Private College Student Loan

Question about Student Loans?

With the economy the way it is right now, how easy or difficult will it be to get a Student Loan from Chase, National City, or Key Bank?

Public Comments

1. i think it would be better for u to apply for the higher education loan and am sure they would consider u though it may take time,the economy is under recession and the banks may prove to be a real suck gd luck
2. K The answer to your question depends on one very important factor - whether you are asking about government-backed Stafford loans, which you are offered through your financial aid offer letter, or whether you are asking about non-government "private" or "alternative" educational loans, that some students use to supplement their financial aid award. One example of the answer to your question is that Key Bank is not currently accepting applications for educational loans other than government backed loans - they're only offering Stafford Loans, PLUS loans, and a service they call the "Monthly Payment Plan". There's nothing unusual about that - Key Bank has joined the dozens of other major lenders that have completely abandoned the student loan business. The handful of remaining lenders (which do include Chase and PNC (which has taken over National City)) are evaluating all educational loan applications very, very conservatively. Let me put it to you this way - unless you are that rare student applicant with substantial income and a well-established credit history, there is very little chance that any major lender will approve your educational loan application without a cosigner. A lender-acceptable cosigner is that rare individual whose income and assets and debt obligations clearly demonstrate that this person is able to manage his/her own monthly responsibilities AND pay this educational loan, as well. Many applicants are reporting that their parents are being rejected as potential cosigners. If you're looking for Stafford loans, they are just as available as they ever were. You'll still be approved without a credit check and without a cosigner. If you're looking for non-Stafford loans, there is still money available (but through a very small number of lenders), but it is nearly impossible to be approved without a highly creditworthy cosigner on the application. Good luck!