Sallie Mae Student Loans

sallie mae borrowersSallie Mae is one of the nation’s leading providers of student loans and administrators of college savings plans. Since its establishment in 1972, Sallie Mae student loans have helped millions of Americans achieve their dream of a higher education.

Loan Types

There are a variety of Sallie Mae student loans for students who desire to pursue a college or post-graduate education. Sallie Mae’s featured student loan is the Sallie Mae Smart Option Student Loan, which offers three flexible repayment plans, has competitive interest rates, no origination fees, and a borrowing limit of 100% of a student’s school-certified costs of education, with a minimum amount of $1,000. Currently, this Sallie Mae student loan has APRs from 2.25% to 9.37%, depending on the borrower’s and cosigner’s credit score. Applying with a creditworthy cosigner, such as a parent, can give you a better chance of approval, and even help you get a lower interest rate; additionally, you can receive a 0.25 percentage point interest rate reduction while enrolled to make scheduled monthly payments by automatic debit.

Other Sallie Mae student loans include the Career Training Smart Option Loan, a great way to pay for school after exhausting scholarships and federal loans; the Medical Residency & Relocation loan, which keeps doctors in the race for residencies by financing expenses associated with finding one, including travel to interviews and relocation costs; several Pre-College Loans for tuition and/or tutoring expenses; and the Bar Study Loan, which helps law students prepare for the bar financially in order to concentrate on their studies, as it finances bar review courses, exam fees and deposits, and living expenses.

In order to receive a Sallie Mae student loan, a student must attend an eligible school and be enrolled in an eligible program. International students are eligible for a Sallie Mae student loan if they have a credit worthy cosigner.

Financial Aid

Repaying Sallie Mae Loans

Repayment plans for Sallie Mae student loans include the Interest Repayment Plan, the Fixed Repayment Plan, and the Deferred Repayment Plan. The Interest Repayment plan can enable you to save over 25% on the total cost of your Sallie Mae student loan compared to the cost of the loan with deferred payments, and is a great option if you can afford to make interest payments while in school. The Fixed Repayment plan requires you to pay just $25 a month on your Sallie Mae student loan while in school, and can enable you to save an average of 20% on the total cost of your Sallie Mae student loan when compared to a 15 year payment on a deferred private student loan. The Deferred Repayment plan is ideal if you do not have the funds to pay down your loan while in school, and allows you to defer all payments on your Sallie Mae student loan until after graduation.

A Final Word

Sallie Mae LoansStudents can cover all of their educational expenses through one of these Sallie Mae student loans, but should pursue scholarships, grants, and federal aid before turning to a private lender. The various flexible repayment options available for Sallie Mae student loans make Sallie Mae student loans very popular among college students. Sallie Mae student loans also have competitively low interest rates in comparison to any lender.

All told, the low interest rates, the flexibility of repayment, and many loan options make Sallie Mae a leader in private student loans. You can search for and compare private Sallie Mae student loans and loans from other lenders by using our Student Loan Comparison Tool above.

Need a private student loan? Compare your student loan options all in one place. SimpleTuition