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I meant besides credit score are there any other components ie like what school i'm in that they use for student loans? The reason why I ask is I don't want to apply in the slim chance that I get a loan only to be shot down and waste a hard inquiry on my credit report
you mean does it specifically matter what school you are attending? i don't think so. i think they just look at your cost of attendance. i don't think it matters if it's a community college or a 4-year school. they just want to make sure it's a legitimate school, not something made up.
no matter what, there is ALWAYS a chance you can get denied, just like anything else. i am not certain that a 720s score is a sure approval for all lenders, but i have never had to apply for a private student loan. sounds like there is a very strong recommendation for a cosigner, no matter where you apply.
if you are serious about pursuing a loan, i would go talk to some banks in your area & see what they say, before they pull your credit. that way you have a better idea of what you are facing, & you don't end up with a bunch of inquiries on your reports. take copies of your credit reports so they can look at them & give you a more or less accurate answer about whether or not your credit profile will get you approved, & if so, for how much.
I don't know if OP is coming back, but in case you do:
One thing that I would keep in mind is that even though you might get approved for a loan by whomever, that doesn't mean that it's the best thing for you to do. I've always qualified for way higher mortgage payments than I wanted to pay, but we stuck with our comfort levels.
Just because something can be done, it doesn't mean that it should be done. Just a thought.
Thanks I will keep that In mind. My goal is to borrow but I don't want to be saddled with debt by the time I graduate from college. The plan is just to borrow when I can and pay back with any earnings I make while still in school.