Question on loans.

[User_Name]

Hi, I am thinking about going to collage for a bachlors degree in entrepreneurship. I would need to take out a student loan. I also have a plan to start a business soon but would have to take out a 150,000 dollar business loan.

After I get out of collage, I would be in debt and would have to pay off the student loan.

My question is, can you get a business loan if you are in debt of a student loan. And if so, would it be smart to go to collage in the first place if you do not think you need it.

Any help would be great. Thank you.

[bizdev]

Qualifying for a business loan is very difficult. Actually right now it's nearly impossible. The main criteria is:

• excellent credit score
• 20% of the cash needs coming from you
• experience in your chosen industry
• strong collateral

If your start up expenses require $150,000 you need to bring to the table at least $30,000 of your own cash. Plus the other requirements.

As far as going to college (not collage)...unless your business idea is a "sure thing" (and nothing is) you might want that degree under your belt.

[User_Name]

Ok, my question is:

Would a student loan (if not yet paid off) effect my ability to get a business loan?

[bizdev]

Ok, my question is:

Would a student loan (if not yet paid off) effect my ability to get a business loan?

Not necessarily. For business loans they will be looking at the business' ability to repay the loan. They are looking at cash flow, projected income, etc.

[User_Name]

Ok, thanks alot.