Credit Check Part of Application Process
To meet the good credit eligibility requirement on your own or with a Surety,
part of your application process includes a credit check. As you complete
your online application, your authorization for a credit check will trigger a
credit report request. This credit report enables you to be eligible for a loan
on your own or determines if a Surety is required. A satisfactory credit history
is expected, but does not by itself guarantee that a loan application will be approved.
The credit result obtained during online application will be used for final
approval of your loan provided both a fully completed promissory note and
school certification are received within 60 days. If either the promissory
note or school certification are received outside this time frame, CFI will
request a new credit report.
If a Surety is Required
A surety must: (1) be a U.S. citizen; (2) be 18 or older; (3) have a valid social security number;
(4) be creditworthy; and (5) be willing to assume equal financial responsibility for your loan.
Once you obtain the consent of someone to serve as your Surety, (s)he must complete
the Surety portion of your EXTRA Education Loan application and be approved, and
then both of you must sign the Application/Promissory Note.
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