If you’re headed off to college this fall, it’s not too late to secure a student loan. But it IS getting harder.

1) Get the stats
It’s estimated that 100,000-200,000 of would-be borrowers could be turned down this year for student loans. That’s because lenders have tightened their standards. Previously if you had a credit score of 620-650, you would be eligible for a loan. But today, you’ll likely need a credit score between 680 and 700 according to Mark Kantrowitz of finaid.org, an online student loan information site.

2) Improve your credit
First, check your credit score at annualcreditreport.com. After that, the student can either opt to become an authorized user on their parent’s credit card or they can have a parent co-sign a credit card with them. This way, the student has the benefit of an older, more established credit history. One note here—you want to make sure the co-signer has a credit score of over 700. Keep in mind that who ever co-signs the credit card is equally responsible for the debt. By using a co-signer you increase your chances of getting a loan with better terms.

3) Know where to go
Make sure you go to Uncle Sam first for money. If you qualify for federal aid, you will get it. Plus, federal student loans have lower interest rates. You may be eligible for up to $31,000 in Stafford loans if you’re a dependent undergrad and $57,500 if you’re an independent undergrad. Your credit won’t be checked for this. If your parents have been denied a PLUS loan, you automatically qualify for more money thorough the Stafford Loan Program. You should also go to your student aid office if you’re having trouble securing a loan. They will know who is lending and who isn’t.

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