Sallie Mae eligibility **** NEW UPDATE - APPROVED!!!!! ****

[kimd]

Can you me your stats if you have been either approved or denied by Sallie Mae?? I have an application that was submitted today and should hopefully get the decision tomorrow but the waiting is KILLING me!!!!!

 

Thanks... as always!!!

[Cheech]

What kind of an application?

[kimd]

Career training loan

[Cheech]

Sorry - never applied for one. It says on the web site that the approval rating is 70%. I hope you get good news tomorrow!!

[seanpaul]

Im curious to know if sallie mae approved your loan? I will be applying for a school loan soon, but worried cause I have a score of 570. My report has a bunch of PAID collections....good luck.

[kimd]

****UPDATE****

 

Still haven't heard anything!!!! It was submitted late on Thursday so I should have heard on Friday but they did not process it yet. They are closed on the weekends so I should hopefully hear tomorrow :?

 

P.S. I applied in March and was denied. My scores were ~550 and DH's were about ~580 (he was cosigner). Mine have since gone up slightly and I got DH's to 630. I'm hoping that's enough to get the loan approved.

[Icarus ME]

Hi, I will apply for the same loan and I have similar scores. Hopefully you'll get approved.

 

Let me know how it go??

[kimd]

**** UPDATE ****

 

Well... unfortunately, 630 was still not good enough for Sallie Mae. I was declined but can resubmit with a different cosigner. :cry:

 

I don't know what I'm going to do. DH is looking into his work credit union to see if anything can be done through them.

[kimd]

**** 2nd UPDATE ****

 

For anyone interested.... I noticed a hard inquiry from Sallie Mae on DH's Transunion report (which is his best one @ 640 (yet still declined :roll: )... and mine). I called to see if they could then also pull my Transunion and review. The gentlemen was very nice and is requesting the underwriter to pull my TU report and manually review. I have to call back in 24 - 48 hours.

 

Cross your fingers!!!!

[JoeDirtPharmD]

FYI - my experience with SM, and sadly, I have about $100k in experience with them, is that you need:

 

• 660 or better; and

• No open collections;

• No lates/collections/judgments in the past 2 years; and

• BK must be at least 2 yrs.

 

Now - these are not definitive req's - but thru trial/error and experience. YMMV. Good luck.

[kimd]

****** 3rd UPDATE ******

 

APPROVED!!!!!!!! I called today and I was told I was approved for the full amount requested!!!!!! My TU score actually dropped to 643 because of a few new accounts and a few too many inquiries :oops: and DH's TU score is 644. He has one charge off and a few lates and I have one really, really old charge off. I hope this helps someone!!!!

[NyCtown]

What was the full amount of the loans. Also are they score driven only ?

 

Thanks

[marsimms]

Also, possibly slightly off thread, but just curious - does Sallie Mae pay the career training loan monies directly to you or to the institution you're attending?

 

-m-

[kimd]

What was the full amount of the loans.

 

The full amount was the full tuition + 60%

 

Also are they score driven only?

 

Not sure... but as you can tell by the rest of my thread I had to do quite a bit of begging

 

Also, possibly slightly off thread, but just curious - does Sallie Mae pay the career training loan monies directly to you or to the institution you're attending?

The tuition went directly to the school and the 60% extra came directly to me. We both got our checks within one week of being approved.

 

Hope this helps!!!

[Cheech]

kimd -

 

I've been following your story and just wanted to say Congratulations!!!