About Sallie Mae
Sallie 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.
Sallie Mae Student 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 co-signer.
Repaying Sallie Mae Student 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 on Sallie Mae Student Loans
Students 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.
Q:Is getting Sallie Mae loans a feasible option for undergraduate students?
A:College can be quite expensive. Often students have to look for other sources other than federal loans to cover the cost. In this regard, Sallie Mae loans are proving to be quite popular among students, since they offer loans to cover all kind of student expenses. The low interest rates and flexibility of payment terms makes it a feasible option for many.
Q:Is there any advantage to reading Sallie Mae student loan reviews?
A:Yes, reading reviews that analyze Sallie Mae student loans will definitely help you if you plan on borrowing from the company. These loan reviews are written by customers just like you and they talk about the various aspects of their experience, including customer service, after-sales service, and fluctuations in the interest rates.
Q:While searching the SimpleTuition website, I came across the Sallie Mae K-12 Family Education loan. What is it all about?
A:This loan option helps cover the cost of education. Students can borrow from $1,000 to the entire cost of education with the help of this option, as the K-12 Family Education loan offers competitive interest rates, flexible terms of repayment, and no application fee. In order to apply for this loan option, the applicant needs to be a legal U.S. citizen.
Q:Are there any Sallie Mae loan options available for graduate students?
A:Sallie Mae offers a number of options for graduate students. These options include Smart Option Student Loan, Medical Residency & Relocation Loan, Dental Residency & Relocation Loan, Global Health Residency and Relocation Loan, and Bar Study Loan. Sallie Mae also offers discounted interest rates if the student selects the auto bill option. Furthermore, Sallie Mae provides account management services around the clock.
Q:Can you tell me about undergraduate Sallie Mae college loans?
A:Sallie Mae college loans are a great option for undergraduate students who have financial need and cannot obtain funds from their university or from federal sources. These loans provide students with three repayment options, which allow students to pay more now, pay less now, or else completely defer their payments until graduation. The interest rate offered on undergraduate loans is also extremely competitive for both fixed and variable rate loans.
Q:How can I benefit from Sallie Mae student loans?
A:Student Loans from Sallie Mae are great funding options for students, as these loans cover almost 100% of your educational expenses, including tuition costs, traveling costs, accommodation costs, and books/materials expenses. Loans from Sallie Mae are designed with students' ability to pay in mind, as they usually carry a low interest rate and offer flexible repayment options. There are no origination fees or any other charges on these student loans.