Sallie Mae Student Loan Disclosures. Edit: Sigh, thanks for the quick replies. Variable rates may increase over the life of the loan. Savings comparison assumes a freshman student with no other Sallie Mae loans receives a $10,000 Smart Option Student Loan with the most common variable rate as of August 2020. Federal student loans also offer more flexibility in the form of income-based repayment plans. Lowest rates shown include the auto debit discount. Sallie Mae is a student loan giant that funds loans for full-time and part-time students. Since 2014, Sallie Mae is engaged strictly in private student loans. Plus, Sallie Mae student loans have a variety of perks to help you get started both in school and out of school. Today, it’s helped more than 30 million Americans plan, pay and save for education through flexible private loans. Sallie Mae and Wells Fargo are two private lenders that help students finance undergraduate, graduate, or professional degree programs. You won’t receive federal loan protections such as income-driven repayment or student loan forgiveness. Now you can pay for college the smart way with three great repayment options and competitive interest rates! Qualification requirements to take out a loan vary by loan type, and Sallie Mae’s website is scarce on exact requirements. Education Loan Management and Business Processing Solutions. Enrollment status and years enrolled 5. Are there added benefits for service members? A session will be considered redeemed if it has a minimum duration of thirty (30) minutes. Created by Congress in 1972, the company was subsequently privatized in 2004. The cost of college has risen so steeply that the average graduate now leaves school with over $35,000 in student debt. It is a privately owned company that has been in business for over 40 years and offers a wide array of financial options for students attending college, graduate school or other eligible educational programs. Sallie Mae is a publicly traded consumer bank that offers private student loans to pay for undergraduate, graduate and specialty degrees. Navient is a servicer of federal and private student loans with affiliates providing solutions and management for healthcare and government agencies. All other names and logos used are the trademarks or service marks of their respective owners. Students are nearly 4 times more likely to be approved with a cosigner since many students haven’t had time to build up their own credit. These loans are made by Sallie Mae Bank or a lender partner. Sallie Mae Private Student Loan. Education Loan Management and Business Processing Solutions. The Sallie Mae Smart Option Student Loan is made by Sallie Mae Bank® or a Sallie Mae lender partner. Fixed: From 4.25% to 12.35% APR. Loan amount cannot exceed the cost of attendance less financial aid received as certified by the school. Sallie Mae is the worst company to deal with when it comes to student loans. Borrowers who reside in, attend school in, or borrow for a student attending school in Maine are not eligible for this benefit. .cls-1YT{fill:#ed2024!important;}.cls-2YT{fill:#fff!important;} Borrow responsibly Review, sign, and accept your loan documents; we’ll take care of the rest with your school. Employment 8. For a private company, their repayment options are quite flexible, allowing students to … 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. In 2014, Sallie Mae® “spun off” or split into two companies. The cost of college has risen so steeply that the average graduate now leaves school with over $35,000 in student debt. Sallie Mae does not refinance student loans, but it makes sense to refinance private loans if you can save money. Sallie Mae’s career training, undergraduate and graduate loans are all part of its Smart Option Student Loan® product line, and the same benefits may apply to these loans . Sallie Mae and Discover Student Loans have stringent underwriting requirements which must be met prior to being approved for a new education loan. Whether you're an undergraduate student, graduate student, or parent helping a student pay for school, these flexible loans are designed to meet your needs and features: Competitive variable and fixed interest rates This offer expires one year after issuance. All Sallie Mae student loans have the same basic requirements: Minimum credit score: Sallie Mae doesn’t disclose a minimum credit score requirement. It covers not only parental loans, K-12 loans, dental school loans, medical student loans, law school loans, and post-graduate education loans also take responsibility for other student loans. Miscellaneous personal expenses (such as a laptop) may be included in the cost of attendance for students enrolled at least half time. It’s currently a publicly traded company on the Nasdaq Stock Market. Remember, it's important to consider federal student loans before you take out a private student loan because there are differences in interest rates, … … Sallie Mae student loan requirements. I was reading some articles that said the average rate for private student loans is 7.86% . Log in to your Navient student loan account. It now offers only private loans and owns 1.4% of all outstanding student loans in the country. Advertised variable rates reflect the starting range of rates and may vary outside of that range over the life of the loan. The lucky ones will have federal student loans, which come with fixed interest rates that are capped by Congress. Sallie Mae was founded in 1972 as the Student Loan Marketing Association to support the Guaranteed Student Loan Program set forth in the Higher Education Act of 1965. Created by Congress in 1972, the company was subsequently privatized in 2004. Navient is a servicer of federal and private student loans with affiliates providing solutions and management for healthcare and government agencies. Sallie Mae Student Loans. For example, with federal student loans, the borrower can change their repayment options even after the loan has been disbursed (sent to your school). School information 4. This promotional benefit is provided at no cost to borrowers with new loans that first disburse prior to April 30, 2021. Sallie Mae reserves the right to approve a lower loan amount than the school-certified amount. Interest repayment option: By making monthly interest payments in school, freshman students may save 23% on their total loan cost by choosing this repayment option instead of the deferred repayment option. Private student loans. .cls-1TW{fill:#439cd6!important;}.cls-2TW{fill:#fff!important;} Advertised APRs assume a $10,000 loan to a freshman with no other Sallie Mae loans. This loan is an ideal solution to help you pay for college expenses not covered by scholarships and federal loans. This loan is an ideal solution to help you pay for college expenses not covered by scholarships and federal loans. 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. 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. You may pay more for your total student loan cost because a fixed interest rate is usually higher than a starting variable interest rate. Student Loan Forgiveness. Make payments while in school to lower total loan costs, or defer until after graduation. .cls-1FB{fill:#4468b1!important;}.cls-2FB{fill:#fff!important;} You must apply for a new loan each school year. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. Borrow responsibly 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. Sallie Mae student loans FAQ. Give some details about yourself and your school. Please visit chegg.com/studystarter/termsandconditions for complete details. Even though it sounds good, it doesn’t apply to every individual. All Sallie Mae student loans have the same basic requirements: Minimum credit score: Sallie Mae doesn’t disclose a minimum credit score requirement. When do I start paying back my student loan? Refinancing a Sallie Mae loan with another lender is easiest if you only have one student loan with Sallie Mae. Funds will be sent for each term as requested by your school. Sallie Mae and Upromise plan to market comprehensive financial packages to parents and students, including investment plans, financial aid information, and student loans. Applications are subject to a requested minimum loan amount of $1,000. Payments may be required during the grace/separation period depending on the repayment option selected. If you’ve missed numerous payments on your Sallie Mae loan and the loan is now in default, you’ll need to take steps to bring your overdue loan current. Although we do not charge a penalty or fee if you prepay your loan, any prepayment will be applied as outlined in your promissory note—first to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal. CHECK SALLIEMAE.COM FOR THE MOST UP-TO-DATE PRODUCT INFORMATION. Sallie Mae reserves the right to approve a lower loan amount than the school-certified amount. Variable rates may increase over the life of the loan. A private student loan can help you pay for college when savings, scholarships, and federal aid aren’t enough. If you have a Sallie Mae student loans, we have news for you. But it later became privatized. Nearly 88% of our new undergraduate borrowers have one, and it may help you get a better rate. 4.0. It now offers only private loans and owns 1.4% of all outstanding student loans in the country. If you have a Sallie Mae student loans, we have news for you. Loan amount 7. If your Sallie Mae loan has a high interest rate, you could save a substantial amount of money by refinancing your student loans. Sallie Mae - Student Loan Marketing Association: Sallie Mae is a publicly traded company that is the largest provider of education loans in … 4.25 - 12.35% 1.25 - 11.15% Does not disclose. Originally, this corporation was meant to service federal education loans back in 1973. © 2020 Sallie Mae Bank. Sallie Mae student loan forgiveness differs from other payment options. Check Rate. Applications are subject to a requested minimum loan amount of $1,000. Experiencing financial challenges? Going to a university and being exposed to different ways of thinking is transformative. It used to be a federal loan servicer, so loans serviced by Sallie Mae were eligible for both consolidation with the Department of Education and refinancing with private lenders. This promotional benefit is provided at no cost to borrowers with new loans that first disburse prior to April 30, 2021. This information is for undergraduate students attending participating degree-granting schools. While your total loan cost will typically be less than with our deferred repayment option, unpaid interest will be added to your principal amount at the end of your grace period. Consider student loan refinancing. If you have a disability, then you may qualify for student loan forgiveness. .cls-1FB{fill:#4468b1!important;}.cls-2FB{fill:#fff!important;} Sallie Mae - Student Loan Marketing Association: Sallie Mae is a publicly traded company that is the largest provider of education loans in the United States, as of 2016. 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. .cls-1LI{fill:#007bb6!important;}.cls-2LI{fill:#fff!important;}.cls-3LI{fill:#231f20!important;}, Terms of use  |  Protect your privacy  |  Avoid online fraud  |  Beware of debt relief offers  |  Social media guidelines  |  Do not sell my personal information. No. These are separate loans with different features and interest rates, so parents should compare their loan options. Information advertised valid as of 12/28/2020. Eligibility Requirements. As of December 2020, Sallie Mae’s private student loan rates are: For undergraduate student loans: Variable: From 1.25% to 11.10% APR. .cls-1TW{fill:#439cd6!important;}.cls-2TW{fill:#fff!important;} All rights reserved. You must apply for a new loan each school year. SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE. This offer expires one year after issuance. Sallie Mae and Wells Fargo are two private lenders that help students finance undergraduate, graduate, or professional degree programs. Sallie Mae student loan requirements. What Information do I need when applying with a cosigner? Chegg Tutors offers One Free session of up to 60 minutes. The lucky ones will have federal student loans, which come with fixed interest rates that are capped by Congress. 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. Student loans for PSECU members, in partnership with Sallie Mae®, can help you get the funds you need! Learn about your student loans in … Borrower or cosigner must enroll in auto debit through Sallie Mae to receive a 0.25 percentage point interest rate reduction benefit. Year after year, you can get the money you need to cover 100% of your school-certified expenses. Please visit chegg.com/studystarter/termsandconditions for complete details. SLM Corporation and its subsidiaries, including Sallie Mae Bank are not sponsored by or agencies of the United States of America. Learn about your student loans … College Ave’s student loans have more flexibility in repayment, a faster application process, and typically lower rates than Sallie Mae’s student loans, making them a better option for most students. Interest rates are competitive. The SLM Corporation, originally knowns as the Student Loan Marketing Association, is a publicly traded corporation that offers private student loans. CHECK SALLIEMAE.COM FOR THE MOST UP-TO-DATE PRODUCT INFORMATION. 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. Borrower or cosigner must enroll in auto debit through Sallie Mae to receive a 0.25 percentage point interest rate reduction benefit. Though Sallie Mae is still in the loan business, these loans are for students and their education. To apply, you must provide the required personal, academic, and financial information. Read our CEO Jon Witter's open letter outlining our commitment to promote diversity in higher education and advance social justice. Through shortcuts and deception, the company also […] Social security number 2. The Smart Option Student Loan ® for Comerica Bank by Sallie Mae ® For borrowers attending degree-granting institutions. Sallie Mae loans are made by Sallie Mae Bank. I saw there’s a Parent Loan; should I consider that? Will be looking to refinance asap. Students can apply just once a year with a single credit check and funds are sent for each term directly to your school. Sallie Mae is the largest provider of financial aid and student loans in the United States, with over 25 million student customers. SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE. 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. On average, students have nearly $40,000 in student loan debt at the time of graduation; without those funds, their aspirations of being a teacher, engineer, or social worker may have been put on hold indefinitely. Honestly, every time I see their email about my statement I know they … Lowest rates shown include the auto debit discount. For example, I have a client who had over $60,000 in Sallie Mae student loans. 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. Private student loans are credit-based, which means we will check your credit when you submit your application. 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. 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. Payments may be required during the grace/separation period depending on the repayment option selected. Terms and Conditions apply. Why should I borrow for the entire school year? Sallie Mae vs. Other Lenders Is Sallie Mae a federal loan? Both Sallie Mae, the largest private student loan lender in the US, and Discover Student Loans, a well-known national financial institution, offer qualified borrowers private student loan options. Pay for all your school-certified expenses like tuition, fees, books, housing, meals, travel, and even a laptop. See Sallie Mae Disclosures 1,2,3 and Important Repayment Disclosure * Author: Jeff Gitlen. Though any student loan—federal or private—is a legal agreement and must be paid back with interest, federal student loans generally offer more flexible options than private student loans. When you've exhausted your scholarship, grant, and work-study options to pay for school, Sallie Mae is there to fill the gap. Sallie Mae—aka the SLM Corporation— was created in 1972 as the Student Loan Marketing Association, a government-sponsored enterprise that serviced federal education loans, and it … Going to grad school or serving in the military? CHECK SALLIEMAE.COM FOR THE MOST UP-TO-DATE PRODUCT INFORMATION. You won’t receive federal loan protections such as income-driven repayment or student loan forgiveness. Degree 6. Sallie Mae is a publicly traded consumer bank that offers private student loans to pay for undergraduate, graduate and specialty degrees. Get predictable monthly payments with a rate that doesn’t change over time. Federal student loans also offer more flexibility in the form of income-based repayment plans. You can contact Sallie Mae directly by calling 1-866-913-6089 to discuss your repayment options and try to set up a more affordable payment plan. Sallie Mae may as well be considered the student loan central hub. No additional interest is charged until money is sent to your school, so you can relax, knowing you've got the funds when you need them. Are … Sallie Mae® higher education loans are designed for the needs of … The Sallie Mae Ignite, Sallie Mae Accelerate, and Sallie Mae Evolve credit cards are issued by Sallie Mae Bank pursuant to a license by Mastercard International Incorporated. No matter where and how you want to go back to school, Sallie Mae has a loan to cover your needs. Information advertised valid as of 12/28/2020. Borrowers must be U.S. citizens or U.S. permanent residents if the school is located outside of the United States. Explore options for graduate, undergraduate, and parent loans here: https://lkcs.co/35hOsBF Gross income 9. Private student loans are the way that many students close that gap. Students are nearly 4x more likely to be approved with a cosigner. He writes about a wide range of financial topics including student loans, credit cards, small business financing, and more. Information advertised valid as of 12/28/2020. Is Sallie Mae a federal loan? Smart Option Student Loan and graduate loan products: This information is for … Loan amount cannot exceed the cost of attendance less financial aid received as certified by the school. Four incredible students have each been awarded a $20,000 Bridging the Dream Scholarship for Graduate Students. You can cancel future disbursements as needed with no penalty. If you’re looking for a private student loan to help pay for your college, Sallie Mae is probably a name you’ve seen before. Current credit and other eligibility criteria apply. In 2016, applicants that were approved for a Sallie Mae student loan had, on average, a 748 FICO score at the time of approval. Sallie Mae is one of the best-known student loan lenders. Jeff Gitlen is a graduate of the University of Delaware. This repayment example is based on a typical Smart Option Student Loan made to a freshman borrower who chooses a variable rate and the Fixed Repayment Option for a $10,000 loan, with two disbursements, and a 6.99% variable APR. Sallie Mae, the Sallie Mae logo, and other Sallie Mae names and logos are service marks or registered service marks of Sallie Mae Bank. Application process both in school and out of school disburse prior to being approved for student... For the quick replies loan documents ; we ’ ll take care of the session can as... Up to 60 minutes 1.4 % of all outstanding student loans in the United States of.... Plus, Sallie Mae®, can help you get the money you to. From Sallie Mae ® for Comerica Bank by Sallie Mae is a publicly Corporation! Risen so steeply that the average rate for private student loans … loan. Won ’ t need to make another payment on your student loan for some or all of your school-certified like... 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