible for most, if not all, public student loans. Students with an education visa may be eligible for some guest loan programs, but are generally not allowed to receive government student loans reserved for citizens and permanent residents.

The goal of most student loan programs is to help students continue their education at the college or post-graduate level. One of the most common student loan qualifications is verified completion of secondary education. This requirement can be met with a high school diploma, GED certificate, or an equivalent certificate from a qualifying institution.

Another point of eligibility for many student loan programs is planned enrollment in a qualifying program or school. Traditional universities, distance-learning programs, and even online colleges can all satisfy student loan qualifications, as long as they are accredited by a governing body and meet degree standards for loan programs. Schools that do not qualify for federal or public loan programs may still allow a student to qualify for some private educational loans. Students may also need to declare an intent to participate in a program that leads to a certain type of degree, such as a bachelor's or master's degree.

A final area of eligibility may include a student's educational progress during the loan period. Many loans require students to be enrolled at least half time in a degree program. Students may also need to adhere to grade standards to remain eligible from year to year. Loan programs often monitor these standards by requiring borrowers to re-apply for continuing aid every year by submitting updated school records.

Share
WiseGeek is dedicated to providing accurate and trustworthy information. We carefully select reputable sources and employ a rigorous fact-checking process to maintain the highest standards. To learn more about our commitment to accuracy, read our editorial process.
Jessica Ellis
By Jessica Ellis
With a B.A. in theater from UCLA and a graduate degree in screenwriting from the American Film Institute, Jessica Ellis brings a unique perspective to her work as a writer for WiseGeek. While passionate about drama and film, Jessica enjoys learning and writing about a wide range of topics, creating content that is both informative and engaging for readers.

Editors' Picks

Discussion Comments
Jessica Ellis
Jessica Ellis
With a B.A. in theater from UCLA and a graduate degree in screenwriting from the American Film Institute, Jessica Ellis...
Learn more
Share
https://www.wisegeek.net/what-are-the-different-types-of-student-loan-qualifications.htm
Copy this link
WiseGeek, in your inbox

Our latest articles, guides, and more, delivered daily.

WiseGeek, in your inbox

Our latest articles, guides, and more, delivered daily.