How do I qualify for a Sallie Mae student loan?
To qualify for a student loan from Sallie Mae, you must meet the following requirements:
- Borrowers must be the age of majority (18 in most states).
- Borrowers must be U.S. citizens or permanent residents. …
- You or your cosigner must have sufficient income.
- You or your cosigner must pass a credit check.
Does everyone get approved for student loans?
Almost everyone qualifies for student loans, though students with the greatest financial need can generally borrow under the best terms. The first step in applying for a student loan is figuring out whether you will be considered an independent student or one who is dependent on your parents.
Is it hard to get approved for student loans?
Mid-600s or lower: Most private lenders won’t approve you for a student loan without a cosigner. You’ll need to rely on student loans options for bad credit, such as federal student loans or applying with a cosigner. … If you are approved, expect to pay expensive private student loan rates.
What do I do if I can’t get a student loan?
Here are some tips for what you can do to make sure your dreams don’t get squashed by your credit score.
- Take advantage of federal student loans first. …
- Research loans with local/regional banks and credit unions. …
- Find lenders that do alternative credit checks. …
- Get around bad credit with a cosigner. …
- Appeal the decision.
What can I do if my student loan is denied?
If you’re denied for student loans, try for federal loans, apply with a cosigner, or look for a bad credit loan.
How to Get Approved for a Student Loan
- Start with Federal Aid. …
- Apply with a Cosigner. …
- Consider Student Loans for Bad Credit. …
- Work on Improving Your Credit Score.
Can you be denied student loans because of bad credit?
Having bad credit won’t disqualify you from getting a student loan. You can borrow federal student loans, which don’t factor in credit history. But, if federal student loans and other aid isn’t enough to pay for college, you may need a private student loan.
Is Sallie Mae a hard inquiry?
Some lenders will do a soft credit pull, which doesn’t hurt your score, to determine if you can qualify for a loan or need a cosigner and to show you estimated interest rates if you qualify. Sallie Mae will only show you rates after a hard credit inquiry, which could hurt your score slightly.
How long does it take for a student loan to be approved?
Most applicants hear back quickly. However, in some cases it can take up to eight weeks. You’ll receive one of the following in your Student Aid account inbox: An award letter indicating how much loan and/or grant money you’ll receive, or.
Will Sallie Mae approve me without a cosigner?
Sallie Mae will allow students to get a loan without a cosigner under special circumstances. They also have a program by which cosigners can be released after 12 consecutive payments.