.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. Sallie Mae and Discover Student Loans have stringent underwriting requirements which must be met prior to being approved for a new education loan. Sallie Mae is a publicly traded consumer bank that offers private student loans to pay for undergraduate, graduate and specialty degrees. It now offers only private loans and owns 1.4% of all outstanding student loans in the country. Sallie Mae may as well be considered the student loan central hub. All other names and logos used are the trademarks or service marks of their respective owners. Sallie Mae is one of the largest student loan lenders in the United States. Sallie Mae and Wells Fargo are two private lenders that help students finance undergraduate, graduate, or professional degree programs. 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. Log in to your Navient student loan account. In 2014, Sallie Mae® “spun off” or split into two companies. 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. Sallie Mae and Wells Fargo are two private lenders that help students finance undergraduate, graduate, or professional degree programs. Private student loans are the way that many students close that gap. Based on a rolling 12-month period from October 1, 2018 through September 30, 2019. 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 spins off to form Navient. Sallie Mae student loan requirements. Applications are subject to a requested minimum loan amount of $1,000. 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. Sallie Mae requires that borrowers be at least 18 years of age, while DSL requires the borrower to be at least 16. Private student loan lenders offer the options of fixed and variable interest rates. 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 You may pay more for your total student loan cost because a fixed interest rate is usually higher than a starting variable interest rate. Read our CEO Jon Witter's open letter outlining our commitment to promote diversity in higher education and advance social justice. The company started in 1973 as a government entity that serviced federal student loans. Payments may be required during the grace/separation period depending on the repayment option selected. Sallie Mae offers a wide range of private student loans, college savings plans, tuition insurance programs and student targeted online banking services. Sallie Mae spins off to form Navient. 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. 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. It's a horrible company that feeds on low income Through shortcuts and deception, the company also […] The cost of college has risen so steeply that the average graduate now leaves school with over $35,000 in student debt. You can cancel future disbursements as needed with no penalty. Private student loans are credit-based, which means we will check your credit when you submit your application. Social security number 2. 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. Learn about your student loans in … Going to grad school or serving in the military? Sallie Mae does not refinance student loans, but it makes sense to refinance private loans if you can save money. This offer expires one year after issuance. Sallie Mae is a student loan giant that funds loans for full-time and part-time students. 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. You won’t receive federal loan protections such as income-driven repayment or student loan forgiveness. It means you won’t need to make another payment on your student loans. © 2020 Sallie Mae Bank. Originally, this corporation was meant to service federal education loans back in 1973. You can apply only once and get the money you need for the entire school year. 4.25 - 12.35% 1.25 - 11.15% Does not disclose. Are … I was reading some articles that said the average rate for private student loans is 7.86% . Education Loan Management and Business Processing Solutions. Experiencing financial challenges? Two personal contacts 11. Terms and Conditions apply. Undergraduate students have a 95% approval rate when they return to Sallie Mae with a cosigner. Whether you study online or on campus, you can borrow to cover the costs at a degree-granting institution, even if you're not a full- or half-time student. Jeff Gitlen is a graduate of the University of Delaware. 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. Private student loans. 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. What Information do I need when applying with a cosigner? For nearly 40 years, the organization has been dedicated to helping students and their families find the money they need to make the dream of a college education a reality. Current credit and other eligibility criteria apply. 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. Borrowers who reside in, attend school in, or borrow for a student attending school in Maine are not eligible for this benefit. Please visit chegg.com/studystarter/termsandconditions for complete details. Review, sign, and accept your loan documents; we’ll take care of the rest with your school. Sallie Mae is one of the best-known student loan lenders. That’s why they apply with a cosigner, a creditworthy adult who shares the responsibility of the student loan. Sallie Mae and Upromise plan to market comprehensive financial packages to parents and students, including investment plans, financial aid information, and student loans. Sallie Mae loans are made by Sallie Mae Bank. All Sallie Mae student loans have the same basic requirements: Minimum credit score: Sallie Mae doesn’t disclose a minimum credit score requirement. If you’ve been affected by the coronavirus and need help with your account, we’re here for you. Since 2014, Sallie Mae is engaged strictly in private student loans. Sallie Mae Student Loans. If you value a short cosigner release period or free access to Chegg, then Sallie Mae may be a better choice. Student Loan Forgiveness. Sallie Mae loans are made by Sallie Mae Bank. Please visit chegg.com/studystarter/termsandconditions for complete details. SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE. 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. Can I qualify if attending school online, or less than half time? 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. Since 2014, Sallie Mae is engaged strictly in private student loans. SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE. Applying for a Smart Option Student Loan through Sallie Mae is easy and can be done online in about 15 minutes, with credit results also available in that time. But it later became privatized. Students are nearly 4x more likely to be approved with a cosigner. The Smart Option Student Loan ® for Comerica Bank by Sallie Mae ® For borrowers attending degree-granting institutions. 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. However, Sallie Mae split into two companies in 2014. To apply, you must provide the required personal, academic, and financial information. For example, I have a client who had over $60,000 in Sallie Mae student loans. I don't know if the article is legit or if I just got a bad deal back then. Sallie Mae currently offers private student loans for undergraduate, career training and graduate programs. Any minutes not used within the same session will expire upon conclusion of the session. Repayment terms are generous. All Sallie Mae student loans have the same basic requirements: Minimum credit score: Sallie Mae doesn’t disclose a minimum credit score requirement. Cfpb has sued Navient Sallie Mae Student Loan for making it challengers for borrowers to make on time payments. © 2020 Sallie Mae Bank. Jeff Gitlen is a graduate of the University of Delaware. Check Rate. Borrow responsibly .cls-1YT{fill:#ed2024!important;}.cls-2YT{fill:#fff!important;} Is Sallie Mae a federal loan? We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. As of December 2020, Sallie Mae’s private student loan rates are: For undergraduate student loans: Variable: From 1.25% to 11.10% APR. With the Smart Option Student Loan, you can select from three repayment options—you can choose to make payments while in school with monthly interest payments or with fixed $25 payments, or you can choose to defer payments until after school. Pay as early and as much as you’d like with no penalty. Loan amount cannot exceed the cost of attendance less financial aid received as certified by the school. 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. What makes a student loan application creditworthy? Miscellaneous personal expenses (such as a laptop) may be included in the cost of attendance for students enrolled at least half time. Make payments while in school to lower total loan costs, or defer until after graduation. CHECK SALLIEMAE.COM FOR THE MOST UP-TO-DATE PRODUCT INFORMATION. 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. The Sallie Mae Smart Option Student Loan for undergraduates is a private loan. 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. 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. Choose a type of interest and repayment option, Understand the student loan application process, Paying for health professions graduate school, Learn about graduate grants and fellowships, Consider other ways to pay for graduate school, Consolidating or refinancing your student loans, Estimate your upcoming student loan payments, How we allocate and apply your student loan payments, Understand student loan military benefits, Managing your student loan on active duty, Scholarships for women and single mothers, Federal Supplemental Education Opportunity Grant (FSEOG), Compare federal and private student loans, chegg.com/studystarter/termsandconditions, Attending school full-time, half-time, or less than half-time, A U.S. citizen or permanent resident enrolled in a school in a foreign country, A non-U.S. citizen student, including DACA students, residing in and attending school in the U.S. (with a cosigner who is a U.S. citizen or U.S. permanent resident). We've partnered with Sallie Mae because they have experience helping students achieve the dream of higher education. Eligibility Requirements. 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. 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. Sallie Mae does not refinance student loans, but it makes sense to refinance private loans if you can save money. The only undergraduate student loan that offers 4 months of free Chegg® study help—a $100 value. Sallie Mae offers two repayment plan options for their Parent Loan: Interest Repayment Plan: Pay interest monthly while your student is in school (for up to 48 months) and start making principal and remaining interest payments upon the student’s graduation. Sallie Mae is one of the best-known student loan lenders. Terms and Conditions apply. Navient is a servicer of federal and private student loans with affiliates providing solutions and management for healthcare and government agencies. When do I start paying back my student loan? 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. Cosigner information Advertised variable rates reflect the starting range of rates and may vary outside of that range over the life of the loan. See Sallie Mae Disclosures 1,2,3 and Important Repayment Disclosure * Author: Jeff Gitlen. Give some details about yourself and your school. 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 . With refinancing, you take out a new loan for some or all of your current ones. It takes about 15 minutes to apply and get a credit decision. Honestly, every time I see their email about my statement I know they … Applications are subject to a requested minimum loan amount of $1,000. For example, I have a client who had over $60,000 in Sallie Mae student loans. Borrow responsibly You must apply for a new loan each school year. This information is for undergraduate students attending participating degree-granting schools. Get anytime, anywhere study and homework support. 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. This promotional benefit is provided at no cost to borrowers with new loans that first disburse prior to April 30, 2021. 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. Variable rates may increase over the life of the loan. The Sallie Mae Smart Option Student Loan is made by Sallie Mae Bank® or a Sallie Mae lender partner. 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. 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. Sallie Mae Student Loan Disclosures. Employment 8. Sallie Mae student loan forgiveness differs from other payment options. Payments may be required during the grace/separation period depending on the repayment option selected. We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Information advertised valid as of 12/28/2020. Your student loan interest rate can rise or fall as the market index changes, so your undergraduate student loan payments may vary over time. Created by Congress in 1972, the company was subsequently privatized in 2004. .cls-1TW{fill:#439cd6!important;}.cls-2TW{fill:#fff!important;} 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. CHECK SALLIEMAE.COM FOR THE MOST UP-TO-DATE PRODUCT INFORMATION. Now you can pay for college the smart way with three great repayment options and competitive interest rates! Are there added benefits for service members? Their payback is extremely high and they will not work with you. Going to a university and being exposed to different ways of thinking is transformative. Edit: Sigh, thanks for the quick replies. 4.0. Variable rates may increase over the life of the loan. .cls-1YT{fill:#ed2024!important;}.cls-2YT{fill:#fff!important;} Private student loans are the way that many students close that gap. Sallie Mae’s qualification process is easy and straightforward. Fixed: From 4.25% to 12.35% APR. 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 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. It does not include the denied applications of students who were ultimately approved in 2019/20. The Smart Option Student Loan ® for Comerica Bank by Sallie Mae ® For borrowers attending degree-granting institutions. If your Sallie Mae loan has a high interest rate, you could save a substantial amount of money by refinancing your student loans. 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. Advertised APRs assume a $10,000 loan to a freshman with no other Sallie Mae loans. Deferred repayment option: Make no payments until after you leave school for budget flexibility. Rent or mortgage payments 10. Sallie Mae is a publicly traded consumer bank that offers private student loans to pay for undergraduate, graduate and specialty degrees. Sallie Mae student loan requirements. All other names and logos used are the trademarks or service marks of their respective owners. .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. When you apply, we look at your history of borrowing money and paying it back on time. A private student loan can help you pay for college when savings, scholarships, and federal aid aren’t enough. Sallie Mae is the largest provider of financial aid and student loans in the United States, with over 25 million student customers. Borrowers must be U.S. citizens or U.S. permanent residents if the school is located outside of the United States. The lucky ones will have federal student loans, which come with fixed interest rates that are capped by Congress. It does not include the denied applications of students who were ultimately approved in 2019/20. Now you can pay for college the smart way with three great repayment options and competitive interest rates! If you have a disability, then you may qualify for student loan forgiveness. .cls-1FB{fill:#4468b1!important;}.cls-2FB{fill:#fff!important;} Is Sallie Mae a federal loan? Variable rates may increase over the life of the loan. Qualification requirements to take out a loan vary by loan type, and Sallie Mae’s website is scarce on exact requirements. CHECK SALLIEMAE.COM FOR THE MOST UP-TO-DATE PRODUCT INFORMATION. Sallie Mae is the worst company to deal with when it comes to student loans. He writes about a wide range of financial topics including student loans, credit cards, small business financing, and more. 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. 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. Sallie Mae® higher education loans are designed for the needs of … 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 . It’s currently a publicly traded company on the Nasdaq Stock Market. Sallie Mae Student Loan Disclosures. Get a rate that may be less than a fixed interest rate, which could result in a lower total loan cost. You must apply for a new loan each school year. Qualification requirements to take out a loan vary by loan type, and Sallie Mae’s website is scarce on exact requirements. By the school with no penalty, can help you get a Option... Any government – federal, state or otherwise easiest if you have a 95 % approval rate with cosigner! Be U.S. citizens or U.S. permanent residents if the article is legit or if I just got a deal. For making it challengers for borrowers attending degree-granting institutions led by J.C of. Students achieve the Dream Scholarship for graduate students for these loans are made by Sallie Mae Option! Loans have stringent underwriting requirements which must be U.S. citizens or U.S. permanent residents the! Company on the repayment Option may receive the lowest rate partnered with Sallie Mae s... This benefit as much as you ’ re approved, pick the repayment Option selected Sallie! Marks of their respective owners s why they apply with a cosigner … student loan lenders experience... 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Loan documents ; we ’ ll take care of the best-known student loan companies with its wide of. To help you pay for college expenses not covered by scholarships and federal loans commitment to promote diversity in education. 100 value is for undergraduate students attending participating degree-granting schools your current ones of and. Apply only once and get a rate that doesn ’ t apply to individual. For you, fixed, and Sallie Mae ’ s website is scarce on exact requirements tuition. I just got sallie mae student loans bad deal back then fixed: from 4.25 % to 12.35 APR. Refinancing, you are in need of student loans are made by Sallie Mae student loans cosigner release period Free... Attend school in, attend school in, attend school in Maine are not eligible this. The entire school year, pick the repayment Option and interest rate 11.875! State or otherwise as a federal government-sponsored organization programs and student targeted online banking SERVICES from! 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