Can You Get A Personal Loan Even If You Have Student Debt?

When you need to take a loan for whatever reason, personal loans can undoubtedly help. This type of loan is repaid in monthly installments over a set period of time, typically ranging from 1 to 7 years.

Moreover, the loan amount you can take out will rely on your credit history. However, offers usually fall between 1,000 dollars and 50,000 dollars. Even so, if you bear a high amount of educational debt, you might be thinking about your chances of getting approved for a personal loan.

Keep in mind that lenders examine or evaluate borrowers in many different ways. It always helps to know the steps you need to obtain the funding you need and where you stand. Do you want to know more? Read on!

Things Lenders Assess In Personal Loan Applications

A personal loan is typically unsecured. It means that you do not have to offer or show

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Fifth Third Bank Helps Customers Pay Down $5 Million in Student Loan Debt

The MarketWatch News Department was not involved in the creation of this content.

Fifth Third MomentumTM recently hit a milestone: It now has helped customers pay down $5 million in student loan debt. The Fifth Third Momentum app, which launched three years ago, allows customers to round up their debit card purchases to apply to a student loan.

This press release features multimedia. View the full release here:

“We’re proud to play a role in helping families find solutions for student loans,” said Melissa Stevens, chief digital officer for Fifth Third Bank. “Even in times of hardship due to the pandemic, we want to help our customers continue to work toward a goal we know causes a lot of stress, especially for our Millennial customers.”

Fifth Third Momentum allows users either to round up debit card purchases to the next dollar or to add $1 to every purchase.

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Bank of America, JPMorgan Win $900 Million of MTA Debt

(Bloomberg) — Bank of America Corp. and JPMorgan Chase & Co. were the winning bidders on $900 million of New York Metropolitan Transportation Authority debt to finance subway, bus and commuter-rail capital projects as the transit agency seeks federal aid to avoid major service cutbacks.

a group of people sitting in a chair: Commuters ride a subway from the Marcy Avenue subway station during morning rush hour in the Brooklyn borough of New York on June 22.

© Bloomberg
Commuters ride a subway from the Marcy Avenue subway station during morning rush hour in the Brooklyn borough of New York on June 22.

The sale shows the MTA, the largest mass-transit system in the U.S., can raise capital in the tax-exempt bond market even as revenue is down 40% and pre-coronavirus ridership may not return until almost 2023. MTA divided the debt sale into three groups, based on maturities, with each batch receiving eight bids, according to Aaron Donovan, a spokesperson for the agency. The all-in true interest cost for the sale was 4.49%, according to Donovan.


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Even as the

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How to get approved for a personal loan when you have student debt

Take these steps to secure the financing you need. (iStock)

If you need to consolidate debt or pay for an unexpected emergency, you may consider a personal loan. However, if you have a high amount of student debt, you may be wondering about your chances of being approved. Lenders assess borrowers in a variety of ways. It helps to know where you stand, and the steps you can take to get the funding you need.

Factors lenders look at in personal loan applications

Personal loans are usually unsecured, which means you don’t have to put up any collateral. As a result, lenders scrutinize applicants to minimize their risk. Banks will look at three key elements as they determine your ability to repay the debt.

  • Debt-to-income ratio
  • Credit history
  • Career or education experience

1. Debt-to-income ratio

A lender will look at how much debt you already have compared to

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