Important Facts And Information About Sallie Mae Student Loans
Sallie Mae is among the leading student loans providers in the US. The company also offers college saving plan administration services. Since the company’s establishment in 1972, very many have been offered student loans which have helped many Americans pursue higher education.
Types of student loans
There are many types of student loans offered by Sallie Mae to help individuals pursue graduate and/or postgraduate education. Some of the common student loans offered include:
Sallie Mae featured student loan
This loan is a smart option student loan that offers student loan borrower’s flexible repayment plans, competitive interest rates, and a high borrowing limit i.e. 100 percent school certified education costs. It is important to note that this loan attracts no origination fees. The loan currently has an APR ranging from 2 to 9 percent depending on factors such as a co-signer and borrower credit score/history. To increase your chances of getting this loan, you need to apply using a creditworthy co-signer i.e. a parent. A creditworthy co-signer also helps you get a better interest rate.
Another common example of a Sallie Mae loan for students is the career smart option loan. This loan is great for paying for college expenses especially if you have completely exhausted federal loans and scholarship funds.
The medical residency and relocation loan is another popular/common loan type. This loan keeps medical students in a residency race by financing all expenses associated with finding residency. Such expenses include; travel expenses, relocation costs e.t.c.
The bar study loan is another example. This loan helps law students concentrate on preparing for their bar exams by catering for expenses associated with; exam fees, living expenses, bar review course fees among other expenses.
In order to be eligible to receive a loan, students must attend eligible schools and be enrolled in eligible programs. It is important to note that International students can take student loans provided that they provide a co-signer who is very credit worthy.
Sallie Mae loan repayment plans for students include; interest, fixed and deferred repayment plans. The interest repayment plan can offer saving of approximately 25% of the total loan cost compared to costs associated with deferred payments. The interest repayment plan is therefore a great option for students who can manage making interest payments while still in school.
The Fixed repayment plan normally requires students to pay $25 monthly on loans while students are still in school. If you are able to manage making payments while still in school, you can save approximately 20% of your total loan cost compared to making 15 year repayments on deferred private loans for students.
The deferred repayment plan suits individuals who don’t have funds to start making repayments while still in school. This repayment plan allows students to start repaying their loans after graduation or withdrawing from school. This is the most popular repayment plan because most students prefer to start paying back their student loans once they are out of school. It is however important to consider that you don’t enjoy benefits of early repayment i.e. lower interest rates.