Sallie Mae Credit Criteria

[BMac]

Questions regarding Sallie Mae's credit criteria for private loans are common around here. So when I saw this information I thought I'd post it for all who are interested. This information is current, as of June, 2006:

 

Minimum FICO needed to qualify without a co-signor is 640. They may review lower FICO scores for approval on an individual basis. Additionally, they have special agreements with some schools to accept lower FICO scores. Generally, these agreements include some type of recourse agreement through which the schools are guaranteeing the loans. No indication of which schools participate in this program.

 

Some other interesting information about Sallie Mae and the student loan industry here as well.

 

Happy reading.

 

Sallie Mae Business Portfolio