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Eligibility
GradeSaver Student Loans eligibility rules are straightforward. A solid co-signer, such as a parent or other creditworthy adult, makes you a much stronger loan candidate. If your co-signer has good credit it increases your chances of fast approval and you could even get a better rate on your loan.
To Be Eligible
Age: You must be at least the age of majority in the state where you are a permanent resident at the time of the loan application, or at least 17 and apply with a qualified cosigner. The legal age for entering into contracts is 18 years of age in every State except Alabama and Nebraska (19 years old), and Mississippi (21 years old).
Enrollment: Undergraduate and graduate borrowers must be enrolled at least half-time in a degree or certificate program at an approved school.1
Continuing Education borrowers may be enrolled less than half-time in a degree program or enrolled in a certificate/technical training program.
K-12 students must be enrolled full-time as defined by the school. Proof of enrollment must be provided.
Additional Eligibility Requirements
Either you or your co-signer must have the following:
- U.S. citizenship or permanent resident status in the U.S. for the previous two years,
- An employment history of at least two years (if you are self-employed, your business must be at least two years old),
- Proof of current income,
- At least 21 months of credit experience and a satisfactory credit history,
- Addresses where you have lived for at the previous 12 months.
International students: You may apply with a qualified, creditworthy U.S. citizen or permanent resident co-signer.
There is no downside to using a qualified co-signer on your student loan application. In fact, a strong co-signer increases the likelihood of fast approval.
In addition, a Co-signer Release option is available to borrowers who make their first 48 payments on time and who elect to make automated payments.2
Personal Information
When you call or apply online, please have the following information ready for your GradeSaver Student Loan application.
- Your full name
- Social Security number
- Date of birth
- Name of the school you will be attending
- Contact information
- Home address (no P.O. Boxes)
- Length of time lived there
- Home telephone number
- Employment information
- Employer's name
- Occupation/position
- Length of time worked there
- Employer's telephone number
- Credit information
- Gross income (if applying with a co-signer, you do not need to provide income information for yourself.)
- Sources of additional income
- Amount of additional income
- Monthly rent/mortgage payment (include home equity payments)
- Loan default/bankruptcy status (have you or your co-signer ever defaulted on a student loan or declared bankruptcy?)
- Personal references (if applying with a co-signer, you each need your own, separate references.)
Copyright (C) 2007 GradeSaver Loans LLC. All rights reserved.
The lender for Gradesaver Student Loans is RBS Citizens, N.A., Member FDIC and Equal Opportunity Lender. RBS Citizens, N.A. may sell your student loan to a third party. RBS Citizens, N.A. will only sell your student loan if the third party agrees to honor all of RBS Citizens, N.A.'s promises to you, including all promised benefits that you will receive or might become eligible for during the loan repayment period.
- Is my school approved?
- Co-signers will be eligible for co-signer release upon request if (1) the first 48 payments of principal and interest are paid on time, (2) at any time prior to the 48th on-time payment, the borrower who receives the monthly bill elects to have monthly principal and interest payments transferred electronically from a savings or checking account and continues to make such automatic payments through the 48th payment, and (3) the borrower meets creditworthiness criteria at the time of the release of the co-signer. The co-signer release is only available for undergraduate, graduate, and continuing education loans.