Is it hard to get a Sallie Mae student loan?

What is the minimum credit score for a Sallie Mae student loan?

Financial. Minimum credit score: mid-600’s. Minimum income: No income minimum. Typical credit score of approved borrowers or co-signers: 749.

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:

  1. Borrowers must be the age of majority (18 in most states).
  2. Borrowers must be U.S. citizens or permanent residents. …
  3. You or your cosigner must have sufficient income.
  4. You or your cosigner must pass a credit check.

What credit score does a cosigner need for Sallie Mae?

Typically private lenders look for borrowers or co-signers with a steady income and a credit score of at least 670 on a 300-850 scale used by FICO, the most widely known credit score.

Does Sallie Mae have a GPA requirement?

Am I Eligible for a Sallie Mae Student Loan? … 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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Can I get a student loan with a 600 credit score?

While you can qualify for a mortgage or credit card with a 600 credit score, you likely won’t be eligible to refinance your student loans.

Does Sallie Mae require 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.

Why is Sallie Mae bad?

The Problem With Sallie Mae or Navient Loans

They are private loans. Sallie Mae and Navient offer few to no options for repayment and do not offer any kind of income-based repayment plans. … No student loan is protected by bankruptcy—not private loans, not federal loans, none of them.

Why is my Sallie Mae interest so high?

A variable interest rate may go up or down due to an increase or decrease to the loan’s index. Variable interest rates usually start out lower than fixed rates, but can change, so your monthly student loan payments may vary over time. … This means you’ll have predictable monthly student loan payments.

What credit union does Sallie Mae?

SALLIE MAE Student Loans | Credit Union 1.

Does applying for Sallie Mae hurt credit?

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.

Do both parents have to cosign for student loans?

Do parents have to cosign on student loans? If you’re borrowing federal student loans from the Department of Education, the answer is usually no. But if you need a private student loan, you’ll need a cosigner if you can’t meet requirements for income and credit on your own.

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How long does it take to get approved for a Sallie Mae loan?

Getting credit-approved

Once you’ve submitted your application, it can take as little as 15 minutes to find out if you’re credit-approved. If the lender needs more information, the approval can take a few business days.