How does a borrower become eligible for The Educated Borrower® Loan?
• The student borrower must (1) provide proof of enrollment in The Educated Borrower® approved school (e.g. financial aid award letter, tuition bill for upcoming current academic term or enrollment confirmation on school letterhead or, in the case of re-enrolled/continuing students only, school transcript or semester/terms schedule) and (2) (a) either be a U.S. citizen or permanent resident for the previous two years, or (b) have a co-signer who is a U.S. citizen or permanent resident for the previous two years. The student borrower or co-signer will also need to show proof of income for the last two years (e.g. copy of recent pay-stub dated within 60 days or if self-employed, two most recent tax returns including all relevant schedules with a copy of W-2 and 1099 forms). The minimum income requirement is $30,000, but the important thing to note is that there are no preset limits on maximum income.
Related Questions
- Is there a website that lists all of the qualifying schools and locations at which a borrower could teach to be eligible for teacher loan forgiveness?
- Does the lender need to verify the borrower’s employment and income for the loan to be eligible for Refi Plus?
- Are loans that have lender provided borrower benefits eligible for the Loan Purchase Programs?
