What credit score does Sallie Mae use?
Asked by: Mafalda Wunsch | Last update: August 19, 2025Score: 4.9/5 (33 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 does Sallie Mae need?
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.
How difficult is it to get a Sallie Mae loan?
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 do a hard or soft credit check?
Typically, prequalifying for a student loan includes a soft credit check, which does not affect your credit score. Thus, if you apply for a loan with Sallie Mae, a hard credit check will be done, which could temporarily hurt your credit score.
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 Does Sallie Mae Use? - CreditGuide360.com
Can you get student loans with a 500 credit score?
Federal direct loans are available to all college students, regardless of credit score or income, and everyone receives the same fixed rate.
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.
Does everyone get approved for Sallie Mae?
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 a good FICO score?
For credit scores that range from 300 to 850, a credit score in the mid to high 600s or above is generally considered good. A score in the high 700s or 800s is considered excellent. About a third of consumers have FICO Scores that fall between 600 and 750—and an additional 48% have a higher score.
Will Sallie Mae approve me without 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 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).
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.
Does Sallie Mae build credit?
Successful repayment of your student loans can be the foundation for a strong credit history and a bright financial future. Your credit health plays an important role throughout your life, whether you're trying to qualify for a loan or even when you're looking for certain types of jobs.
Can I get a private student loan with a 600 credit score?
However, private student loan lenders — typically banks, credit unions and online lenders — often require a credit score of at least 670. The qualifications process may vary slightly from lender to lender for private student loans.
What GPA do you need for Sallie Mae?
Some reputable loan providers known for not having GPA requirements include Sallie Mae, Discover, and Wells Fargo. These lenders typically base their loan decisions on factors such as the applicant's credit score, income, and employment history.
What is the Sallie Mae 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.
Does Sallie Mae run a credit check?
Unlike federal student loans, private student loans come from banks and credit unions—and they require a credit check. If you're a high school or college student with a limited credit history, a private student loan lender may not approve your application. Don't take it personally!
What are 5 drawbacks to private student loans?
The Cons of Private Student Loans
Most private student loans do not offer income-driven repayment plans. Private student loans do not qualify for teacher loan forgiveness or public service loan forgiveness. Private student loans have limited options for financial relief when a borrower experiences financial difficulty.
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.
Do you have to pay back Sallie Mae loans right away?
Often six months, a student loan separation or grace period is the time between when a student leaves school and principal and interest payments begin. During your separation or grace period, you'll continue making the same payments, if any, you made in school.
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).
What is the most used student loan?
Federal student loans are the most common type of student loan. There are four main types of federal student loans: subsidized, unsubsidized, parent loans, and consolidation loans. There are also private student loans, which generally have higher interest rates and stricter requirements.
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.