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Step 1
Obtain a Co-Borrower. This is key because you most likely will be rejected on your own especially if you're in younger 20's. Parents are of course first choice but may be hesitant because of the economy.
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Step 2
Think Outside the Box. Many times lenders will accept multiple co-borrowers on student loans. Maybe someone will feel more at ease to cosign on $5000 instead of $15,000. Also check with the lender to see what requirements there are for the co-borrower to drop off the loan after you graduate so you can present this information to your cosigner
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Step 3
Defaulted Loans. This will automatically disqualify you if you have defaulted on loan in the past. Do not procrastinate. Call whoever holds your defaulted loan and find out what you need to do to bring this loan current again. They will usually work with you on payment, they just want to be paid back on the loan.
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Step 4
Interest Rates. Make sure you find out what interest rate your alternative loan is at if you did qualify. Calculate your payments or have the lender calculate your payment to find out if this is realistic for you to pay back after you graduate.
Good Luck and I hope this helps!
