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Private student loan lenders offer the options of fixed and variable interest rates. Sallie Mae reserves the right to approve a lower loan amount than the school-certified amount. Sallie Mae loans are made by Sallie Mae Bank. © 2020 Sallie Mae Bank. 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. Learn about your student loans … Borrowers must be U.S. citizens or U.S. permanent residents if the school is located outside of the United States. Sallie Mae vs. Other Lenders .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. After you’re approved, you choose your undergraduate student loan options, accept your loan disclosure, and the loan is certified by your school. 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. If you have a Sallie Mae student loans, we have news for you. You can apply only once and get the money you need for the entire school year. Navient is a servicer of federal and private student loans with affiliates providing solutions and management for healthcare and government agencies. Gross income 9. Variable rates may increase over the life of the loan. Loan amount cannot exceed the cost of attendance less financial aid received as certified by the school. Sallie Mae reserves the right to approve a lower loan amount than the school-certified amount. See Sallie Mae Disclosures 1,2,3 and Important Repayment Disclosure * Author: Jeff Gitlen. 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. 4.25 - 12.35% 1.25 - 11.15% Does not disclose. © 2020 Sallie Mae Bank. Sallie Mae, originally founded in 1973 as a federally guaranteed student loan program, split into two powerhouse entities in 2014: Sallie Mae Bank, a … Information advertised valid as of 12/28/2020. Interest rates are competitive. Sallie Mae Student Loans. Review, sign, and accept your loan documents; we’ll take care of the rest with your school. Are there added benefits for service members? Sallie Mae loans are made by Sallie Mae Bank. If your Sallie Mae loan has a high interest rate, you could save a substantial amount of money by refinancing your student loans. The Sallie Mae Smart Option Student Loan is made by Sallie Mae Bank® or a Sallie Mae lender partner. What makes a student loan application creditworthy? Fixed: From 4.25% to 12.35% APR. Sallie Mae student loan requirements. 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 . 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. Your undergraduate student loan payments will likely be larger while you're in school and in grace, but your total loan cost will likely be lower than with the other repayment options. Smart Option Student Loan and graduate loan products: This information is for … 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. CHECK SALLIEMAE.COM FOR THE MOST UP-TO-DATE PRODUCT INFORMATION. Created by Congress in 1972, the company was subsequently privatized in 2004. Sallie Mae student loan forgiveness differs from other payment options. 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. We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. All rights reserved. Sallie Mae is the worst company to deal with when it comes to student loans. Loan amount cannot exceed the cost of attendance less financial aid received as certified by the school. It no longer answers to any government – federal, state or otherwise. Private student loans are credit-based, which means we will check your credit when you submit your application. Read our CEO Jon Witter's open letter outlining our commitment to promote diversity in higher education and advance social justice. Payments may be required during the grace/separation period depending on the repayment option selected. 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. Do not, I repeat, do not sign with Sallie Mae. Jeff Gitlen is a graduate of the University of Delaware. You may pay more for your total student loan cost because a fixed interest rate is usually higher than a starting variable interest rate. The SLM Corporation, originally knowns as the Student Loan Marketing Association, is a publicly traded corporation that offers private student loans. Sallie Mae is a publicly traded consumer bank that offers private student loans to pay for undergraduate, graduate and specialty degrees. Borrow responsibly … For example, I have a client who had over $60,000 in Sallie Mae student loans. Employment 8. SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE. 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. This offer expires one year after issuance. Sallie Mae® higher education loans are designed for the needs of … After you’re approved, pick the repayment option and interest rate type that suits your budget and timeframe. 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. That’s why they apply with a cosigner, a creditworthy adult who shares the responsibility of the student loan. Rent or mortgage payments 10. 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. You must apply for a new loan each school year. Looking for another type of student loan? 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. The cost of college has risen so steeply that the average graduate now leaves school with over $35,000 in student debt. And Sallie Mae distinguishes itself from some other private student loan companies with its wide range of student loan products and services. Sallie Mae is a student loan giant that funds loans for full-time and part-time students. The Smart Option Student Loan ® for Comerica Bank by Sallie Mae ® For borrowers attending degree-granting institutions. These loans are made by Sallie Mae Bank or a lender partner. Please visit chegg.com/studystarter/termsandconditions for complete details. Variable rates may increase over the life of the loan. It does not include the denied applications of students who were ultimately approved in 2019/20. Can I qualify if attending school online, or less than half time? Learn about the repayment programs we offer. Sallie Mae and Upromise plan to market comprehensive financial packages to parents and students, including investment plans, financial aid information, and student loans. Achieve the Dream Scholarship for graduate students are nearly 4x more likely to be approved a... Get predictable monthly payments with a cosigner tuition, fees, books, housing, meals,,! Loan for undergraduates is a trademark of Mastercard International Incorporated are with credit, before your! I consider that logos used are the trademarks or service marks of their respective.... Must provide the required personal, academic, and BENEFITS at ANY time WITHOUT.! T need to make another payment on your student loans subject to a minimum. Your loan documents ; we ’ ll ask you to fill in all the RIGHT things you. 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