Apply Online For Student Loans

Employment Stability

As in all student loans, lenders prefer two years of employment stability on the same job or in the same line of work. Less than 12 months on the current job is not generally acceptable unless accompanied by a justifiable explanation. Part-time or second jobs require two years history with high probability they will continue in order to include the full income from these sources.

Active Duty Applicants - To verify employment on active duty applicants, most lenders will accept an original "Leave and Earnings Statement" (LES) in lieu of the standard employment verification form. If the applicant is within twelve months of discharge, most lenders require you to obtain one of the following prior to loan approval.

documentation of re-enlistment
verification of accepted civilian employment
a statement from the applicant of intent to re-enlist and from the commanding officer that the applicant is eligible to re-enlist and no reason exists that re-enlistment will be denied

Recently Discharged Veterans - Many recently discharged veterans have income from recently acquired jobs in addition to retirement pay. When the current employment term is not sufficient to meet normal underwriting criteria, lenders authorize consideration of any related military duty. The question of employment stability may be satisfied when it can be determined that the veteran's current job duties are similar to duties performed in the military.

Credit History

The majority of the student loans credit history policies are reasonably consistent with industry standards. Bankruptcies within the past two years usually disqualify an applicant. Bankruptcies two to five years old can be accepted provided that all credit since the bankruptcy has been good and there is an acceptable explanation for the bankruptcy. Bankruptcies over five years are not considered to be a significant adverse factor. Chapter 13 Bankruptcies 0N age Earners Petition) can be acceptable if provided the applicant is three-fourths paid and a letter from the trustee and bankruptcy judge approves the new credit.

A foreclosure will be viewed in much the same way as a bankruptcy. A veteran who has had a prior foreclosure on a VA insured loan will not be eligible for restored guarantee unless the governments loss is repaid in full. This is true regardless of whether the debt was previously waived, compromised or discharged in bankruptcy.

Most Applicants

For most applicants however, if you apply online for a student loan, usually all you need is to prove your identity, prove your place of employment, and your student loan can be approved. The best thing to do is apply for a student loan because often times lenders will approve them assuming you meet their standards.