I often hear students, parents, and lenders talk about the existence of easy student loans, and whether or not such loans can be utilized to full effect. The truth is that easy student loans can be any one of the several different kinds of student loans that are available today depending on the actual frame of reference.
The term “easy” is often used to describe the approval process of lenders, and while it can be used to describe certain types of federal student loans, it is often associated with private education loans.
Private and “Easy” Student Loans
Most of the time students and parents get the idea that there are easy student loans in existence as a result of private student loan lenders’ marketing campaigns. I see it all the time—“easy approval student loans”, “quick and easy application”, “easy student loans apply here”, these are just some of the titles I found that certain private student loan lenders are using to advertise their loan products. You can see why borrowers get the misconception that there are in-fact easy private student loans in existence on today’s market.
Now don’t get me wrong, getting a private student loan may be an easy process if you have the appropriate credentials in place, and you are dealing with a lender that is very professional and has a simplified application process. The problem is that after the credit markets tightened a few years ago, the bottom fell out of the private student loan industry, and many of the so-called “easy” student loans were either eliminated from the lenders’ inventory, or the lenders of such loan products went out of business all together.
This has left the marketplace open for interpretation, and many private lenders still advertise using the same tactics as they did prior to the credit-crunch, even though they no longer offer such a loan product! Students and parents are left out in the cold, while lenders go ahead and attempt to propagate the lie that they somehow have a specialized kind of “easy” student loan product that can be secured without the same sort of credentials in place that most standard private student loan products require.
Myth Dispelled
In today’s student loan lending climate I can assure you that virtually all private student loan lenders have roughly the same credentials across the board, and that there are no private lenders leftover that may be offering a private education loan product that may not be so stringent when it comes to credit.
- The bottom-line is that unless you have good credit, and a solid income, you are not going to be able to get a private student loan without a cosigner, regardless of the lender’s marketing campaign and the name they give their particular loan product.
You need to be especially careful if you are following up on an ad that talks about the apparent availability of such easy student loans, as many times the lender won’t be offering you a student loan at all, and will rather be attempting to sell you a payday loan, or some other sort of similar loan product for people with bad credit.
Don’t fall for such nonsense, as all private student loan lenders are going to require that you, or your cosigner have the appropriate credentials in place in terms of credit and income in order to get an approval.
