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- Sallie Mae: Sallie Mae generally expects borrowers to have a credit score of 650 to 700 or higher. Other factors like income, employment history, and debt-to-income ratio also affect approval. If your credit score is below 650, adding a cosigner with a higher score can improve your chances and terms.
- Private Lenders: Most private lenders require a credit score of at least 670. With a score in the mid-600s or below, a cosigner is usually necessary.
- Application Process with Sallie Mae: The application process with Sallie Mae is efficient and can be completed online. They offer products with flexible repayment and grace period options. The minimum loan amount is $1,000, and early repayment is allowed without penalty.
- Disbursement Timeframes: On the downside, funds can take up to 10 days to disburse, which may not work if money is needed quickly. Some schools only certify loans within 30 days of enrollment, which could pose an issue.
- Qualifying for Student Loans: A credit score of 600 may qualify you for student loans, but you may not receive the best terms or rates. Lenders view 600 scores as higher risk. If your score is in the mid-600s or below, a cosigner is necessary. You can also explore bad-credit private student loans, but be prepared to pay higher fees.
