What is the minimum credit score for Sallie Mae? (2024)

What is the minimum credit score for Sallie Mae?

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.

Private student loans, including refinance loans, usually require a credit score of at least 670. However, knowing the precise requirements is tricky because private lenders consider their credit score guidelines a trade secret. The only way to find out if you qualify is to apply.

Credible discloses a soft minimum credit score of 670, meaning that a co-signer may help a borrower with a lower credit score to qualify for student loan refinancing.

Applications are subject to a requested minimum loan amount of $1,000. Current credit and other eligibility criteria apply.

If you have little or no credit history, consider a cosigner. Last year, students were 3x more likely to be approved for a student loan with one! Last year, 87% of Sallie Mae undergraduate loans were cosigned ⁴ and it may help you get a better interest rate on your student loan.

Mid-600s to 690: You'll likely find few lenders willing to work with you, and your chances of qualifying on your own will be iffy. If you are approved, expect to pay expensive private student loan rates. 690 to 720: It'll be faster and easier to find lenders willing to work with you.

Private student loans are credit-based, which means we check students' credit when they apply. With a cosigner, students are 3x more likely to be approved. A cosigner is an adult with good credit, usually a parent, who shares responsibility with you for paying back the undergraduate student loan.

Some private lenders, like Ascent and Funding U, also make an effort to provide student loans to borrowers with bad credit.

Bad credit loans are available for consumers with low credit scores (generally from 550 to 629). If that's you, you may qualify for a personal loan from a lender that tailors its loans to bad-credit borrowers. These lenders often provide a simple application process and fast funding.

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.

Can you get a student loan with a 550 credit score?

If you have poor or fair credit—typically a credit score below 670 using the FICO scoring model—prioritize taking out federal student loans, which don't require a credit check. They also offer the most flexible repayment terms, including forgiveness if you work in public service or choose certain repayment plans.

All Sallie Mae loans taken out since 2014 are private. The best way to determine if you have federal or private student loans is to check studentaid.gov. If you need to borrow money for college, exhaust federal student loans before taking out a private student loan.

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.

Since its inception, Sallie Mae has awarded over $20 million in scholarships to thousands of students. The scholarship program is available to high school seniors, undergraduate and graduate students who are enrolled at an accredited college or university. It is also open to those pursuing vocational or trade schools.

No, Sallie Mae does not offer student loan forgiveness. If a student borrower becomes totally and permanently disabled or dies, however, the bank will waive their current balance. Sallie Mae recommends calling 800-472-5543 to discuss the situation.

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.

You're not making satisfactory academic progress at your school. You've defaulted on an existing federal student loan. You owe a refund on any previous federal grants. You're enrolled in an academic program that makes you ineligible for funding.

With FICO, fair or good credit scores fall within the ranges of 580 to 739, and with VantageScore, fair or good ranges between 601 to 780. Many personal loan lenders offer amounts starting around $3,000 to $5,000, but with Upgrade, you can apply for as little as $1,000 (and as much as $50,000).

You can borrow anywhere from a few thousand dollars to $100,000+ with a 580 credit score. The exact amount of money you will get depends on other factors besides your credit score, such as your income, your employment status, the type of loan you get, and even the lender.

What size loan can I get with a 600 credit score?

The amount you can borrow will vary by lender, but you can typically take out a loan between $1,000 and $50,000 with a 600 credit score. Keep in mind that the more you borrow, the more you'll pay in interest. Make sure to only borrow what you need — and can afford to repay.

Sallie Mae releases the cosigner if they die and waives the current balance if the student borrower dies. Wells Fargo typically releases the cosigner if they die, and it won't put the loan in default.

If your cosigner was surprised at the rejection, it might be due to unexpected errors on their credit report. See if your cosigner will check their credit and, if they find errors, dispute them in order to give their credit score a boost. Improve your own credit. Don't forget you can work on your own credit.

Private lenders like Navient, Sallie Mae, and SoFi don't have those same powers. Before they can touch your paycheck or bank account, they have to sue you and get a court order that gives them the authority to garnish your wages.

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.