The Signature Student Loan is America’s most popular after Stafford Loan because it is widely available, has high approval rates, and is now available to community colleges for students enrolled in Associate degree programs. This loan should be used after the Stafford Loan, which has a lower interest rate and fee.

The Signature Student Loan for Community Colleges can be used to supplement federal student loans to cover the total cost of attendance, including tuition and other education-related expenses. This loan may be particularly helpful, for example, for students with higher than average expenses, such as those living away from home and those that attend school out-of-state.

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

Eligibility

Eligibility requirements for the Signature Student Loan for Community Colleges:

• Enrolled at least half-time, pursuing a degree.
• No loans in default.
• International students eligible with a U.S. Citizen or permanent resident cosigner.

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 cosigner. Cosigner must be a U.S. citizen or permanent resident.

Borrowing Costs

Cosigners can help you. Cosigners, like mom and dad, can help lower your interest rates and fees. Such savings could be a huge help to you after graduation, when you will have new, additional expenses to consider such as an apartment, car payments, business clothes, etc. (See the chart below for possible interest savings.)

Your interest rates and fees are based on the borrower on the loan application with the better credit. So if your cosigner has excellent credit, you will receive better rates and fees.

Even if you, the borrower, are approved on your own, adding a credit-approved cosigner may reduce your rates and fees–just by cosigning your loan.

Cosigners must pass a credit review and be a U.S. citizen or permanent resident and are required on a loan for foreign borrowers, borrowers who are under the age of majority (usually 18), and have no or insufficient credit history.

A cosigner release option is available after the student borrower makes 24 on-time scheduled payments of principal and interest. A cosigner can help you obtain lower rates but not be liable for 15 or more years. (A credit check is required.)

For interest rate and fee information, please visit Sallie Mae.

Loan Limits

Repayment Terms

No payments while in school and repayment begins six months after graduation, if you leave school, or drop below half-time enrollment. The minimum payment is $50.

In addition, you may be able to package your federal and private loans into one account, if Sallie Mae is servicing your federal loan(s). This means you'll receive better customer service, one simple billing statement, and need to mail one monthly payment. And you'll always have access to Sallie Mae's 24-hour online account service.

Repayment Flexibility: You may need to adjust your repayment schedule to accommodate starting income, loss of income, or unusual circumstances—the Signature Student Loan provides this flexibility. And unlike the federal programs which generally offer a 10-year repayment period, this program allows a maximum repayment period of 30 years (based on the loan balance at repayment).

back to top ^