Minimum FICO for most Private Student Loans?

[Brusilov]

I'll be returning to school as an independent (no co-signer) this coming spring and may need to apply for additional private loans depending on financial aid.  I'm curious is there a rough minimum FICO most companies are looking for?

Also, does anyone have good recommendations for banks to apply to?  Sallie Mae, Discover, the other large big banks?

[Rikku]

You might need a cosigner regardless. DH and I both needed one for our private loans, and we were grad students in our mid 20s with established credit histories. It was nearly ten years ago since we borrowed them, so criteria may have changed since then. My CS was probably in the 740 range at that point and DH's around 760.

[Brusilov]

We're either of you employed full time when you app'd or does that make a difference?

[Rikku]

Yes, we both had full time jobs - but low salaries at the time, so it may have been an income issue.

It's worth trying without a cosigner - I'm sure they'll tell you if you'll need one.

[Brusilov]

Good to know! Maybe I'll ask the local CU I intend to apply to whether it's generally needed. I always of course hate that you can't ask direct questions about underwriting requirements.

[Rikku]

Yeah, it would be nice to know in advance! Just my opinion, but I think that private SL lenders like to have a cosigner that they can go after if the student is unable to find a job after earning his/her degree. It's a faster and easier way for them to get their money than going after jobless recent graduates. I was pretty surprised at the time when they required me to add a cosigner to my application - it had never occurred to me that I would need one. BUT I hope you'll have a much better experience at a CU - I would definitely look into that if I was borrowing now.

[Brusilov]

I am loving local CU's.   Just got approved for up to a $52,000 total amount (line of credit) at 5.68%.