Does Sallie Mae check credit?
What credit score is needed for Sallie Mae loan
The average credit score for approved Sallie Mae borrowers is around 748 for undergraduate student loans. That's pretty high – but don't panic if your credit score is much lower than that. You'll need a minimum credit score (or have a cosigner with a minimum credit score) that is somewhere in the mid-600s.
Cached
Does everyone get approved for Sallie Mae
Minimum credit score: mid-600's. Minimum income: No income minimum. Typical credit score of approved borrowers or co-signers: 749.
Cached
How long does it take for a Sallie Mae student loan to be approved
It can take as few as 15 minutes to find out whether you've met their credit requirements. If the lender needs more information, the approval can take a few business days.
Do student loans check your credit
While you do need more than a minimum credit score for private student loans, there is no credit check when you apply for federal student loans. If you are applying for federal student loans, you do not need to worry about having a minimum credit score.
Who gets approved for Sallie Mae
Eligibility & application information
Eligibility for Sallie Mae student loans depends on the loan for which you are applying. But, generally, you or your cosigner needs to be a U.S. citizen or permanent resident who is enrolled at least half-time in a relevant program at a qualifying institution.
Who does Sallie Mae pull credit from
Lenders can request FICO® Scores from all three major consumer reporting agencies—TransUnion, Equifax, and Experian.
What are Sallie Mae requirements
To apply online for a student loan with Sallie Mae, you'll need to share the following information and more: Basic personal information: Your name, address, and Social Security number. Financial information: Gross income, bank account balances, rent or mortgage payments, and total loan amount you're seeking.
What disqualifies you from student loans
You're not making satisfactory academic progress at your school. You've defaulted on an existing federal student loan. You owe a refund on any previous federal grants. You're enrolled in an academic program that makes you ineligible for funding.
What disqualifies you from getting a student loan
Your credit history, current credit score, insufficient application information, or a whole host of other issues could cause you to be rejected for a loan. If you were denied a student loan, you still have options.
Who is eligible for a Sallie Mae student loan
Eligibility & application information
Eligibility for Sallie Mae student loans depends on the loan for which you are applying. But, generally, you or your cosigner needs to be a U.S. citizen or permanent resident who is enrolled at least half-time in a relevant program at a qualifying institution.
Can you get a student loan with a 600 credit score
If you have a credit score in the mid-600s or below, a co-signer will be all but necessary. However, you can consider your options with bad-credit private student loan lenders. Just be ready to pay a much higher price.
Can you get student loans if you have bad credit
Federal and private student loan options are available to borrowers with bad credit scores. Federal student loans typically don't require any credit checks. A co-signer can help you qualify for a private student loan.
Who gets denied student loans
Unfortunately, it's common for would-be borrowers to be denied loans, and there are a number of factors that could lead to loan denial. Your credit history, current credit score, insufficient application information, or a whole host of other issues could cause you to be rejected for a loan.
What are the disadvantages of Sallie Mae
Cons ExplainedNo refinancing option available: Certain lenders offer student loan refinancing, but Sallie Mae does not.Limited repayment terms: Sallie Mae only offers repayment terms of 120 to 180 months.Charges late and returned payment fees: If you pay late, Sallie Mae will charge you a fee of up to $25.
Is Sallie Mae a guaranteed student loan
So, if you got a loan from Sallie Mae, it might have been considered a federally guaranteed loan back in the day. Under the Federal Family Education Loan Program, lenders such as Sallie Mae would make loans to students, and those loans would be guaranteed by the government.
Is Sallie Mae income based
Although Sallie Mae doesn't offer income-based repayment options, they do offer deferments and loan repayment terms that give you a lower monthly payment for a brief period.
Can a college reject a private student loan
Lenders may look at your employment history, credit score, debt-to-income ratio, and enrollment status at your school. One of the most common reasons why a student might not qualify for a private student loan is because they don't meet their lender's FICO® Credit Score criteria.
Does bad credit affect getting a student loan
There are no minimum credit score requirements. Credit score required: Federal student loans do not require a credit check for approval. Bad credit will not prevent you from obtaining a federal loan.
Will Sallie Mae approve me without a cosigner
Sallie Mae does not require a cosigner if you meet certain criteria to qualify on your own: Student loan borrowers must be 18 years old at the time of application and a U.S. citizen or permanent resident of the country. Student loan borrowers must be enrolled at least part time in a college or university.
What is the minimum for Sallie Mae
Requested loan amount must be at least $1,000. 1. Advertised APRs for undergraduate students assume a $10,000 loan to a student who attends school for 4 years and has no prior Sallie Mae-serviced loans.