Learn About Sallie Mae Student Loans

Sallie Mae student loans have provided a way to finance college educations for over 40 years.  Thousands of students have been able to complete their degrees and pursue the career of their dreams as a result. To be eligible for a Sallie Mae loan, you need to meet a small set of criteria.

Sallie Mae loan eligibility is determined by credit score, primarily.  You also need to be an undergraduate student attending a participating school, or at least having attended a participating school in the previous enrollment period – whether it was a semester, trimester, or quarter.

Find Out About Additional Requirements for Sallie Mae

In addition, you need to be either a permanent US resident or a US citizen.  If you are not, but you are attending a participating school in the US and you have a co-signer who is either a citizen or permanent US resident, you can apply as a non-US borrower, so long as you have your US Citizenship and Immigration Service documents.

Do you live outside of the United States?  That’s acceptable as well, so long as you are a US citizen or permanent resident.  This applies to both study-abroad programs and regular enrollment in a foreign university or college.

Federal student loans can be taken out by students without a credit check, but Sallie Mae loan eligibility does include a credit check, particularly on private student loans.  While a lower credit score does not automatically preclude you from getting a loan, it can translate to a higher interest rate.  Typically, a minimum credit score of 680 is required.

Worried about your credit score?  A co-signer can help you with ensuring you will meet the minimum credit score eligibility requirement.  Sallie Mae will review the following factors:

·         Total current debt load.

·         Ability to repay the loan.

·         Credit Score.

·         Tangible assets.

More Information

For more information on the criteria for eligibility go to: www.salliemae.com