What are the qualifications for getting educational loans?

Whatever you do, be sure to complete a FAFSA application first, to see how much in scholarships, grants and other funds you can obtain from your school and other sources prior to applying for loans and going into debt.

Once you know what additional funds you'll need, apply for Federal student loans first, then private student loans. Avoid using credit cards and personal loans, if at all possible - they may have higher interest rates and may not offer the same borrower benefits as do Federal and private loans.

There are two major types of education loans:

Federal student loans (Stafford, PLUS, GradPLUS, Perkins, etc.) - These are student loans backed by the federal government, and require no credit checks. See the Department of Education's web site for a detailed list of eligibility requirements: http://www.studentaid.ed.gov/PORTALSWebApp/students/english/aideligibility.jsp?tab=funding

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Private Student Loans - These are "unsecured" (no collateral) loans that are specifically structured for educational purposes. A good credit history is required, which is why you're encouraged to have a co-signer. Private loans can be used for virtually anything education-related, such as tuition, fees, books, laptop, commuting costs, room and board, etc.

In addition to a good credit history, other private loan eligibility requirements include:

• You must be either enrolled at an eligible school at least half time or on a continuing education basis
• You must be the age of majority at the time of application
• You must be a U.S. citizen or permanent resident. International students may apply with an eligible U.S. cosigner.

For more information about private loans, see http://onesimpleloan.com/private_loans.asp

Good luck!