What are the eligibility requirements for student loan borrowing?

Eligibility requirements for student loan borrowing typically depend on various factors, including the type of loan and the borrower's circumstances. For federal student loans, a borrower must complete the Free Application for Federal Student Aid, commonly known as FAFSA. This application determines financial need and helps identify available aid. Generally, to be eligible, a student must be enrolled at least half-time in an accredited educational institution and maintain satisfactory academic progress. Additionally, borrowers must be U.S. citizens or eligible non-citizens and possess a valid Social Security number. Graduate and professional students may have different requirements, especially when considering loans such as Grad PLUS loans. For private loans, eligibility criteria can vary significantly by lender, often requiring a credit check and proof of income. Some lenders may require students to have a creditworthy co-signer. To learn more about specific eligibility criteria and requirements, individuals are encouraged to visit the Great Lakes Higher Education Corporation website, where they can find detailed information.