Sallie Mae Loan Credit Qualifications

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Sallie Mae offers both federal and private loans to students to sponsor their educational expenses. They also offer both federal and private consolidation loans to students. These loans are offered to both graduate and undergraduate students and parents of those students availing such loans. Apart from just providing loans they educate, inform and guide the students and their parents about the various options available.Credit Qualifications for a Sallie Mae LoanGeneral Federal Loan and Consolidation Loan:
They generally do not conduct any credit checks for a federal loan.
Federal loans are normally need based loans hence they do not need credit scores of students applying for the same.
These loans being guaranteed by the Federal Government do not pose any risk to the lender.
Sallie Mae does not consolidate defaulted loans.
They offer reduction in interest rates for consecutive payments and auto debit facilities.
Sallie Mae does not charge any application or processing fee for federal loans
They do no charge any premium fee irrespective of the credit status of the borrower.
There is no minimum amount for federal loan consolidation
They offered fixed interest rates, provide lock in facility
Private Students Loan and Consolidation Loan:
They do not offer loans beyond $275,000 without a cosigner
The student should have a minimum of $5,000 for a private loan consolidation.
If you have a credit worthy co signer there is no maximum limit on the loan offered.
Loans are offered at variable interest rates.
They conduct credit checks and prefer a positive credit score.
They charge higher interest rates and premiums for vulnerable credit scores and exercise high cautions in disbursing such loans
Improvement in credit score results in reduced interest rates.
Interest rates are reset monthly.