Private student loans can help fill the gap to help families meet the cost of higher education. Private loans are variable rate, credit-based loans and should only be applied for after all sources of federal financial aid, including federal Stafford, PLUS and GradPLUS loans have been exhausted.
Xtra Credit Alternative Loan
In addition to Federal programs, State programs, and other sources of funds to finance your education, Xtra Credit is a private student loan designed exclusively for undergraduate and graduate students. In order to apply for an Xtra Credit loan you must be enrolled or accepted for enrollment on at least a half-time basis at an eligible college or university. In addition to the enrollment requirements, you must meet specific credit requirements.
Applicants applying with an established credit history must have a minimum credit score of 760 to qualify. Applying for Xtra Credit with a credit-worthy co-borrower may lower your interest rate and fees, depending upon the credit-worthiness of the co-borrower. If you have no credit established, you are not necessarily ineligible, but you will need to apply with a co-signer.
Note: Before applying, you may choose to order your credit report from all three credit reporting agencies to view your credit score and check your report for errors. The Fair Credit Reporting Act (FCRA) requires each of the nationwide consumer reporting companies — Equifax, Experian, and TransUnion — to provide you with a free copy of your credit report, at your request, once every 12 months. A credit report includes information on where you live, how you pay your bills, and whether you’ve been sued or arrested, or have filed for bankruptcy. If you’d like to review your credit report prior to applying for Xtra Credit, or to learn more about credit reports, visit www.annualcreditreport.com.
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