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 .

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 .

Who is a cosigner on a private student loan?

Your spouse, relative, guardian, and a friend can all be a cosigner. Only one person can cosign for a private student loan. For instance, if two parents are willing to be cosigners, only one will be able to do it. Your cosigner is equally responsible for repayment of the full amount of the loan, not just part of it.

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 responsibilities of a student loan cosigner?

7 student loan cosigner rights you need to know Understand your student loan terms. First, review the student loan contract that you cosigned upon origination. Check up on your cosigned student loan. If you’re the student loan cosigner, you usually won’t be notified right away if payments are late or overdue. Work with your lender ASAP. Split student loan payments. Take over payments temporarily.

How do I apply for a Sallie Mae student loan?

You can apply for a Sallie Mae student loan in 3 easy steps. Step 1: Check your personalized student loan rate in just 2 minutes. Step 2: Complete application and upload documents. Step 3: Accept loan terms and get funded.

Does Sallie Mae offer personal loans?

Quick Review: Sallie Mae personal loans are only available to people who have received a pre-qualified offer code. It’s impossible to submit an application without one. Sallie Mae doesn’t disclose their minimum requirements, but they only send out offers to people they believe will be qualified.

Is Sallie Mae a good option?

Sallie Mae offers a variety of student loan products that could be a good fit for parents or students. If you, or a student you’re supporting, can’t take out additional federal student loans but need more money for school, Sallie Mae’s lack of a predefined loan limit could make it a good option.

Can you have more than one cosigner on a student loan?

For college expenses not covered by scholarships and federal loans, College Raptor has partnered with Sallie Mae to bring you loans with great repayment options and competitive rates. Nearly all lenders will allow only one student loan cosigner.

Who are the cosigners on a smart option student loan?

In fact, 26% of our Smart Option Student Loan ® cosigners are someone other than the borrower’s parent. 1 Being a cosigner means that you and the borrower share the legal responsibility for repaying the student loan or credit card balance, and making sure payments are made on time.

Do you need a cosigner for Sallie Mae student loan?

While most student loans require a cosigner, Sallie Mae doesn’t. Under special circumstances, you can secure a loan by yourself and achieve the dream of independence. Here’s what you need to know.

How old do you have to be to get a Sallie Mae student loan?

Second, Sallie Mae, like many other private loan providers, requires borrowers to be at least 18 years old at the time of application. Also, the borrower has to be enrolled in a college or university at least part-time. Perhaps the strongest qualification you can have is a good credit history.

How does payment allocation work in Sallie Mae?

Payment allocation Payment allocation is how a payment is distributed across multiple loans. If the payment is received with the remittance slip on the billing statement, we will automatically allocate the payment to all of the loans in that loan group.

How to apply for a student loan with no cosigner?

Whether for Sallie Mae or other private student loan companies, a high credit score is a good indicator of financial capacity and speaks to your ability to repay the loan yourself. If you think your credit score is too poor to qualify, there are ways to improve it before you apply for Sallie Mae student loans with no cosigner.