CreditBoards > Sallie Mae

anyhelpishelpful

Mar 22 2006, 03:23 PM

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

QUOTE

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.

TxQuiltGirl

Mar 22 2006, 03:42 PM

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

Mar 22 2006, 03:46 PM

QUOTE(TxQuiltGirl @ Mar 22 2006, 03:42 PM)

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

Mar 22 2006, 04:01 PM

QUOTE(anyhelpishelpful @ Mar 22 2006, 02:46 PM)

QUOTE(TxQuiltGirl @ Mar 22 2006, 03:42 PM)

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

Mar 22 2006, 04:06 PM

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

QUOTE(TxQuiltGirl @ Mar 22 2006, 04:01 PM)

QUOTE(anyhelpishelpful @ Mar 22 2006, 02:46 PM)

QUOTE(TxQuiltGirl @ Mar 22 2006, 03:42 PM)

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

Mar 22 2006, 04:07 PM

Let us know what happens, ok?

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

anyhelpishelpful

Mar 22 2006, 04:26 PM

QUOTE(TxQuiltGirl @ Mar 22 2006, 04:07 PM)

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

Mar 22 2006, 07:05 PM

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

Mar 22 2006, 07:38 PM

I will definetely do that. thank you.

QUOTE(Slice Stevens @ Mar 22 2006, 07:05 PM)

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

Mar 23 2006, 01:50 PM

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

Mar 23 2006, 04:04 PM

bump

LynnInMN

Mar 23 2006, 04:48 PM

QUOTE(anyhelpishelpful @ Mar 23 2006, 12:50 PM)

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.