Sallie Mae Continuing Education Loan
Co-Borrower Checklist
Benefits of a Co-Borrower
- Rates are based on the better credit rating, allowing for:
- Lower interest rates
- Smaller monthly payments
- Less interest paid over the term of the loan
- Co-borrowers help establish credit history for future loans
- Co-borrowers can be removed from the loan after making 24 current payments
Do you need a co-borrower?
If any of the following are true, you will probably need a co-borrower to qualify for a continuing education loan:
- Unemployed
- Limited or no credit history
- Poor credit history or several delinquencies on accounts (paying bills 30,60,90 days late; accounts in collection)
- High debt-to-income ratio
- Have an outstanding judgment or lien
- Have no re-established credit since bankruptcy has been discharged
- Have any charged-off accounts
Note that the primary borrower must be a U.S. Citizen or Permanent Resident and any borrower that has defaulted on a student loan will automatically be denied.
SLM Financial looks for “like credit” (for example credit cards). They also compare the borrower’s high credit limit with the amount of the loan.
**These are not the only criteria used in determining the approval of a loan. This is to be used as an example.**
Certified Financial Planner Board of Standards Inc. owns the certification marks CFP® and CERTIFIED FINANCIAL PLANNER™ in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements.
Emory University does not certify individuals to use the CFP®, CERTIFIED FINANCIAL PLANNER™ and federally registered certification marks. CFP® certification is granted only by Certified Financial Planner Board of Standards Inc. to those persons who, in addition to completing an educational requirement such as this CFP Board-Registered Program, have met its ethics, experience and examination requirements.
Emory University is a CFP Board approved educational institution providing the instruction leading up to the CFP® Certification Examination. It does not determine individuals eligibility, qualification, or any other condition required to acquiring and maintaining the CFP® Certification. Emory University is not responsible for information beyond the education program it offers. Individuals must contact CFP Board at http://www.cfp.net for all matters regarding the acquiring and maintaining of the CFP® Certification.
|
