How to Apply?
Sallie Mae doesn't offer pre-qualification, so you will need to fill out a full application to assess loan terms and the loan amounts you can receive. This requires hard credit checks.
Before applying for a private student loan, Sallie Mae needs you to submit the Free Application for Federal Student Aid. The government and the majority of schools use FAFSA to determine what financial aid you can receive, including federal loans and grants.
Main Requirements
To qualify for a private student loan from Sallie Mae, you need to meet a few requirements:
Be at least 18 of age. This is the majority age for most states.
Be a US citizen or a permanent resident. If you are a foreign student, you need a co-signer to meet this requirement.
To have a sufficient income.
Pass a hard credit check.
Loan Application
Sallie Mae student loans can be requested with an online application. You will need to provide the following information:
Social Security Number,
Permanent address,
School information,
Requested loan amount,
Financial aid you expect to receive,
Employer name and Income,
Authorized Bank Account numbers,
Monthly mortgage or rental payments,
Name and contact information for two personal contacts.
Once you fill in the online application and submit it, the result will be available to you in 15 minutes. Sallie Mae reviews your credit report. There are instances the company requests additional information in the application process to make a decision.
Once your application for a private student loan is approved, you can choose the interest rate and the repayment terms. After that, you and the co-signer accept the loan terms and electronically sign the agreement.
Sallie Mae will send a certification request to the school you are enrolled in. The time your school will certify the request will determine the loan disbursement. The certification process can take 30 days or more, so you will need to apply months before the school starts.
The funds are disbursed directly to the school. If there is extra money left, the amount will be issued to you.
