However, you should only use private student loans as supplemental funding after you have exhausted all other sources of financial aid.

Each loan program and each lender has different criteria for approving applicants. Whether you have a good credit history, are a parent or a student, or are backed by a cosigner can determine whether you get approved.

Some programs let you apply to be "pre-approved" for a loan. Pre-approval eliminates uncertainty up front, before you go through the private student loan application process. You'll know that you qualify and the amount you can expect to receive.

Do you need a cosigner?
If you have a poor credit history or if you have no credit at all, some banks may require you to get someone to cosign your loan application before they give you the loan or give you more favorable terms.

By cosigning your loan, your cosigner vouches for your creditworthiness with his or her good credit history. Your loan's history of late and on-time payments will appear on both your credit reports.

If you fail to repay the loan, the cosigner becomes responsible for paying the remainder.