Eligibility
Are You Eligible?
Unlike other private college loans, our eligibility rules are simple and straightforward.
To determine your eligibility for the Monticello Student Loan, we first look at your enrollment status:
- Undergraduate or
graduate borrowers must be enrolled at least half-time in a degree or certificate
program at an eligible school
- If you’re enrolled less than half-time in a degree program, or if you’re enrolled
in a certificate/technical training program, then you may be eligible as a
continuing education borrower.
You (or a co-signer) will also need to satisfy our credit requirements:
- Unless you’re retired, you must have a satisfactory employment history for at least the last two years (if you’re self-employed, you must have been in business for at least the last two years)
- You need proof of current positive income (if you’re self-employed, your business must also have a net positive income for the last 2 years)
- You must have at least 21 months of credit experience and a satisfactory credit history
- You must be a U.S. citizen or permanent resident and have resided in the U.S. for the previous two years
- You must have resided at your most current and immediately preceding addresses for a total of at least one year
- International students or applicants that do not otherwise meet these requirements will need to apply with a qualified credit-worthy U.S. citizen or permanent resident co-signer to be approved.
Applying with a qualified student loan co-signer is a good way to meet Monticello
Student Loan eligibility requirements. A solid co-signer (a parent or other creditworthy
adult) makes you a stronger loan candidate, increases your chances of fast approval,
and may even help you get a better rate. And unlike other private student loans,
you won’t be turned down because your family income is “too high” or your co-signer
“has too much money.”
Click here to find out more about co-signers.
Click here for guidelines on what your loan can and can't be
used for.
