Sallie Mae

[anyhelpishelpful]

Hello all, need some feedback. I did a search on the sig loans for SM and came across this link SM Sig Loan

 

Here ya go.....

 

Criteria for SM private loan

Score must be 640 or above for stand alone private loans

Score between 620 and 640 go to underwriting for an over ride if credit looks ok.

If score is below 640 or if you have a thin credit file you can apply with co-borrower

 

Denial reasons

Bk not dismissed, discharged or paid. If it is must supply documents stating so.

No unpaid judgments or tax liens greater than $500

No unpaid charge offs

No defaulted student loans/If paid must supply docs

No student loans with lates greater than 90 days

FYI lawloans are the most defaulted student loans

 

My question is, any updates since then? Planning to apply next week. Does anyone know what's the min or limit to applying for a loan. Right now I owe the actual school 5,000 and can't get my transcripts or diploma before I have a 0 balance :-(

 

Please advise.

Edited March 22, 2006 by anyhelpishelpful

[TxQuiltGirl]

How long have you owed this money to the school? If it's past due, I would be surprised if SM will give you a loan.

[anyhelpishelpful]

How long have you owed this money to the school? If it's past due, I would be surprised if SM will give you a loan.

 

Since April 2005 which was the last class I took but been making 50 dollars monthly payments all i can do for now.

[TxQuiltGirl]

How long have you owed this money to the school? If it's past due, I would be surprised if SM will give you a loan.

 

Since April 2005 which was the last class I took but been making 50 dollars monthly payments all i can do for now.

 

 

Does the $50 payments meet the minimum required payment? If so, and you're not in default, I would think that you should at least apply for the SM loan, if that's what you need to do to get your transcripts. The worst thing that can happen is you are denied, right?

[anyhelpishelpful]

true. Yes I haven't defaulted yet. I tried to stay on top of the payments. Thank you so much for your advice

 

How long have you owed this money to the school? If it's past due, I would be surprised if SM will give you a loan.

 

Since April 2005 which was the last class I took but been making 50 dollars monthly payments all i can do for now.

 

 

Does the $50 payments meet the minimum required payment? If so, and you're not in default, I would think that you should at least apply for the SM loan, if that's what you need to do to get your transcripts. The worst thing that can happen is you are denied, right?

[TxQuiltGirl]

Let us know what happens, ok?

 

*note to self: Talk with MarvBear about including private SLs in the creditpulls database ...

 

[anyhelpishelpful]

Let us know what happens, ok?

 

*note to self: Talk with MarvBear about including private SLs in the creditpulls database ...

 

 

yes definetely will keep you updated so we can help others

[Slice Stevens]

I'm not sure if the same applies to a sig loan, but on my private loan I was approved for $30,000; however I only received $8500. SallieMae came up with a calculation of need/cost of attending school and disbursed the lower amount. I also owed the school around 3K. I was able to apply part of the loan to the outstanding balance due and the rest to the next semester of courses.

 

Call your school's financial aid office and ask them for a better answer.

[anyhelpishelpful]

I will definetely do that. thank you.

 

 

I'm not sure if the same applies to a sig loan, but on my private loan I was approved for $30,000; however I only received $8500. SallieMae came up with a calculation of need/cost of attending school and disbursed the lower amount. I also owed the school around 3K. I was able to apply part of the loan to the outstanding balance due and the rest to the next semester of courses.

 

Call your school's financial aid office and ask them for a better answer.

[anyhelpishelpful]

Update: I cannot apply for a signature loan because I have been out of school for over 1 year, I don't even qualify for a Personal Loan through SallieMae Financial because it's not offered in the state of NY. Spoke to CitiAssist and they gave me the same answer, that I have been out of school over a year. I'm just so upset because the financial aid office never told me alternatives to pay off my balance.

 

Does anyone know any other ways I can obtain a loan? I don't have any collaterals.

 

Thank you

[anyhelpishelpful]

bump

[LynnInMN]

Update: I cannot apply for a signature loan because I have been out of school for over 1 year, I don't even qualify for a Personal Loan through SallieMae Financial because it's not offered in the state of NY. Spoke to CitiAssist and they gave me the same answer, that I have been out of school over a year. I'm just so upset because the financial aid office never told me alternatives to pay off my balance.

 

Does anyone know any other ways I can obtain a loan? I don't have any collaterals.

 

Thank you

 

 

Generally FA offices cant give you advise after the fact. When they do your FA package they package you to the cost of attendance. Any gap is your resposibility to seek at during that term, not after the term has ended. Technically you are a collection account right now, even though you are making payments. Hopefully they are not reporting.