What does Sallie Mae look for in a cosigner?

They’ll look at your credit history, including the credit report and credit score, and other factors. Your credit history is evaluated along with your student’s; the combination of both can give the student a better chance of being approved for a loan—maybe at a lower interest rate.

Does Sallie Mae allow cosigner release?

You may apply to release your cosigner from an open and active loan after you graduate, make 12 on-time principal and interest payments, and meet certain credit requirements. Only the borrower may apply for cosigner release.

What credit score does a cosigner need for a student loan?

650
If you have access to a cosigner, Earnest might be able to offer you a student loan. Its minimum credit score requirement for a cosigned student loan is 650 for the cosigner, and no score is required for the student. That’s the lowest credit score requirement of the lenders we’ve reviewed.

Do Sallie Mae loans need a cosigner?

Sallie Mae will allow students to get a loan without a cosigner under special circumstances. They also have a program by which cosigners can be released after 12 consecutive payments.

Can you be too old to cosign a loan?

Seventeen-year-olds can’t take out a car loan, or even become a cosigner or co-borrower on one. In the U.S., you absolutely have to be 18 years old in order to legally sign a loan contract. Up until you turn 18, you’re considered a minor by law and can’t enter into a contractual agreement with a lender.

What happens if my Sallie Mae cosigner dies?

If a student dies or becomes permanently and totally disabled, we’ll waive all remaining payments on their Sallie Mae student loan. Call us at 800-472-5543. Is being a cosigner a long-term commitment?

Can a co-signer have bad credit but good income?

In addition to having a good or excellent credit score, your potential cosigner will need to show that they have enough income to pay back the loan in the event you default on it. If they lack sufficient income, they won’t be able to offset the lender’s risk and may not be able to cosign.

Who gets the credit on a cosigned loan?

If you are the cosigner on a loan, then the debt you are signing for will appear on your credit file as well as the credit file of the primary borrower. It can help even a cosigner build a more positive credit history as long as the primary borrower is making all the payments on time as agreed upon.

Can you be denied a loan with a cosigner?

A cosigner promises payment if the borrower defaults on a loan. It provides an additional layer of insurance for the lender, but there’s no obligation to accept a cosigner and the bank could deny you anyway.

Does a cosigner have to pay if the person dies?

When someone dies, the person’s estate is obligated to pay off his debts. If the estate doesn’t have enough money, then you, as the cosigner, are on the hook for whatever debt remains. The law in most states doesn’t require lenders to collect from the borrower or his estate.

Can a cosigner be released from a Sallie Mae loan?

Yes. A cosigner is responsible for a student loan until it’s paid in full. However, with some Sallie Mae loans, like the Smart Option Student Loan ®, the borrower can apply to have their cosigner released 3 after meeting certain requirements. Have questions about cosigning a student loan? Call us at 855-756-5626 .

What makes Sallie Mae different from other student loan companies?

In addition to having a top-rated undergraduate loan, Sallie Mae differentiates itself by offering a wide variety of different student loans.

Is there a limit to how much you can borrow from Sallie Mae?

While some federal student loans and private student loans set dollar-amount limits on how much you can borrow, most Sallie Mae student loans allow you to borrow up to your school’s certified cost of attendance. Loans for less-than-half-time students.

What happens to your credit score with Sallie Mae?

Some lenders will do a soft credit pull, which doesn’t hurt your score, to determine if you can qualify for a loan or need a cosigner and to show you estimated interest rates if you qualify. Sallie Mae will only show you rates after a hard credit inquiry, which could hurt your score slightly.