Review loan denial reasons
Get a qualified co-signer
Re-apply
1. Understand why you weren't approved.
Ask for the specific reasons your loan request was denied. Perhaps you don't meet the eligibility requirements. Or maybe you just haven't built enough credit history yet. Whatever the reason, you can use this information to help plan your next steps.
2. Add a co-signer.
If you applied on your own, try adding a creditworthy co-signer who has an excellent credit history. This greatly improves your chances of not only being approved, but also getting a lower interest rate. Learn how a co-signer can help. Please note, if you add a co-signer within 60 days of applying, you won't have to fill out the entire application again, and we won't submit another credit check on you, so your credit score will not be affected.
3. Re-apply with another company.
You may be able to get approved by another private student loan company. Just be aware that applying for several loans in a short period of time may cause your credit score to drop. So keep applications to a minimum.
4. Tighten your budget.
If you can't get a private student loan this semester, rein in your budget until you're ready to re-apply. Create a budget and look carefully at your current budget.
Astrive Student Loans are private student loans marketed by Union Federal Savings Bank, Member FDIC and Equal Opportunity Lender, and funded by SunTrust Bank. SunTrust does not fund federal loans through the Astrive Student Loan Program. Certain restrictions and limitations may apply. SunTrust Bank reserves the right to change or discontinue these programs without notice. All loan programs may not be available in certain jurisdictions. Astrive is a federally registered trademark of The First Marblehead Corporation, used by Union Federal Savings Bank and SunTrust under a license. SunTrust is a federally registered service mark of SunTrust Banks, Inc.
Union Federal Savings Bank and The First Marblehead Corporation are not affiliates or subsidiaries of SunTrust Bank.
