When should I apply?

You can apply for a Signature Student Loan^® after you have completed the FAFSA and received financial aid award information from your school. Schools should send your award letter to you in the spring or early summer.

Both you and your co-signer can apply online. You can even sign your application/promissory note electronically to speed up the process.

Am I eligible for a Signature Student Loan®?

You are eligible for a Signature Student Loan^® if you meet all of the following criteria:

1. Enrolled at least halftime at a 4- or 5-year college or university (approved by the Department of Education).
2. Making satisfactory academic progress.
3. Age of majority in your permanent state of resident (age of majority in most states is 18).
4. Working on your undergraduate or graduate degree.
5. 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. Co-signer must be a U.S. citizen or permanent resident.

If you are attending a Graduate Law school or pursuing an MBA, please visit Sallie Mae to learn more about your private loan options.

Is my school eligible?

Schools must be Title IV eligible (approved by the Department of Education) and a 4- or 5-year year degree granting institution.

Please refer to www.salliemae.com for Signature loan alternatives.

How much can I borrow?

You can borrow up to the cost of education less any other financial aid received. Your school must certify your requested loan amount.

What are the interest rates and fees?

1. Interest rates and fees vary and are based on your or your co-signer's credit history, and the school you are attending.
2. Fees range from 0% - 6%.
3. Interest rate is based on the prime rate and will change monthly if the prime rate changes. The interest rate starts as low as prime + 0%.
4. The prime rate as of May 1, 2004 was 4%. Find out more about the Annual Percentage Rate (APR) and loan fees associated with the Signature Student Loan^®.
5. Refer to your promissory note for specific interest rate information.

Does a co-signer really help?

Co-signers can help because:

1. You save money - the co-signer’s credit history will determine the interest rate and fees you pay. Parents or grandparents generally have more established credit histories and may help you obtain lower interest rates and fees on your Signature Student Loan^®.

   For example, on a $10,000 loan at 4% taken out in your freshman year, you would pay $5,489 in interest; at 6% you would pay $10,647 in interest and at 9% you would pay $17,259. Having a co-signer with better credit could help save you A LOT of money!

2. There’s no aggregate loan limit so you can borrow as much as you need to pay for your education.
3. And a co-signer release option is available if you make payments on time. A credit check applies.

Note: A foreign student is not eligible for the co-signer release unless he/she has become a US Citizen or Permanent Resident.

Co-signers are required for:

• Foreign students.
• Students with no credit or an insufficient credit history.
• For U.S. citizens attending a foreign school.

Co-signers must meet the following requirements:

• Be US Citizens or permanent residents.
• Meet the minimum credit criteria.
• Provide proof of income and CIS documentation (if applicable).

Why do you need to do a credit check?

We do a credit check so we know how reliable you (and your co-signer) are in repaying your debt. This process is similar to what banks look for when they perform credit checks for car loans, personal loans or mortgages.

The good news is that student borrowers aren’t required to have an income.

Things on your credit that will prevent you from getting a Signature Student Loan^® include:

1. Student loan defaults (unless paid in full or satisfactory progress is being made to repay the debt)*.
2. Delinquent payments on current student loan account(s).
3. Significant judgments, charge-offs, or unpaid tax liens unless payment arrangements have been made.
4. A bankruptcy, unless the bankruptcy has been discharged at least 18 months and the student borrower has no late payments for the most recent 18-month period.
5. A low credit score or an insufficient credit history.
6. Inability to pass a debt to income test (for co-signers only).

Student borrowers who don’t meet the above criteria may still be eligible for a Signature Student Loan^® but must apply with a credit-worthy co-signer.

*Co-signers with student loan default are not eligible.

When do I get my money?

When do I start repaying?

You don’t have to make any payments as long as you are attending an eligible school at least halftime. Sallie Mae will send interest statements to you on a quarterly basis, in case you want to make payments.

You have to start repaying your loans six months after graduation, leaving school or dropping to less than half-time enrollment.

What is acceptable documentation for a Signature Student Loan®?

Frequently asked questions about acceptable documentation for a Signature Student Loan^®.

What is acceptable Proof of Income documentation?

Wages	A pay stub dated within thirty days of application signed date, or Signed letter from employer or CPA, Signed employment contract, Signed copy of the first and second page of prior year Federal tax return, or W-2. Note: the preferred method is pay stub dated within 30 days of application signed date.
Interest/Dividends	Last year’s 1099 forms, Year-end account brokerage house statement, or Signed copy of the first and second page of prior year Federal tax return
Net Rental Income	A signed copy of the first and second page of prior year Federal tax return.
Social Security	Letters or exhibits from the paying agent which attest to amounts of payment received, Last three bank statements listing deposits of payments received, or Signed copy of the first and second page of prior year Federal tax return
Annuity/Retirement Income	Last year’s Statement of Annuity Paid (Form 1099), or Signed copy of the first and second page of prior year Federal tax return Last three bank statements, identifying the deposit of payments received.
Alimony/Child Support	Signed copy of the first and second page of prior year Federal tax return Copy of divorce decree, separation or child support agreement specifying the amount and duration of the payments, Six consecutive months of bank statements Six consecutive months of cancelled checks, or Affidavit from the co-signer’s counsel that payments have been received for six consecutive months.
Note: A previous year's tax return is acceptable with proper documents showing an extension for the next year's tax return and proof of payment to the IRS for the estimated tax liability. One extension is valid through August 15, the last extension is valid until October 15th. After October 15th the new tax return must be received. E-filed tax returns are acceptable.

What is acceptable CIS Documentation?

U.S. Permanent residents and other eligible aliens must submit a copy of the front and back of their current Citizenship and Immigration Services Form I-551 (Resident Alien Card); this form cannot be marked "waived".

Cards marked waived or that have expired will not be accepted.

If the student borrower does not have a current I-551 form, we will accept a temporary CIS Form I-551, a passport stamped "Temporary 551, or Form I-90 (Application to Replace Alien Registration Card), and a copy of the student’s passport.

Foreign students must submit a copy of one the following:

1. Student VISA (type F1, H1B, J1 or M1). If the student is already in the U.S., and the expiration date on the student visa has occurred, we require an I-94 with an expiration date in the future.
2. Copy of a valid passport with photo and Current CIS Form I-94 (Arrival/Departure Record) designated with any of the following classifications:
   • F-1 and D/S; J-1 and D/S; M-1 and D/S; or H1B,
   • Public Interest Parolee (PIP)
   • Asylum status granted indefinitely
   • Refugee status granted indefinitely
3. Current CIS Form I-688 B or I-766 (Employment Authorization) which entitles the student to work and attend school in the U.S.
4. Foreign students must also apply with a credit-worthy co-signer who is a U.S. citizen or permanent resident. Co-signers must provide proof of income.