Sallie Mae Continuing Education Loan
Co-Borrower Checklist

Benefits of a Co-Borrower: 

1. Rates are based on the better credit rating, allowing for:
   1. Lower interest rates
   2. Smaller monthly payments
   3. Less interest paid over the term of the loan

1. Co-borrowers help establish credit history for future loans
2. Co-borrowers can be removed from the loan after 24 current payments are made

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.**

Contact Sallie Mae for more information:

Customer service: 1-888-2SALLIE for borrower information or visit them online at www.salliemae.com/cel

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