Signature student loans
The signature student loans are special loans for US students studying in the country or outside. These are available in variety of types such as consolidation loans, loans for graduates, undergraduates and for their parents. The signature student loans are popular amongst the students due to various reasons. The student signature loans have higher rates of approval. The students can get larger amount under this loan to cover the education cost. The signature loans can be found easily. Hence, these loans prove to be the most convenient for the students during their education.
Eligibility criteria for the signature student loans
The signature student loans are available for the students in US. In order to be eligible for the signature loans, the student must be studying in the eligible college. The students must have attended such community college for at least half of the four or five years degree course. The students who are working towards completion of their degree are eligible for the application of the loan.
The signature student loans have set specific credit criteria for the applicants. According to the criteria, the students should not have default loans. All the previous loans must have been paid off, if any. The signature student loans can be easily obtained by the students who have a good academic record. The signature loan may get rejected if the student doesnt possess a satisfying academic record.
The signature student loan is exclusively available for the US citizens. However, the international students are also welcomed to apply. The international students will need to produce a co- signer who is a permanent resident or citizen of US. Both foreign and U.S. resident students need to produce CSI documents.
The signature student loans are available for all students; except the law graduates. The law graduates who are pursuing higher education are advised to seek for other private loans. Normally, the college or the school in which the student is studying helps in the application process.
How to apply for the signature student loans
After the completion of FAFSA, the students can get the information about the status of financial aid. This information is generated by the schools and colleges, normally in summer or spring. This time, the students can apply for the signature loans. If the student fulfills the application criteria, he can apply for the loan online. Otherwise, the eligible co- signer can apply for the same. Online applications work faster. The credit decision is immediately generated after the application is submitted.
The co- signer plays an important part in the approval of the signature loan. If the student does not possess a good credit or has no credit, he can search for a co- signer. The cosigner must have a good credit history.
Other features of the signature loans
The signature loans are popular amongst the students, since they are affordable and speedily approved. The signature loan amount limit is $50,000 for the eligible community schools and colleges"> The colleges which offer four or five year degree course can get the loan of $ 100, 000 for undergraduate students. The graduates can obtain loan of maximum $150, 000. The students who are graduates of medical stream can get maximum $220,000 of loan. The interest rate for the loans depends on the prime rates.