gnaweh_10
Dec 19 2004, 04:38 PM
minimum what I have to have to get a Sallie Mae loan w/o a co-signer?
ziggypop
Dec 19 2004, 09:16 PM
Are you looking at SM private or government loans (they have both)? If you're looking at the government ones (Stafford, etc.), then there is no credit check, so it doesn't matter -- you just have to not be in default on any other government student loans. So, unless you're maxed out on your federal loans, that's probably a route you should look at first (the interest rate and pay back options are also usually better for those). If, however, you're looking at the private loans, I don't know that there is a specific "magic score" that they look for, although I might guess (and this would be a total guess) that yours might be a tad too low, depending on why they're low. That's the issue -- you could have two people with identical scores, for example both with a 650, but one no baddies and only one tradeline that they've only had open for 2 months, and someone else with a BK that just discharged the week before. Do you know where you're going to school yet? If so, you may want to sit down with someone in the financial aid office who can give you a better idea with your particular issues if you're likely to get approved or not. They may also know of other sources of funds (other loan programs, grants, scholarships, etc.) that might work better for you, especially if SM doesn't work out.
Hope this helps (such that it is!)!! Good luck!!
SaschaI
Jan 3 2005, 08:07 PM
It does depend on the loan. What are you using it for? Is it just a regular college? I'm in the same boat with SM trying to get the Recourse loan that I was denied on a second time due to a bad TL that just came up. That's a SM Loan, but I don't know much about it as to what score they use.
even Calif. Culinary Financials don't know, they aren't told.
Hm...
Sascha
snowpuppy
Jan 3 2005, 10:25 PM
Is the school you want to attend approved to receive Federal student aid? If they are, you should start with gov't loans first as you don't have to be credit worthy.
SM and other lenders who deal with alternative loan products such as signature loans are very tight lipped about their qualifications. Do you have a co-signer for an alternative loan? That might help you.