Does Sallie Mae Offer Loans To Students with Bad Credit or No Cosigner?
As you probably already know, Sallie Mae is a company that specializes in providing student loans. They are officially known as SLM Corporation and have been a publicly traded company. Their goal is to basically help students get loans at reasonable rates and they make money by charging interest. They have managed over $180 billion worth of debt and have a customer base that exceeds 10 million students. They are known mostly for providing individuals with federally guaranteed student loans under the (FFELP) Federal Family Education Loan Program. They now focus on providing private student loans and have over 6,000 employees and offices throughout the United States.
Does Sallie Mae provide loans to students with bad credit or no cosigner?
No. Although they used to not require a cosigner, they have evolved as a company. When providing federal, public loans, they did not require that students had a cosigner. They do not really care about your credit score – because they require all students to have a cosigner. So if you have bad credit, you don’t need to worry as long as you have someone willing to cosign. As times have changed and Sallie Mae has evolved into a privatized lending agency, they do require that you have a cosigner – regardless of your credit score.
This means even if you happen to have good credit or excellent credit, you are still going to need a responsible adult to cosign your loan. As a college kid, you may want to be financially independent from your parents and avoid them cosigning at all costs, but if you go through Sallie Mae – you will need their assistance.
Sallie Mae: Who can be your cosigner?
Assuming you are getting a loan through Sallie Mae, you will need to recruit someone that will cosign for you. This person should be an adult with enough finances to cover you in the event that you miss a payment. Most people get their parents to cosign their student loans and don’t have to worry. In the event that your parents are not willing to cosign, you may have to ask an older friend, guardian, or other relative to help you get things sorted out. If you’ve asked everyone and still can’t find someone willing to cosign, you will need to work with a different lender for your loan and avoid Sallie Mae.
Undergraduate: This is for students that are working towards a Bachelor’s degree. If you are going for your undergraduate degree and need some financial help in order to make it through school, you can consider the options that Sallie Mae has to offer.
Graduate: This is for students that will be attending graduate school.
Should you get a student loan through Sallie Mae?
It totally depends. Have you done your research and compared other lenders? Who is going to offer you the best interest rates? If you don’t know the answer to that question, you are going to need to look around and compare lenders and various rates. If you like what Sallie Mae has to offer and can get someone to cosign, you’re set. If you would rather look elsewhere and/or don’t have someone willing to cosign, be sure to determine your other options.
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