Can you prequalify for a student loan?

Here’s how you can find out

If you’re stressing about paying for college, you’re definitely not alone. The good news? You can see if you prequalify for a Sallie Mae^® student loan and know what your estimated rate could be in just a few minutes. It won’t affect your credit score, and you won’t be committed to anything

Why qualification matters and its benefits

Knowing if you can qualify for a private student loan gives you a clearer picture of your options when it comes to paying for school, so you know what’s possible ahead of time.

To see if you prequalify, you’ll just need to share some basic info about yourself, tell us what you need the loan for, and enter how much you want to borrow. It’s that easy.

Here's why it’s a smart move:

• See your estimated rate: When you request to prequalify, you may get a prequalified interest rate. If you request to prequalify with a cosigner, their good credit may help boost your chances of getting prequalified and getting an even lower prequalified rate. A cosigner may also help if you choose to apply for a loan. Students who applied for a loan with a cosigner were 5X more likely to be approved last year.^{footnote 2}
• Check with zero pressure: If you prequalify, it doesn’t mess with your credit score, and you’re not locked into anything.
• Compare loan options: Once you have your estimated rate, you can easily compare rates to help you make a more accurate and informed decision.
• Save time when you’re ready to apply: We’ll make sure your info rolls right into your loan application, making applying for a loan way easier.

If you’re not quite ready to apply for a loan after the prequalification process, no worries. Pick up where you left off within 30 days. The prequalification information you provided will carry over to your loan application.

Applying with a cosigner can help

You don’t have to see if you prequalify on your own—you can add a cosigner to see if it makes a difference. A cosigner is someone you trust with strong credit—like a parent, guardian, relative, or even a close friend. Applying with one can boost your chances of getting approved and may help you lock in a lower interest rate, helping you pay less overall. You may also be able to prequalify more than once. That way you can see how your estimated rate may change with different cosigners and compare your options to get the best rate for you.

Why credit matters

If you prequalify and apply for a student loan, we’ll do a hard credit check to learn more about your borrowing history, payment habits, and whether you’ve built up any credit at all. If you don’t have a credit score or have a poor credit history, that’s where a creditworthy cosigner can make a big difference.

If you’re looking to build credit, try these 3 things:

• Consider a student credit card: Look for a card made for students—low limits, no annual fees. Use it for small stuff (like snacks or a streaming account), then pay it off in full each month. It shows you can borrow money and will pay it back on time, which builds your credit.
• Become an authorized user on someone else’s credit card: Talk with a parent or another adult you trust about becoming an authorized user on one of their credit card accounts. As an authorized user, you’ll get your own credit card with your name on it, but the account and responsibility for making payments still belongs to them, the primary cardholder. Their payment history, if they regularly pay the bill on time, can boost your credit.
• Pay every bill on time - even the small ones: Credit cards, cell phone, subscription services—on-time payments build your track record. Late payments can seriously drag down your score.

Prequalification requirements

Here are some general requirements for you to be eligible to prequalify for a Sallie Mae^® private student loan:

• You’re enrolled in school: Full-time, half-time, or even less than half-time (for Sallie Mae loans) in a degree-granting program at an eligible, accredited institution.
• You meet citizenship requirements: Typically, you need to be a U.S. citizen or permanent resident. Some lenders allow international or DACA students—but often with a creditworthy U.S. cosigner.
• You’ve hit the age requirement: You need to be the age of majority in your state (usually 18, but it varies) or have a cosigner who is.
• You’re borrowing within the allowed range: There's usually a minimum (often $1,000) and a max based on your cost of attendance minus other financial aid.
• You’re attending an eligible school: The school must participate in the lender’s loan program, and most need it to be accredited.

Long story short

Here’s what you should know about prequalifying for a student Loan:

• Prequalifying lets you get a glimpse at what your student loan rate may be—it doesn’t impact your credit, and it shows you what options you have.
• Applying with a creditworthy cosigner may help you get approved for a student loan and get a lower interest rate. If you want to work on boosting your own credit, consider getting a student credit card, becoming an authorized user on a parent or relative’s credit card, and paying your bills on time to establish a good payment history.
• Make sure you meet all eligibility requirements before you apply for a student loan.

Ready to apply for a student loan?

If you already have your estimated rate, or you’re ready to fill out an application, a Sallie Mae student loan is a smart choice for school. We can cover your full cost of attendance--tuition, fees, and more.^{footnote 3} Sallie Mae has no origination fees or prepayment penalties^{footnote 4} and you can save on interest with a 0.25 percentage point auto debit discount.^{footnote 5} Apply for a student loan today.