Answered by knight01
If you're talking about a federal student loan, there are no collateral or credit income. It is solely based on your financial needs. This is determined by completing the fasfa, you can do it online at fasfa.ed.gov If you're talking about private student loans like the ones you see advertised on tv, again, no collateral is required. They are based on credit and income history. This is why many young borrowers will need a co-signor. The private student loans are underwritten according the the individual lenders credit and income guidelines. So, what one may say is unacceptable, may be perfectly acceptable to another. This why I always recommend applying through at least two lenders. There are literally dozens of places to get a private student loan, the two I recommend trying first are Student Loan Advisors at www.StudentLoanAdvisors.com/ and also Chase Bank which has a specialized division that only offers private student loans, you can reach them through www.usadegrees.com/chase/