For those who have experience with student loans, what is necessary in terms of income to be approved for a loan. I will be transferring to a much more expensive school than I'm at now. I will need to borrow probably about 20-25K a year. I looked at CitiBank, and you need a minimum of 1 yr. flawless credit history (which I have), and 18K minimum annual income, which I have now, but will probably not have when I transfer schools. First, how does the income fall into play with this type of loan? Also, what is the best bank for student loans. I've looked at Sallie Mae, CitiBank, and Key. Wells Fargo have too many fees and higher interest rates. Thanks so much for the advise!
RE: Questions about obtaining Check out the Department of Education's website at www.ed.gov. It will show you the student loan options available out there. Most of them are guaranteed student loans that you won't have to pay back until from 6-9 months after you graduate or stop attending school. You can receive a guaranteed student loan from any participating bank AFTER you're approved by the Department of Education or your state guaranty agency. When a government agency approves you, you apply directly to the bank, which will most certainly approve you, regardless of income or credit because the the agency has guaranteed that it will buy the loan from the lender. In order to receive such a loan, your best bet is to fill out the FAFSA, which you can now do online at www.fafsa.ed.gov. The process is explained there.
