The average approved private student loan borrower in 2020 has a credit score of 748, according to data from LendEDU, higher than the average applicant credit score of 638.
Federal loans should come firstFor anyone who wants to borrow money for college, federal student loans should come before private student loans.
Federal student loans don't require a credit check for many student borrowers, and can have lower interest rates than private student loans.
For private loan borrowers in 2020, the average interest rate for a cosigned, fixed interest student loan is 10.20%.
Raising your credit score is another good way to increase your chances of being approved for a private student loan.
Persons:
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Organizations:
Service, Federal
Locations:
Experian