What credit score do you need for Sallie Mae?
Asked by: Rossie Schowalter | Last update: July 23, 2025Score: 4.5/5 (72 votes)
Credit requirements: Sallie Mae doesn't disclose a minimum credit score for approval but reports an average approval FICO score of 754 in 2023. Income requirements: Proof of income is required, though Sallie Mae doesn't specify a minimum income threshold.
What credit score is needed for a Sallie Mae loan?
The average credit score for approved Sallie Mae borrowers is around 748 for undergraduate student loans. That's pretty high – but don't panic if your credit score is much lower than that. You'll need a minimum credit score (or have a cosigner with a minimum credit score) that is somewhere in the mid-600s.
Can you get a student loan with a 600 credit score?
Unlike many other forms of borrowing, you can get a federal student loan with bad credit. Except for the Direct PLUS loans, which are designed for graduate students and parents, there is no minimum credit score to get a student loan.
Is Sallie Mae hard to get approved for?
The typical credit score for approved Sallie Mae borrowers seeking undergraduate student loans is approximately 748. This is quite high, but there's no need to worry if your credit score is significantly lower. You'll need a minimum credit score, or a cosigner with a minimum score, in the mid-600s range.
Does Sallie Mae approve loans with bad credit?
If you don't have a credit history or have limited credit, you may still be able to qualify for a Sallie Mae loan by applying with a creditworthy co-signer.
What Credit Score Do You Need For Sallie Mae? - CreditGuide360.com
Why won't Sallie Mae approve my loan?
Lenders may look at your employment history, credit score, debt-to-income ratio, and enrollment status at your school. One of the most common reasons why a student might not qualify for a private student loan is because they don't meet their lender's FICO® Credit Score criteria.
What is the most you can borrow from Sallie Mae?
For applications submitted directly to Sallie Mae, loan amount cannot exceed the cost of attendance less financial aid received, as certified by the school. Applications submitted to Sallie Mae through a partner website will be subject to a lower maximum loan request amount.
What are Sallie Mae loan requirements?
Sallie Mae loans are subject to credit approval, identity verification, signed loan documents, and school certification. This loan is available to students at participating schools and is not intended for students pursuing a graduate degree. Student or cosigner must meet the age of majority in their state of residence.
What are the disadvantages of Sallie Mae?
The biggest disadvantages of Sallie Mae are that the lender doesn't offer refinancing and that its loan terms are limited to 10 to 15 years.
What is the best private student loan lender?
- Best for flexible repayment terms: College Ave.
- Best for low rates: Sallie Mae.
- Best for applying without a co-signer: Ascent.
- Best for fair credit: Earnest.
- Best for refinancing: SoFi.
What is the easiest school loan to get?
Federal Subsidized and Unsubsidized student loans are a great starting point for most students because they don't require a credit check and offer the same fixed, low rates for all borrowers.
Does Sallie Mae require a cosigner?
Sallie Mae does not require a cosigner if you meet certain criteria to qualify on your own: Student loan borrowers must be 18 years old at the time of application and a U.S. citizen or permanent resident of the country. Student loan borrowers must be enrolled at least part time in a college or university.
Is $50,000 in student loans bad?
Having $50,000 in student loan debt can be a tremendous financial burden. Depending on your interest rate and the types of loans you have, the payments can amount to a very large portion of your monthly budget.
How fast does Sallie Mae approve loans?
When you (and your cosigner, if you have one) pass the credit review, you'll be notified that you're approved. It can take as few as 15 minutes to find out whether you've met their credit requirements. If the lender needs more information, the approval can take a few business days.
Is a Sallie Mae loan worth it?
Bankrate's take: Sallie Mae is a great option for those interested in borrowing from a well-established lender with low rates, few fees and a variety of loan options. It is also one of the few lenders that allows borrowers to be part-time students.
What credit bureau does Sallie Mae look at?
When you apply for credit, the company from whom you're requesting it will check your credit report from one or more of the major consumer reporting agencies: TransUnion®, Equifax®, or Experian®.
Is the Sallie Mae $2000 scholarship legit?
Each Entry Period there will be one (1) Grand Prize awarded, which will consist of $2,000.00, which will be in the form of a check made payable directly to the accredited post-secondary institution of higher education located within the United States attended by the parents child or student (ARV: $2,000.00 each).
What is the Sallie Mae student loan scandal?
After a referral from the CFPB, in 2014, the Department of Justice and the Federal Deposit Insurance Corporation ordered Navient and its predecessor, Sallie Mae, to pay almost $100 million for illegally overcharging nearly 78,000 servicemembers.
What are 3 drawbacks to getting a student loan?
- Taking out a student loan means you are starting your adult life with debt.
- Student loan debt can get in the way of other financial and lifestyle goals.
- The penalties for defaulting on some loan payments include added fees, added interest and wage garnishment.
Does Sallie Mae verify income?
Credit decisions may require income verification documents. Both the customer and cosigner may need to log in to e-sign their application (time varies).
How much personal loan can I get on my salary?
Personal loan limits vary. The majority of lenders offer personal loans of up to $50,000, and some personal loan companies have lower limits of around $30,000. The exact amount depends primarily on your credit and financial situation, though a few lenders offer no-income personal loans.
Are parent plus loans forgiven after 10 years?
Parent PLUS loans can potentially be forgiven after 10 years under specific conditions, such as through the Public Service Loan Forgiveness (PSLF) program after consolidation into a direct consolidation loan. Parent borrowers must enroll in the Income-Contingent Repayment (ICR) plan to qualify for PSLF.
What is the student loan limit for 2024?
Independent undergraduates and dependent students whose parents are unable to obtain PLUS Loans: $57,500 (including up to $23,000 subsidized). Graduate and professional students: $138,500 (or $224,000 for certain medical training) including undergraduate borrowing (including up to $65,500 subsidized).
Can I pay off a Sallie Mae loan early?
Enroll in auto debit and you may save money on your loan
If your loan becomes past due while enrolled in this option, we'll withdraw both the Current Amount Due and the Past Due Amount if that amount is greater than your Designated Amount. There's no penalty for paying early or paying extra.
Do you need good credit for a private loan?
Most private lenders require borrowers to have a credit score in the mid-600s or higher. If you don't have credit or your credit history is thin, you have two options for private loans: A private loan from one of the few lenders that don't have credit or co-signer requirements.