Comments

1. 
   On August 07, 2010 Benjamin B says:

   Apologies for the cop-out answer, but really, it depends entirely on where you’re applying for the student loan. Every lender judges its applicants differently, and you may be able to get a student loan from one lender much sooner than from another, although you should research any company that seems TOO keen to extend you a loan or credit, as they often make a majority of their profits by fleecing those who they’ve loaned money to that can’t make their payments.

   So, I can’t say for sure, but you should probably shop around.

   In general, most lenders send for a copy of an applicant’s credit history from one of the three major credit bureaus (Experian, Equifax, or TransUnion) in addition to their own considerations. These credit bureaus all calculate your credit score differently too, but generally your credit score can be raised or lowered by the same methods regardless of which company they get their report from.

   While having a single credit card to build credit with is a excellent first step, there’s no telling how long it would take to satisfy a lender, and there’s a limit to how much you can raise your credit score with just one card. Also, while a certain credit score may qualify you for a certain student loan, generally the higher your credit score is, the more desirable loan amounts and payment options a given lender will offer you. While some lenders might extend a student loan to you with a credit score in the low 600′s, for example, they might offer an applicant with a credit score of 700 a substantially larger amount, simpler payments, or a lower interest rate.

   For more specific advice on how to quickly raise your credit score, I recommend websites like http://www.onlinecreditscoring.com/credit/index.php or talking to a financial adviser in person.

   I hope that this helps. Also, look into whether or not you would qualify for financial aid from the government or grants from various foundations. They’re usually not as significant as student loans, but you don’t have to pay them back, which can make a world of difference once you graduate.

   Excellent luck with your continuing education!

2. 
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3. 
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4. 
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