A newer version of your browser is available. Older versions may limit your ability to access some of this site's functionality. Citizens Bank recommends upgrading your browser.
If you’ve applied for a private student loan and were denied, it’s not the end of the road for your college education. You may feel like you won’t be able to attend college, but don’t panic. There are still plenty of potential avenues to pursue when looking for ways to pay for college.
If you apply for a private student loan on your own and are denied, it may be because you have insufficient personal credit history, which is common for full-time college students. Many students in this position will find a qualified co-signer to apply with them. A co-signer could be a parent or other guardian, a grandparent, an older sibling, an uncle or aunt, or anyone who is willing and financially qualified. By co-signing your loan, they're agreeing to personally step in and help repay the loan in the event you cannot. At the same time, it doesn't remove your role as the primary borrower as both you and the co-signer are equally responsible for repaying the debt.
Should you apply with a co-signer and are denied a student loan, you can re-apply with another qualified co-signer. The good news is there are benefits to serving as a co-signer, and some lenders offer a feature where the co-signer may be released after a certain number of consecutive on-time payments are made. Ask the lender if they offer co-signer release and, if so, what the requirements are.
If applying with a co-signer is not an option, you might consider asking a financially-qualified person if they are willing to take out a private loan to cover your funding gap. Some lenders offer a private student loan option for parents, guardians, or other willing participants to take out on behalf of the student. Take time to research all options before asking around so you're able to proactively answer any basic questions they may have.
Here are a few pointers on how you can establish good credit so in the future, you'll possibly qualify for a loan on your own:
We are committed to helping you reach your potential. If you have questions about the decisions on your application, or are interested in learning about other ways to pay for college, please call 1-888-411-0266, visit us online, or visit your nearest Citizens Bank branch.
The zip code you entered is served by Citizens One, the brand name for Citizens Bank's lending business outside of our 11‑state branch footprint. Under the Citizens One brand we offer Auto Loans, Credit Cards, Mortgages, Personal Loans and Student Loans. To learn more, please visit: