 TITLE: How Do I Qualify for a Private Student Loan? CONTENT: How Can Private Student Loans Affect Your Credit?\n-------------------------------------------------\nPrivate student loans impact your credit in several ways. Applying for a loan can cause a hard inquiry to appear on your credit report, which may have a negative but temporary impact on your credit scores. One way to reduce that negative impact is to get prequalified before you apply. When you prequalify, the lender gives an estimate of the loan terms you're likely to qualify for, including the amount you may be able to borrow.\nOnce you take out a student loan, your new debt will further impact your credit reports and scores. If you miss a payment, your scores will drop, and late student loan payments will stay on your reports for seven years. On the other hand, paying your student loan on time every month can help you build a strong credit profile.\nThe amount owed on your loan is another factor that affects your scores. Unpaid debt can reduce your scores, even if payments aren't due yet. Paying down the balance over time will help you improve your scores and build up a good credit history. END