Colorado Technical University

Sallie Mae Career Training Loan-Need an expert familiar with this type of loan?

I am an older student returning to school. I am beginning a practical nursing program in August at my local community college (Northern Virginia Comm College). I already have a bachelors degree. This is a continuing education, non degree program, so I didn't apply for standard student loans. I applied for a Sallie Mae private loan, one called "Career Training" and is specifically for students in continuing education or vocational/training programs, non credit. I was approved, but Sallie Mae said they needed my school to certify the loan. Now my school refuses, saying that they don't certify these types of loans. I am confused, since my school was in the drop down menu for Sallie Mae, and I was already approved. They tell me they only need the school to verify that I am in fact a student, and the amount that I requested is valid. My school made me fill out a FAFSA, then said I wasn't eligible for loans because I'd taken out $35K for my bachelors degree ten years ago (and am currently in repayment with Stafford). Today, I spoke with a financial aid counselor who lectured me on why I can't have this private loan, that my GPA of 2.9 isn't high enough to qualify me for financial aid, and that I will just have to come up with my $11K in tuition (due in a few weeks) on my own. He said that even though Sallie Mae is a private loan, it's still based on my GPA. I am so confused. First of all, my GPA is just fine. But secondly, I didn't want to do federal loans, and I was under the impression that this Sallie Mae was a private loan, not GPA based (can't find that anywhere under eligibility in the fine print), and I cannot for the life of me figure out why my school won't certify the loan. Is anyone familiar with this type of Sallie Mae loan, and able to help me with my next steps since the school doesn't seem inclined to help me? Oh, and one last thing...they are only using my GPA for medical classes I've taken in the last year at their school...they are not counting my college GPA or even my high school GPA, both of which were high since I graduated hs in three years and then got an almost full academic scholarship for my four years of college. Thank you very much.

Public Comments

1. Your school could decide which types of loans they choose to allow. Most schools don't limit their students' options, but some do. They may very well require you to file a FAFSA first, that's pretty standard. As for the GPA requirement, all schools are required to set up a Satisfactory Academic Progress standard for financial aid purposes. It should be published in the school's catalog, and it will detail what GPA you will be required to maintain. It also will list if your transfer credits will be evaluated. Usually only your grades are used from the courses you take at that school. Most schools require a 2.0 GPA if you are using any financial aid, including private loans. I would call back to the financial aid office and ask to speak with the director to clarify your questions: 1) Is the Sallie Mae Career Training Loan able to be certified at your school 2) Is your program an "eligible program" for the Career Training Loan 3) What is your program's "cost of attendance" (the maximum amount you could borrow) 4) What are the Satisfactory Academic Progress requirements you need to maintain Once you know those answers, you will know if you qualify for this loan and what your options will be. Good luck, and I wish you the best!