Sallie Mae Signature Loans
What is an Alternative Loan?
An Alternative Loan is a private bank educational loan. While the interest rate may be higher than that of a PLUS Loan, the student is the borrower, along with a creditworthy co-borrower. Also, the repayment terms can be more flexible than a PLUS Loan.
What Alternative Loan does La Salle recommend?
La Salle has reviewed many alternative loans and due to pricing, support, and process we recommend Signature
Student Loan. In addition to competitive interest rates with a PLUS Loan,
the cosigner may be released after 24 on time payments.
Other Benefits include:
- Interest rates range from prime - 1% to prime + 6%.
- No payments due until 6 months after graduation (but interest will
accrue.)
- Combined billing with Stafford (if you borrow your Stafford loan
through AMS/ Sallie Mae
Must I have a co-borrower for the
Sallie Mae Signature Student Loan?
A co-borrower is required if you are a foreign student, do not have
a credit history, have insufficient credit, or if you are under 18 years
of age at the time of application. Co-borrowers must be U.S citizens
or permanent residents.
What are the interest rates and fees?
The interest rates and fees are tiered based upon your or your co-borrower's
credit history. It may be to your advantage to apply with a co-borrower
as the better your co-borrower's credit, the better your rates!
Am I Eligible for a Sallie Mae Signature Student Loan?
You are eligible for a Sallie Mae Signature Student Loan if you meet all of the
following criteria:
- Enrolled at a 4- or 5-year college or university (approved by the
Department of Education).
- Working on your undergraduate or graduate degree.
- Meet the minimum credit criteria.
- Permanent residents and foreign students are eligible for this loan
and must provide applicable CIS documentation. Foreign students are
required to apply with a credit-worthy co-signer. A co-signer must be
a U.S. citizen or permanent resident.
How do I apply?
To apply for the Sallie Mae Signature Student Loan, the student borrower
can go online to Sallie Mae's Web site. The online process allows students to have
their credit checked and approved within 5 minutes! If approved, the
student can continue the process by completing an application online,
even sign the completed application online via electronic signature,
and submit the application directly for processing. Sallie Mae will
electronically forward the loan application information to La Salle
University Office of Student Financial Services.
Once La Salle University has certified the loan request and the application
has been returned to Sallie Mae, the loan proceeds will be forwarded
to La Salle where they will be applied to the student's account. The
student may also print the completed application locally and mail it
directly to Sallie Mae. Co-borrowers may apply here.
If you have any questions, please call Sallie Mae at 1800-695-3317 between
the hours of 8:00 am and 8:00 pm EST, Monday through Friday.
Information Needed to Apply
- Name
- Social Security Number
- Address
- Phone Number
- Citizenship-Are you a US citizen, Permanent Non-resident or
Foreign Student
- Date of Birth
- Drivers License #
- State of Issuance for Drivers License
- Are you in default on any previous loans?
- Do you want to apply with a co-borrower?
(NOTE: IF YOU ARE A FOREIGN STUDENT, YOU MUST APPLY WITH A CO-BORROWER)
- Requested Full Year *
loan amount
- School Code- LaSalle University's school code is 003287-00
- Grade level
- Loan Period-8/27/07-5/2/08
- Your major - If you are undecided, please state other.
* Please estimate
the loan amount you will need to cover the balance for the full
academic year. LaSalle will not process single term loans.
What if I am denied?
If you are denied for the La Salle Signature Student Loan, a Sallie
Mae representative can discuss other available options and can give
you a phone number for a credit bureau, should you desire a copy
of our credit report. A letter will also be mailed regarding the
denial.
