Sallie Mae offers different types of student loans and the eligibility requirements differ for each loan: Private student loans Undergraduate student loans Career training student loans Graduate student loans Medical school loans Medical residency and relocation loans Dental school loans Dental residency and relocation loans Law school loans Bar study loans MBA loans Nursing school loans Physician assistant student loans. Private student loans are credit-based, which means the lender will check your credit rating and other info. If you’re just entering college, you may not have much credit history, so you may need a creditworthy cosigner. A cosigner shares responsibility with you for paying back the loan. A lender wants to make sure you’ll be able to pay back your loan after you borrow the money. That’s why they consider whether you and/or your cosigner are “creditworthy.” The lender will evaluate your credit history to see how you’ve handled your finances in the past. That’s why the first steplender will take after you submit your application is to see if your (and your cosigner’s) credit history meets their guidelines. Every lender has specific criteria that they look for—this can include a particular credit score range, outstanding debts, income, and more. When you (and your cosigner, if you have one) pass the credit review, you’ll be notified that you’re approved. It can take as few as 15 minutes to find out whether you’ve met their credit requirements. If the lender needs more information, the approval can take a few business days.