Federal Direct Graduate PLUS Loans and Private Educational Loans require a credit check for loan approval.  The following provides data regarding the loan approval process based on the loan:

The U.S. Department of Education and its agents will obtain a report of your credit record and use the information from that report in determining whether to approve a Federal Direct Graduate PLUS Loan.  Students are notified in writing by the U.S. Department of Education of the results of the credit check with respect to your loan application.

Some private loan lenders offer a quick approval process for loans initiated by telephone or on the Internet, and this is an almost immediate way to find out if you are approved for a private credit-based educational loan. 

  • If your credit application is approved, you can electronically sign (if available) the application online, you can print out your application from the lender’s website, or the lender will mail you a pre-printed loan application. 
  • You must then forward your application to the Financial Aid Office for certification. In some cases, you will submit your signed promissory note to the lender, and the Financial Aid Office will be contacted by the lender for an electronic certification.
  • If you think you might have credit problems, and you are concerned about having the funds you need to finance your education, keep in mind that the loan approval process for private educational loans can be done very early, usually beginning in May for the coming academic year. 
  • While you do not need to be admitted in order to initiate a loan application, you will be asked which school you plan to attend. Just remember to check with your lender to find out how long the loan approval lasts.