Helpful tips

Does Sallie Mae verify income?

Does Sallie Mae verify income?

Since you must be able to make loan payments on your own, Sallie Mae also requires proof of income and a credit check.

Who is responsible for paying back a Sallie Mae student loan?

Co-signers accept a lot of financial responsibility when they sign on behalf of a student borrower. If the borrower can’t pay back the loan, it’s up to the co-signer to do it. One benefit of having a student loan with Sallie Mae is the option to release your co-signer, and assume all of the loan’s responsibility for yourself.

What kind of loans can I get from Sallie Mae?

When it comes to taking out student loans to pay for school, Sallie Mae has three main categories to choose from—Undergraduate Student Loans, Parent Loans, and Graduate Student Loans. The Smart Option Student LoanⓇ is the best for students seeking a bachelor’s degree, associate degree, or certification at a degree-granting school.

How to apply for Sallie Mae cosigner release?

Be current on all Sallie Mae-serviced loans for the past 12 months immediately before applying for cosigner release. Demonstrate a satisfactory payment history on each loan requested for release immediately before applying.

What do you need to know about Sallie Mae parent?

The Sallie Mae Parent Loan℠ is for parents (or other creditworthy individuals) who want to financially support their student’s undergraduate, graduate, or certification education. It also comes with its own set of benefits, including:

Who is a cosigner on a Sallie Mae student loan?

Learn about your responsibilities as a cosigner, and how cosigning for a Sallie Mae student loan or Sallie Mae Ignite SM Mastercard ® works. Cosigners are often parents, but a relative or other creditworthy individual may also cosign. In fact, 26% of our Smart Option Student Loan ® cosigners are someone other than the borrower’s parent. 1

Who is responsible for Sallie Mae smart option student loan?

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 happens if a Sallie Mae student 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?

What are the requirements for student loan cosigner release?

Here is an example of some requirements to qualify for student loan cosigner release through Sallie Mae: You have made at least 12 on-time payments: To qualify for a student loan cosigner release, you and/or your child need to have made at least 12 payments after graduation and before applying for the release.