First, your school will need to certify your Smart Option Student Loan®
- After your loan is approved, your school receives a certification request. Every school has a unique certification procedure; some certify on a daily, weekly, biweekly, etc. basis.
- Many schools only issue certifications thirty days prior to the start of the enrollment period, even if you may have applied months beforehand.
- Typically, neither you nor your cosigner need to take any action at this time. To ensure you always know where we are in the process, we’ll keep you informed.
Here’s how funds are sent to your school
Your student loan is prepared for disbursement once certification is obtained and the right to cancel period has passed.
- A disbursement is funds that are sent to your school. Loan funds may be disbursed in more than one installment, typically once per semester.
- Your monthly payments will start as soon as your funds are disbursed if you selected a repayment option that calls for in-school installments.
What to do with a student loan refund
Refunds for student loans are sometimes given to students if money remains after tuition is covered. Remember that you still owe money on this loan and must repay the remaining amount. Here are a couple ways to manage your refund:
Give the money back to us. This lowers the overall cost of your student loans.
Spend the funds on educational expenses to buy technology, books, and other supplies.
How Multi-Year Advantage can benefit you
It indicates that you can obtain the funds you require, year after year, to complete your education. Returning students who have a cosigner have an approval rate of 2097% for loans. footnote 1.
With our Multi-Year Advantage you can:
- Cover up to 100% of school-certified costs every yearfootnote 2
- Save time with a faster loan application
- Manage your private loans more easily with just one lender
There is a private student loan that can be tailored to your needs, regardless of your degree level or field of study—business, dentistry, medicine, or health professions.
Discover how to locate and apply for college grants, a type of need-based, non-repayable financial aid for education. Using the FAFSA®, you can apply for free college grants.
Students who apply with a cosigner have a 3X higher chance of being accepted. footnote 3 You might be able to obtain a better rate as well.
footnote 1. Sallie Mae loans have a maximum 12-month enrollment period. Students must apply for a new loan each school year. This approval rate is based on students who, upon their return in 2021/22, were granted another Sallie Mae undergraduate loan with the same or a different cosigner, having previously been approved for one in the 2020–21 academic year. It excludes the rejected applications of students whose admission was eventually granted in 2021–2022.
footnote 2. When applying directly to Sallie Mae, the maximum loan amount is limited to the school-certified cost of attendance less any financial aid received. A lower maximum loan request amount may apply to applications submitted to Sallie Mae via a partner website. For students enrolled at least half-time, other personal expenses (like a laptop) may be covered by the cost of attendance.
footnote 3. According to the proportion of applicants who were granted a Sallie Mae loan with a cosigner as opposed to the proportion of applicants who were granted a loan without a cosigner between October 1, 2021, and September 30, 2022
FAQ
Is Sallie Mae hard to get approved for?
For undergraduate student loans, the average credit score of accepted Sallie Mae borrowers is approximately 748. That’s quite a high score, so if yours is significantly lower, don’t freak out. You must have a cosigner with a minimum credit score in the mid-600s or a minimum credit score of your own.
How fast can I get a Sallie Mae loan?
According to MoneyGeek’s analysis of Sallie Mae student loans, money disburses in roughly 10 days. Sallie Mae might not be the best option if you require money for school expenses right away. Furthermore, some organizations certify student loans only thirty days prior to the start of the enrollment period.
How long does it take for Sallie Mae to deposit money?
Funds will be retained for five business days following the deposit’s effective date for all deposits. The money will be available right away for all ACH credits and transfers from money market deposit accounts, certificate of deposit accounts, and high-yield savings accounts.
Why is my Sallie Mae loan taking so long to process?
Our underwriting team may need more information and time to review credit decisions (3 – 5 business days). To e-sign their application, customers might need to log in (time varies) Consumers have a variable amount of time to choose their repayment plan and accept the Loan Approval Disclosure.
Read More :
https://www.salliemae.com/student-loans/get-ready-to-borrow/after-your-student-loan-is-approved/
https://www.salliemae.com/content/dam/slm/writtencontent/schoolmaterials/Following_the_Loan_Origination_Process.pdf