Are you searching for the details on Sallie Mae bad credit loans? You are at the right place. Read on!
About Sallie Mae
They believe that education in all its forms can help people achieve greatness. It is a powerful equalizer and a proven pathway to a financially secure future. Education can make a huge difference in your life. This belief is the driving force behind everything they do.
Sallie Mae Bad Credit Loans: Can I get a Sallie Mae Loan with Bad Credit?
Federal student loans do not require credit checks. This makes them the ideal option for students with bad credit or no credit history. Federal student loans come with attractive interest rates, and you can choose from many repayment options.
How do I get a student loan without credit?
These are some of the ways that you may be able to get a loan with no credit.
Before you apply for private student loans, get federal student loans.
The U.S. government often gives federal student loans. They don’t require credit checks, but federal loans for parents do. You must complete the FAFSA (Free Application For Federal Student Aid) to apply for federal student loans. FAFSA is your ticket for grants, work-study funding, and loans.
The U.S. Department of Education estimates that more than $150 billion annually in federal student aid is available to students to help them pay for college or career school.
Some federal student aid is given out on a first-come-first-served basis. You should submit your FAFSA early each year, usually in October.
FAFSA.gov is your best source for FAFSA information, and you should fill it out every year.
You can apply for a private student loan from a cosigner who is creditworthy.
Private student loans are available from banks and credit unions, but they don’t require credit checks like federal student loans.
Private student loan lenders may not approve applications from high school and college students with poor credit histories. It’s not your fault! It’s impossible to prove that you can repay your loan on time if you view it from someone else’s perspective, especially if you don’t have a regular income or other assets.
You might consider applying with a creditworthy, responsible cosigner. This is someone who has strong credit and can share the responsibility for your student loan. Although cosigners are often parents, they don’t necessarily have to be. You don’t have to be related to your cosigner.
You and your cosigner must understand the meaning of a loan agreement. Cosigners are not just signing their name on a piece of paper. They also sign a legal agreement making them responsible for repaying the loan.
Your cosigner and you must agree on who will make the monthly loan payments. Your cosigner’s credit score may be affected if you default on your monthly expenses.
Cosigning as a cosigner can be a significant commitment but doesn’t have to be a lifetime commitment. Private student loan lenders will allow you to release your cosigner if you prove that you can repay the loan on time and responsibly.
Sallie Mae Loans: Frequently Asked Questions
What credit score is required to get a Sallie Mae loan?
Financial. Credit score minimum: Mid-600s. Minimum income: No income minimum. Average credit score for co-signers or borrowers: 749
Is everyone approved for Sallie Mae?
You must meet these requirements to be eligible for a Sallie Mae student loan: Borrowers must have the age of majority (18 in most cases). Borrowers must either be U.S. citizens or permanent residents. DACA students and foreign residents may apply if they have a U.S. citizen as a cosigner.
Does Sallie Mae run a hard credit check?
Sallie Mae will conduct a hard credit inquiry to determine eligibility. This could negatively impact your credit score. Sallie Mae offers a similar APR range as Discover, but you can get a lower maximum fixed Rate with Discover.
Will Sallie Mae approve me without a cosigner?
Private student loans are also available from Sallie Mae, one of the most well-known private loan lenders. To be approved, you will need to have good credit.