A quick look at Sallie Mae’s website tells you that their loan program is pretty easy to qualify for. The only qualifying criterion is that you have not been declared ineligible for federal student aid as of right now. There are several other criteria, however, that you should be aware of if you hope to secure financing from this particular loan source. Here they are:
Must be a full-time student. This means you must attend a college or university regularly and have a minimum GPA. If you don’t meet the GPA requirement, however, you need to provide proof of your enrollment. Good grades are your first qualification. As long as you are still enrolled in an educational program, you can apply for this federal loan. You will be required to provide a credit report, though.
Are you at least a half-time student? If you are enrolled in a regular school, the Sallie Mae program will consider your full-time status. However, if you are working while attending school, you can count part-time employment as a partial qualify. For example, if you work at a car dealership for three hours each day but do not go to school, you can count that time towards your full eligibility. Just make sure you can get in to the class.
Do you own a home? Your interest in getting a Sallie Mae loan depends upon your ability to pay it back. If you currently own a home, you have the advantage over those who do not. For one thing, your house is seen as a primary investment.
Do you plan to attend law school once you graduate? The Sallie Mae Education Loan Program offers discounted rates to law students, allowing them to get their education at a lower cost. If you are applying for a Sallie Mae private loan, be sure you know what types of educational loans are accepted. You may not want to take out a federal loan if your school has a different lending policy. In some cases, you can receive a lower interest rate by going elsewhere.
Are you a parent with children or already have children studying at home? If you are, you may have specific needs that will qualify you for Sallie Mae student loans. For instance, if you are seeking federal assistance for your child’s education, you may be able to qualify for a direct federal loan, not a co-signer student loan. This type of loan is easier to qualify for, and has a lower interest rate.
How many student loans do you have? If you are still in school, you can qualify for more than one student loan. You will need to submit proof of your current status to the Sallie Mae Financial Aid Office, like your grade from your school, your Sallie Mae ID, and proof of income. If you are not currently enrolled in school and want to get a Sallie Mae student loan, you can use your parent’s income and apply for a direct federal loan.
How do I qualify for a Sallie Mae student loan? These programs are available to qualified applicants. To find out if you do qualify, you can contact a financial aid office or talk to a lender, like Chase, Wells Fargo or Citibank. They can give you information on the different types of student loans, as well as tell you how to go about qualifying and getting the loan you need.
How do I get approved for one of these Sallie Mae loans? Like any loan, you will have to qualify. The first step is finding out what kind of loan you qualify for. There are all kinds of loans, including federal loans, federal grants, private loans, bank loans, and more.
How do I compare all of these loans to make sure that I get the best deal? When it comes to getting money, nothing beats comparing loans. You can do this online by visiting dozens of sites and looking at interest rates side-by-side. This can be a great way to save hundreds of dollars on interest.
How do I qualify for a Sallie Mae loan? Each year, thousands of students are given access to these wonderful programs. Since the Sallie Mae program began in 1965, nearly ten million dollars have been provided to students who otherwise may not have qualified for traditional college loans. In addition, there are a number of other government loans and grants out there to consider. There are also scholarships and loans out there from private sources, including colleges and universities, that you may also qualify for.
