What are Sallie Mae requirements?
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.
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What is the minimum requirements for Sallie Mae
Minimum credit score: mid-600's. Minimum income: No income minimum. Typical credit score of approved borrowers or co-signers: 749.
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Is it hard to get approved for Sallie Mae
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.
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Is Sallie Mae a good place to get a student loan
Sallie Mae is a great option for those interested in borrowing from a well-established lender with low rates, few fees and a variety of loan options. Borrowers with more unique educational needs, like funds for an online certification course, may have more luck finding a loan with Sallie Mae than with similar lenders.
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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.
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.
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.
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 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.
Does Sallie Mae accept everyone
Sallie Mae does not specify a minimum credit score requirement for its student loans. However, a strong credit score can improve your chances of approval for a loan or a better rate. If your credit score may not be good enough, you can get a co-signer with good credit to include on the 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.
How long do Sallie Mae loans take to get 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.
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.
Is it hard to get a private student loan
Each lender sets its own criteria for eligibility, including credit scores and income. This makes private student loans harder to qualify for than federal loans; you'll generally need good or excellent credit to get a private student loan, whereas most federal student loans don't even require a credit check.
How long does Sallie Mae take to approve a loan
Time estimate: Varies
| Application Time | Approval Time | |
|---|---|---|
| College Ave | 3 minutes | Instant decision |
| Sallie Mae | 15 minutes or less | Within 15 minutes |
| Earnest | 15 minutes or less | Up to 72 hours |
| Discover | 15 minutes or less | Up to 5 business days |
Mar 3, 2023
Can a college reject a private student loan
However, these loans are very different from traditional federal student loans. You must apply for these loans through a separate lender instead of just filling out the FAFSA. And it's entirely possible for your private student loan application to get denied.
Do student loans check your bank account
Lenders can garnish your bank account to recover student loan debt, and they can do it in different ways depending on whether your student loans are federal or private.
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.
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.
Can you be denied private student loans
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.