The GoodCall.com Team
Sallie Mae student loans offer a variety of flexible repayment options to suit the financial needs of students. Loans are available for as low as $1,000, and all certified expenses, including a computer, housing and meals, are covered. Whether you’re an undergraduate student, a graduate student, a professional completing a certificate program or the parent of a […]
BY The GoodCall.com Team
Sallie Mae student loans offer a variety of flexible repayment options to suit the financial needs of students. Loans are available for as low as $1,000, and all certified expenses, including a computer, housing and meals, are covered. Whether you’re an undergraduate student, a graduate student, a professional completing a certificate program or the parent of a student, Sallie Mae loans may offer the terms you need to afford higher education.
Sallie Mae was created in 1972 by the US Congress to service federal student loans. By the end of 2004, it had fully privatized its operations and cut ties with the government, becoming an independent corporation. Today, the company offers an array of financial services, including its Sallie Mae student loans. Its private student loan choices include options for both student borrowers and parents, with over a dozen specific options ranging from undergraduate and career training loans to graduate loans for MBAs, medical school, law school and more.
Sallie Mae loans are flexible and inclusive, so they’re an ideal fit for a variety of students, including those who are attending less than part-time, those who need help financing all educational expenses and those who need choices when it comes to repayment terms.
Sallie Mae student loans are especially helpful for students who plan to attend classes less than half-time. This includes students who are studying abroad, completing professional certifications or simply trying to fit college into a busy life. Even federal student loans don’t work for these types of students as they require that repayment begins as soon as a student falls below half-time.
The application process for a Sallie Mae loan is similar to what you’d expect at any other institution. You’ll have to provide lots of personal details including your address, Social Security number, school enrollment status, the degree you are pursuing, requested loan amount, any financial aid and scholarships you expect to receive and your employment information. You’ll also have to provide your financial data, which can be time-consuming. This is important because you can’t obtain customized interest rates to compare with other loans until after you complete an application. Eligibility requirements for a Sallie Mae loan are also similar to those of other lenders, which include US citizenship or residency, creditworthiness and attendance at an eligible school.
You’ll enjoy several repayment options, no matter what kind of Sallie Mae loan you select. For example, undergraduates can choose full deferment, immediate repayment or interest-only, while those pursuing professional training and certificates can choose between immediate repayment starting at $25 per month while in school or interest-only until graduation. For those students who have the option of full deferment the grace period is six months, which is comparable to other lending institutions.
As you complete your Sallie Mae review, you’ll find that interest rates range from 2.75% APR to 13.11% APR (auto-debit discount already included) and may be fixed or variable. The lowest fixed rate of 4.74% APR is only slighter higher than the fixed rate of 4.52% for a federal subsidized or unsubsidized loan. However, this low Sallie Mae loan rate is reserved for applicants with the highest creditworthiness, so if you don’t qualify, you could pay as much as 11.85% APR.
Consider the pros and cons below during your Sallie Mae student loan review to quickly see the advantages and drawbacks of choosing a loan from this bank.
Sallie Mae student loans advantages:
Sallie Mae student loans disadvantages:
Applying for a Sallie Mae loan is a simple process, but it’s somewhat time-consuming due to all the information you have to provide. In addition to basic data about yourself and the school you’re attending, you’ll also need to provide income info, calculate your loan amount, and provide references. Here’s how to apply for a Sallie Mae student loan:
Because Sallie Mae offers such a wide range of financing and repayment options, it truly is a good fit for students from all walks of life. As you’ve seen from this Sallie Mae loan review, the servicer has options for nearly every kind of student, including those who are attending class on a less-than-part-time basis. With each loan option, borrowers can choose from at least two repayment options for increased flexibility. While its interest rates are higher than what you’d find with a federal student loan, having a higher credit score or applying with a cosigner can improve your chances of obtaining a lower rate.