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