For example, I have a client who had over $60,000 in Sallie Mae student loans. Sallie Mae® higher education loans are designed for the needs of … Private student loans are credit-based, which means we will check your credit when you submit your application. He writes about a wide range of financial topics including student loans, credit cards, small business financing, and more. Loan amount cannot exceed the cost of attendance less financial aid received as certified by the school. Jeff Gitlen is a graduate of the University of Delaware. As the largest private student loan provider in the nation, Sallie Mae extends a host of student loan product for parents as well as undergraduate and graduate students. Advertised variable rates reflect the starting range of rates and may vary outside of that range over the life of the loan. Sallie Mae is a publicly traded consumer bank that offers private student loans to pay for undergraduate, graduate and specialty degrees. With this undergraduate student loan repayment option, you’ll likely pay more for your total loan cost, since the interest rate may be higher and unpaid interest will be added to your principal amount at the end of your grace period. Miscellaneous personal expenses (such as a laptop) may be included in the cost of attendance for students enrolled at least half time. You may pay more for your total student loan cost because a fixed interest rate is usually higher than a starting variable interest rate. Are … Borrower or cosigner must enroll in auto debit through Sallie Mae to receive a 0.25 percentage point interest rate reduction benefit. All rights reserved. For example, with federal student loans, the borrower can change their repayment options even after the loan has been disbursed (sent to your school). However, Sallie Mae split into two companies in 2014. Funds will be sent for each term as requested by your school. You can apply only once and get the money you need for the entire school year. For example, I have a client who had over $60,000 in Sallie Mae student loans. Can I qualify if attending school online, or less than half time? After you’re approved, pick the repayment option and interest rate type that suits your budget and timeframe. With refinancing, you take out a new loan for some or all of your current ones. The only undergraduate student loan that offers 4 months of free Chegg® study help—a $100 value. It works out to 51 payments of $25.00, 119 payments of $137.53 and one payment of $113.12, for a Total Loan Cost of $17,754.19. If your Sallie Mae loan has a high interest rate, you could save a substantial amount of money by refinancing your student loans. Going to grad school or serving in the military? Make payments while in school to lower total loan costs, or defer until after graduation. Lowest rates shown include the auto debit discount. This loan is an ideal solution to help you pay for college expenses not covered by scholarships and federal loans. If you can’t get Sallie Mae to give you an interest rate reduction, finding another private student loan lender may be your best option. You can cancel future disbursements as needed with no penalty. Students and families should evaluate all anticipated monthly loan payments, and how much the student expects to earn in the future, before considering a private student loan. Qualification requirements to take out a loan vary by loan type, and Sallie Mae’s website is scarce on exact requirements. Now you can pay for college the smart way with three great repayment options and competitive interest rates! Student Loan Forgiveness. It's a horrible company that feeds on low income Based on a comparison of approval rates for Sallie Mae Smart Option Student Loans for undergraduate students who applied with a cosigner versus without a cosigner during a rolling 12-month period from October 1, 2018 through September 30, 2019. Loan amount cannot exceed the cost of attendance less financial aid received as certified by the school. Consider student loan refinancing. The cost of college has risen so steeply that the average graduate now leaves school with over $35,000 in student debt. Non-U.S. citizen borrowers who reside in the U.S. are eligible with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident) and are required to provide an unexpired government-issued photo ID to verify identity. 3 Best Sallie Mae Student Loan Refinancing Options | LendEDU © 2020 Sallie Mae Bank. Loan amount 7. This Sallie Mae versus Wells Fargo student loan comparison will help you decide which lender is the right one for you, depending on your situation. .cls-1TW{fill:#439cd6!important;}.cls-2TW{fill:#fff!important;} As of December 2020, Sallie Mae’s private student loan rates are: For undergraduate student loans: Variable: From 1.25% to 11.10% APR. CHECK SALLIEMAE.COM FOR THE MOST UP-TO-DATE PRODUCT INFORMATION. Sallie Mae, or the Student Loan Marketing Association, was founded in the early 70s as a federal government-sponsored organization. Private student loans are the way that many students close that gap. You must apply for a new loan each school year. Fixed: From 4.25% to 12.35% APR. The Sallie Mae Smart Option Student Loan for undergraduates is a private loan. This approval percentage is based on students with a Sallie Mae undergraduate loan in the 2018/19 school year who were approved when they returned in 2019/20. This benefit applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month and may be suspended during periods of forbearance or deferment, if available for the loan. Variable rates may increase over the life of the loan. We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Pay for all your school-certified expenses like tuition, fees, books, housing, meals, travel, and even a laptop. We've partnered with Sallie Mae because they have experience helping students achieve the dream of higher education. Sallie Mae Student Loan Disclosures. You and your cosigner will want to have your social security number, school information, amount needed (remember, you can use it to pay for school-certified expenses for the entire year) as well as your financial and employment information. These are separate loans with different features and interest rates, so parents should compare their loan options. Interest is charged throughout the life of the loan—beginning with disbursement, during school, through any grace/separation period, and ending when the loan is paid in full. What Information do I need when applying with a cosigner? Sallie Mae loans are made by Sallie Mae Bank. A cosigner is someone who shares responsibility with you for paying back the loan and is often a parent, but can be any creditworthy adult. Sallie Mae and other student loan servicers would rather receive some funds from you and settle your account then spend years of time and money coming after you in a Sallie Mae debt lawsuit. On April 16, 2007, Sallie Mae announced that an investor group led by J.C. Cosigner information Education Loan Management and Business Processing Solutions. Created by Congress in 1972, the company was subsequently privatized in 2004. APPLICANTS SHOULD CHECK THE SALLIE MAE WEBSITE CLOSE TO THEIR LOAN APPLICATION DATE AND AGAIN PRIOR TO DISBURSEMENT TO OBTAIN THE MOST UP-TO-DATE INFORMATION REGARDING PRODUCTS, SERVICES, AND BORROWER BENEFITS. This information is for undergraduate students attending participating degree-granting schools. Since 2014, Sallie Mae is engaged strictly in private student loans. Information advertised valid as of 12/28/2020. Mastercard and World Mastercard are registered trademarks, and the circles design is a trademark of Mastercard International Incorporated. After you’re approved, you choose your undergraduate student loan options, accept your loan disclosure, and the loan is certified by your school. You must apply for a new loan each school year. Student Loans Credit Cards Built For Your Life With a new look and new benefits, our cards offer everyday low rates, no surprise fees, and the speed and security of contactless payments. Sallie Mae is a publicly traded consumer bank that offers private student loans to pay for undergraduate, graduate and specialty degrees. Refinancing a Sallie Mae loan with another lender is easiest if you only have one student loan with Sallie Mae. SLM Corporation and its subsidiaries, including Sallie Mae Bank are not sponsored by or agencies of the United States of America. Sallie Mae is a student loan giant that funds loans for full-time and part-time students. Students claim that due to Sallie Mae Navient Student Loan had created obstacles to repayment by providing bad information, processing payments incorrectly, and failing to act when borrowers complained. When do I start paying back my student loan? No. Any minutes not used within the same session will expire upon conclusion of the session. Repayment terms are generous. Variable rates may increase over the life of the loan. Interest rates are competitive. 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