Most lenders will require a borrower to have a strong credit score (good to excellent) in addition to other criteria such as no negative credit history (such as missed payments), debt-to-income ratio (amount of debt vs. your current income) and even proof of current employment and income.

So, if you are an undergraduate student without sufficient personal income or credit history, you'll almost certainly need to apply for a private student loan with a credit-worthy co-signer.

To complete an application for a student loan with most lenders, you will need the following information:

• Your full name, social security number and date of birth
• Your permanent address and the number of years you have lived there (no P.O. boxes)
• The amount of your monthly rent or house payment
• Your home phone number
• Your current occupation and position
• The name of your employer and how long you have been employed by them
• The business phone number of your employer
• Your gross annual income
• The contact information for a reference (name, address, home/business phone number)
• The name of your school (or the school the student for whom the loan is for is attending)
• The social security number, contact and employment information for your co-signer (if applicable)

After your application is approved, the lender may send a request to your school to verify your enrollment. If it is a federal loan that you have applied for, you will then be notified by the lender to complete a Master Promissory Note (MPN). Depending on the type of loan you requested, the funds may be sent directly to you or your school. If the school receives the funds, and additional proceeds remain, the school will mail you a refund check.

When you apply for a private student loan, look for whether the loan is certified or uncertified. A certified loan requires verification by your school that you are not borrowing more than the total cost of education, less other aid received. Loan funds for certified loans are generally sent directly to the school. An uncertified loan does not require your school to certify any aspect of the amount borrowed (but will require verification of your enrollment at that school). The loan funds are usually sent directly to you. Make sure to speak with the financial aid office at your school for the school’s refund policy, including how and when the refund would be sent to you.

• Rate reductions
• Waiver of fees
• Principal reductions
• Cash rebates
• Waiver of final payments

There are some benefits that you get just for taking a particular loan, while others you must earn. Lenders can require you to follow certain rules in order to qualify, such as using a bank account to automatically pay (debit) you monthly payments and/or making all of your loan payments on time.

Sample $5,000 Loan - Examples of Possible Savings for Typical Borrower Rewards

*The Total Cost of the Loan will change based on a combination of the monthly benefits and APR for each type of reward.