Is Sallie Mae a federal loan? 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. 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. However, Sallie Mae split into two companies in 2014. Sallie Mae loans are made by Sallie Mae Bank. Please visit chegg.com/studystarter/termsandconditions for complete details. Sallie Mae is the largest provider of financial aid and student loans in the United States, with over 25 million student customers. Variable rates may increase over the life of the loan. Review, sign, and accept your loan documents; we’ll take care of the rest with your school. The company started in 1973 as a government entity that serviced federal student loans. Get anytime, anywhere study and homework support. What Information do I need when applying with a cosigner? .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. 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. These loans are made by Sallie Mae Bank or a lender partner. Borrow responsibly Sallie Mae and Wells Fargo are two private lenders that help students finance undergraduate, graduate, or professional degree programs. Payments may be required during the grace/separation period depending on the repayment option selected. School information 4. Sallie Mae spins off to form Navient. 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. You won’t receive federal loan protections such as income-driven repayment or student loan forgiveness. No matter where and how you want to go back to school, Sallie Mae has a loan to cover your needs. No. 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. SLM Corporation and its subsidiaries, including Sallie Mae Bank are not sponsored by or agencies of the United States of America. Make payments while in school to lower total loan costs, or defer until after graduation. Only the most creditworthy applicants who choose the interest repayment option may receive the lowest rate. 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. It does not include the denied applications of students who were ultimately approved in 2019/20. Degree 6. Pay for all your school-certified expenses like tuition, fees, books, housing, meals, travel, and even a laptop. Private student loans are the way that many students close that gap. Sallie Mae Student Loans. 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. Sallie Mae is one of the best-known student loan lenders. See Sallie Mae Disclosures 1,2,3 and Important Repayment Disclosure * Author: Jeff Gitlen. SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE. 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. After you’re approved, you choose your undergraduate student loan options, accept your loan disclosure, and the loan is certified 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. We've partnered with Sallie Mae because they have experience helping students achieve the dream of higher education. A session will be considered redeemed if it has a minimum duration of thirty (30) minutes. Sallie Mae loans are made by Sallie Mae Bank. Learn about the repayment programs we offer. 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 reserves the right to approve a lower loan amount than the school-certified amount. Flowers & Co. signed an All Sallie Mae student loans have the same basic requirements: Minimum credit score: Sallie Mae doesn’t disclose a minimum credit score requirement. While specific eligibility requirements will change from loan to loan, let’s … Qualification requirements to take out a loan vary by loan type, and Sallie Mae’s website is scarce on exact requirements. Log in to your Navient student loan account. Sallie Mae’s Loan Application Process. Rent or mortgage payments 10. Terms and Conditions apply. The lucky ones will have federal student loans, which come with fixed interest rates that are capped by Congress. 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 the worst company to deal with when it comes to student loans. The Smart Option Student Loan ® for Comerica Bank by Sallie Mae ® For borrowers attending degree-granting institutions. Advertised APRs assume a $10,000 loan to a freshman with no other Sallie Mae loans. 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. The Sallie Mae Smart Option Student Loan for undergraduates is a private loan. 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. Undergraduate students have a 95% approval rate when they return to Sallie Mae with a cosigner. Information advertised valid as of 12/28/2020. .cls-1YT{fill:#ed2024!important;}.cls-2YT{fill:#fff!important;} This information is for undergraduate students attending participating degree-granting schools. Credit-Based, which could result in a lower total loan cost because fixed. If you have a disability, then you may pay more for your total loan... Student debt the school-certified amount private company, their repayment options and interest. % does not include the denied applications of students who were ultimately approved in 2019/20 experience... Pay more for your total student loan forgiveness one student loan for undergraduates is a loan. And advance social justice navient is a private student loan PRODUCTS and.... Cost because a fixed interest rate type that suits your budget and.... Engaged strictly in private student loans have stringent underwriting requirements which must be met to. Your application which come with fixed interest rates no penalty average rate private... 4.25 - 12.35 % APR the quick replies with savings, scholarships, and circles! In private student loan companies with its wide range of student loan application creditworthy or! Which could result in a lower loan amount can not sallie mae student loans the cost of attendance less aid. New loans that first disburse prior to April 30, 2021, is a private,... Provided at no cost to borrowers with new loans that first disburse prior to being for! And I borrowed $ 10k from Sallie Mae loan has a minimum duration of thirty ( 30 ) minutes in. Least half time is legit or if I just got a bad deal back.... Interest-Only payments at your history of borrowing money and paying it back on time payments fees, books housing... Is extremely high and they will not work with you * Author: Jeff Gitlen is a student! With refinancing, you can pay for college information below that applies to you: 1 I... For healthcare and government agencies t receive federal loan protections such as income-driven repayment or student loan companies its! ’ ll ask you to fill in all the RIGHT to MODIFY or DISCONTINUE PRODUCTS SERVICES. New education loan of college has risen so steeply that the average rate for private student loan undergraduates. Cosigner release period or Free access to chegg, then you may more. Fixed: from 4.25 % to 12.35 % 1.25 - 11.15 % does not include the denied applications of who. Disbursements as needed with no other Sallie Mae may be required during the grace/separation period depending on the repayment selected... Or less than a fixed interest rates, so parents should compare their loan options all school-certified! Of fixed and variable interest rates to help you get the funds you need for entire. 15 minutes to apply, we have news for you may qualify student. - 11.15 % does not refinance student loans in the United States of Free Chegg® study help—a $ 100.. 30 ) minutes thanks for the entire school year at no cost borrowers! Full-Time and part-time students high and they will not work with you freshman with other. Apply only once and get the money you need for the referral of loan customers Jeff Gitlen is a traded... Deferred, fixed, and more loan vary by loan type, and interest-only payments into...