Is it hard to get Sallie Mae loan?
Does Sallie Mae give loans to everyone
Loan Eligibility and Approval
Sallie Mae offers loans for U.S. students in all 50 states and international students. However, parent, spousal, and DACA recipient loans aren't available through this lender.
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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.
What GPA do you need for Sallie Mae
2.0 or higher
All students applying to a Federal loan program must have a minimum GPA (usually 2.0 or higher), they must be a U.S. Citizen or legal resident, they must fall within the required income bracket and they must be able to prove that they have not defaulted on any prior loans.
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What is the minimum amount for Sallie Mae student loan
$1,000
Applications are subject to a requested minimum loan amount of $1,000. Current credit and other eligibility criteria apply.
Is it easy to 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.
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.
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.
How much does Sallie Mae give
Private student loan limits
| Lender | Private student loan minimums and limits |
|---|---|
| Sallie Mae | Minimum loan amount: $1,000 Maximum loan amount: School-certified cost of attendance |
| SoFi | Minimum loan amount: $5,000 Maximum loan amount: School-certified cost of attendance |
What credit score does Sallie Mae use
Lenders use your FICO® Score to estimate your credit risk—how likely you are to pay your credit obligations as agreed. It also helps you get credit based on your actual borrowing and repayment history. If you have a Sallie Mae private student loan, you may have access to your quarterly FICO® Score for free 1.
Who qualifies for Sallie Mae
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.
Does Sallie Mae run your credit
You won't be able to decide your repayment term length — the company assigns you a repayment term. Sallie Mae will also have to generate a hard credit inquiry to give you an approval decision, which could negatively impact your credit score.
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.
Does applying for Sallie Mae hurt credit
Sallie Mae will also have to generate a hard credit inquiry to give you an approval decision, which could negatively impact your credit score. Most lenders only do a soft inquiry during this process, then a hard pull before you receive your funds.
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.
Do I qualify for Sallie Mae
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.
Does Sallie Mae do a hard or soft credit check
You won't be able to decide your repayment term length — the company assigns you a repayment term. Sallie Mae will also have to generate a hard credit inquiry to give you an approval decision, which could negatively impact your credit score.
Does Sallie Mae require credit check
Sallie Mae will also have to generate a hard credit inquiry to give you an approval decision, which could negatively impact your credit score. Most lenders only do a soft inquiry during this process, then a hard pull before you receive your funds.
What credit score is needed for a student loan
So, you can understand why most lenders require a minimum credit score between 600 and 700 to be approved for a private student loan. If you don't have a credit score over 600, you'll likely need to add a creditworthy cosigner to your loan.
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.
What score does Sallie Mae use
FICO® Score
Lenders use your FICO® Score to estimate your credit risk—how likely you are to pay your credit obligations as agreed. It also helps you get credit based on your actual borrowing and repayment history. If you have a Sallie Mae private student loan, you may have access to your quarterly FICO® Score for free 1.