I'm not too familiar with private loans, so take my advice with a grain of salt...
"What Credit Reports do they pull for Loan Apps?
What Credit Score will be needed to successfully get a loan?"
This is a question for each lender. It will be up to them, and if you speak with a representative they should be about to give you a better idea as to their requirements. You clearly meet the income aspect, but that high utilization probably won't look good to them. You can give your score a huge bump by paying them down lower (ideally below 8.9%, and AZEO). They should be able to tell you what lenders they typically pull from as it varies per lender (and possibly other circumstances including pulling them all at their discretion or different CBs based on geographical location?). You could also search the internet for creditpulls for each lender, though the results could be old or inaccurate for your circumstances.
"As a cosigner, will a really old collection (not paid) ruin my chances of cosigning?"
Yes, it could be possible that they would reject it. There is also a possibility they just may not accept you as a cosigner which might at least save you an inquiry. I'd suggest sitting down and talking with a representative before putting in the application. They might have some good advice. To my knowledge that collections won't matter of it's old, it's dinging your score and you might get turned away just for having it. You have to figure out if it's more worth it to okay it off or dispute it to raise your score or just go ahead and pay it (even though we both know it's a throne of lies).
"He will be living off campus, Will we be able to use student loans for off campus housing?"
Federal loans can be used to pay for housing. This is included in the cost of attendance estimate to determine what the above covered needs to be. This can also be negotiated with financial aid too (my University was able to reduce my mandatory meal plan to reduce my required expenses). They also offer things such as many school scholarships and work study that can only be offered through the FAFSA. The deadline is soon if not passed for the upcoming year.
Private student loans can usually cover housing too. How the loan can be used is covered in the fineprint and you can also ask them.
"Are there more options available than Sallie Mae?
If so, How do we choose who to go with?"
Absolutely. Besides federal student loans and federal parent loans, you can go with whichever private student loan lender you want. They will reach have their own rules, etc. There are also some that are more flexible if the lender runs into trouble (actual programs). and may work with you more but that is usually not the case. Another reason people try to get federal loans first, then private if needed. You can always refinance the federal loans later, especially if you only want to make one payment.
I've heard a lot of horror stories about Sallie Mae but also some good stories about their assistance programs (hard to find out about but I recall that they do have them). The same can be said for a lot of student loan lenders though. I've heard a lot of good things about getting student loans from a credit union, such as Navy Federal. They have great rates and more flexible lending requirements. They also often have a lower cap on maximum loan amount if that's an issue. Interest rate is important but I would shop around in terms of details and options, and definitely read up on each lender's reputation.
Who you go with will be up to what the two of you decide your needs are but if you don't like what you pick, you can always refinance the loan later if you're in a good place (DTI and credit report/ score?).
Good luck!
