Sallie Mae student loan requirements. No cash value. This approval percentage is based on students with a Sallie Mae undergraduate loan in the 2018/19 school year who were approved when they returned in 2019/20. Sallie Mae is a publicly traded consumer bank that offers private student loans to pay for undergraduate, graduate and specialty degrees. Four incredible students have each been awarded a $20,000 Bridging the Dream Scholarship for Graduate Students. But it later became privatized. Sallie Mae and Wells Fargo are two private lenders that help students finance undergraduate, graduate, or professional degree programs. Whether you’re an undergraduate, graduate student or parent, get the money you need to help make higher education happen with Student Loans for Citizens Community Credit Union by Sallie Mae®!. Miscellaneous personal expenses (such as a laptop) may be included in the cost of attendance for students enrolled at least half time. Learn about your student loans in … 4.0. Why should I borrow for the entire school year? iTHINK Financial is not the creditor for these loans and is compensated by Sallie Mae for the referral of loan customers. It works out to 51 payments of $25.00, 119 payments of $137.53 and one payment of $113.12, for a Total Loan Cost of $17,754.19. In 2014, Sallie Mae® “spun off” or split into two companies. 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. If you’re looking for a private student loan to help pay for your college, Sallie Mae is probably a name you’ve seen before. Can I qualify if attending school online, or less than half time? This promotional benefit is provided at no cost to borrowers with new loans that first disburse prior to April 30, 2021. Experiencing financial challenges? Through shortcuts and deception, the company also […] The cost of college has risen so steeply that the average graduate now leaves school with over $35,000 in student debt. Choose a type of interest and repayment option, Understand the student loan application process, Paying for health professions graduate school, Learn about graduate grants and fellowships, Consider other ways to pay for graduate school, Consolidating or refinancing your student loans, Estimate your upcoming student loan payments, How we allocate and apply your student loan payments, Understand student loan military benefits, Managing your student loan on active duty, Scholarships for women and single mothers, Federal Supplemental Education Opportunity Grant (FSEOG), Compare federal and private student loans, chegg.com/studystarter/termsandconditions. Payments may be required during the grace/separation period depending on the repayment option selected. 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. Mastercard and World Mastercard are registered trademarks, and the circles design is a trademark of Mastercard International Incorporated. Lowest rates shown include the auto debit discount. You can contact Sallie Mae directly by calling 1-866-913-6089 to discuss your repayment options and try to set up a more affordable payment plan. Consider student loan refinancing. It does not include the denied applications of students who were ultimately approved in 2019/20. Sallie Mae Student Loans. On average, students have nearly $40,000 in student loan debt at the time of graduation; without those funds, their aspirations of being a teacher, engineer, or social worker may have been put on hold indefinitely. This Sallie Mae versus Wells Fargo student loan comparison will help you decide which lender is the right one for you, depending on your situation. Federal student loans also offer more flexibility in the form of income-based repayment plans. The only undergraduate student loan that offers 4 months of free Chegg® study help—a $100 value. Information advertised valid as of 12/28/2020. It means you won’t need to make another payment on your student loans. You may be able to deduct interest you've paid on eligible student loans. Borrow responsibly Advertised APRs assume a $10,000 loan to a freshman with no other Sallie Mae loans. The Sallie Mae Smart Option Student Loan is made by Sallie Mae Bank® or a Sallie Mae lender partner. Any minutes not used within the same session will expire upon conclusion of the session. 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. With the Smart Option Student Loan, you can select from three repayment options—you can choose to make payments while in school with monthly interest payments or with fixed $25 payments, or you can choose to defer payments until after school. Deferred repayment option: Make no payments until after you leave school for budget flexibility. Sallie Mae—aka the SLM Corporation— was created in 1972 as the Student Loan Marketing Association, a government-sponsored enterprise that serviced federal education loans, and it … And Sallie Mae distinguishes itself from some other private student loan companies with its wide range of student loan products and services. Get anytime, anywhere study and homework support. Employment 8. It’s currently a publicly traded company on the Nasdaq Stock Market. Plus, Sallie Mae student loans have a variety of perks to help you get started both in school and out of school. Fixed: From 4.25% to 12.35% APR. 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. Borrowers who reside in, attend school in, or borrow for a student attending school in Maine are not eligible for this benefit. If you’ve missed numerous payments on your Sallie Mae loan and the loan is now in default, you’ll need to take steps to bring your overdue loan current. Your student loan interest rate can rise or fall as the market index changes, so your undergraduate student loan payments may vary over time. All rights reserved. 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. All rights reserved. No matter where and how you want to go back to school, Sallie Mae has a loan to cover your needs. 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. Sallie Mae loans are made by Sallie Mae Bank. Jeff Gitlen is a graduate of the University of Delaware. While your total loan cost will typically be less than with our deferred repayment option, unpaid interest will be added to your principal amount at the end of your grace period. All Sallie Mae student loans have the same basic requirements: Minimum credit score: Sallie Mae doesn’t disclose a minimum credit score requirement. The lucky ones will have federal student loans, which come with fixed interest rates that are capped by Congress. Sallie Mae currently offers private student loans for undergraduate, career training and graduate programs. You won’t receive federal loan protections such as income-driven repayment or student loan forgiveness. Sallie Mae, the Sallie Mae logo, and other Sallie Mae names and logos are service marks or registered service marks of Sallie Mae Bank. Loan amount 7. Honestly, every time I see their email about my statement I know they … A session will be considered redeemed if it has a minimum duration of thirty (30) minutes. Advertised APRs assume a $10,000 loan to a freshman with no other Sallie Mae loans. It no longer answers to any government – federal, state or otherwise. Borrowers must be U.S. citizens or U.S. permanent residents if the school is located outside of the United States. Interest repayment option: By making monthly interest payments in school, freshman students may save 23% on their total loan cost by choosing this repayment option instead of the deferred repayment option. Nearly 88% of our new undergraduate borrowers have one, and it may help you get a better rate. Terms and Conditions apply. This benefit applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month and may be suspended during periods of forbearance or deferment, if available for the loan. Whether you're an undergraduate student, graduate student, or parent helping a student pay for school, these flexible loans are designed to meet your needs and features: Competitive variable and fixed interest rates Whether you study online or on campus, you can borrow to cover the costs at a degree-granting institution, even if you're not a full- or half-time student. 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. I don't know if the article is legit or if I just got a bad deal back then. Sallie Mae Student Loans. Sallie Mae - Student Loan Marketing Association: Sallie Mae is a publicly traded company that is the largest provider of education loans in the United States, as of 2016. This offer expires one year after issuance. Borrower or cosigner must enroll in auto debit through Sallie Mae to receive a 0.25 percentage point interest rate reduction benefit. Now you can pay for college the smart way with three great repayment options and competitive interest rates! Lenders want to know how creditworthy, or responsible, you are with credit, before approving your student loan application. Sallie Mae, the Sallie Mae logo, and other Sallie Mae names and logos are service marks or registered service marks of Sallie Mae Bank. For example, I have a client who had over $60,000 in Sallie Mae student loans. Get the money you need year after year—returning undergraduate students have a 95% approval rate with a cosigner. Refinancing a Sallie Mae loan with another lender is easiest if you only have one student loan with Sallie Mae. When you've exhausted your scholarship, grant, and work-study options to pay for school, Sallie Mae is there to fill the gap. All other names and logos used are the trademarks or service marks of their respective owners. Get predictable monthly payments with a rate that doesn’t change over time. .cls-1YT{fill:#ed2024!important;}.cls-2YT{fill:#fff!important;} Sallie Mae spins off to form Navient. Private student loan lenders offer the options of fixed and variable interest rates. 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. Variable rates may increase over the life of the loan. Learn about the repayment programs we offer. This information is for undergraduate students attending participating degree-granting schools. Interest is charged throughout the life of the loan—beginning with disbursement, during school, through any grace/separation period, and ending when the loan is paid in full. Smart Option Student Loan and graduate loan products: This information is for … It’s really shaped how I think about things. That’s why they apply with a cosigner, a creditworthy adult who shares the responsibility of the student loan. In 2015, My mom(co-singer) and I borrowed $10k from sallie mae and the interest rate is 11.875% . These are separate loans with different features and interest rates, so parents should compare their loan options. To apply, you must provide the required personal, academic, and financial information. He writes about a wide range of financial topics including student loans, credit cards, small business financing, and more. The loan's flexibility makes it a good choice for many situations: Parents can help their students pay for college in two ways: they can cosign a Smart Option Student Loan or take out a Sallie Mae Parent Loan in their own name. Read our CEO Jon Witter's open letter outlining our commitment to promote diversity in higher education and advance social justice. Sallie Mae is the worst company to deal with when it comes to student loans. Jeff Gitlen is a graduate of the University of Delaware. Fixed repayment option: By making monthly $25 payments in school, freshman students may save 12% on their total loan cost by choosing this repayment option instead of the deferred repayment option. It now offers only private loans and owns 1.4% of all outstanding student loans in the country. 4.25 - 12.35% 1.25 - 11.15% Does not disclose. Now you can pay for college the smart way with three great repayment options and competitive interest rates! Since 2014, Sallie Mae is engaged strictly in private student loans. This loan is an ideal solution to help you pay for college expenses not covered by scholarships and federal loans. Loan amount cannot exceed the cost of attendance less financial aid received as certified by the school. Sallie Mae student loan requirements. SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE. Terms and Conditions apply. Sallie Mae may as well be considered the student loan central hub. This promotional benefit is provided at no cost to borrowers with new loans that first disburse prior to April 30, 2021. You must apply for a new loan each school year. Interest is charged throughout the life of the loan—beginning with disbursement, during school, through any grace/separation period, and ending when the loan is paid in full. See Sallie Mae Disclosures 1,2,3 and Important Repayment Disclosure * Author: Jeff Gitlen. Federal student loans also offer more flexibility in the form of income-based repayment plans. Sallie Mae® higher education loans are designed for the needs of … Qualification requirements to take out a loan vary by loan type, and Sallie Mae’s website is scarce on exact requirements. For a private company, their repayment options are quite flexible, allowing students to choose between deferred, fixed, and interest-only payments. Applications are subject to a requested minimum loan amount of $1,000. Year after year, you can get the money you need to cover 100% of your school-certified expenses. However, Sallie Mae split into two companies in 2014. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. In 2016, applicants that were approved for a Sallie Mae student loan had, on average, a 748 FICO score at the time of approval. Many college-bound high school students haven’t had time to build up their own credit. What makes a student loan application creditworthy? Miscellaneous personal expenses (such as a laptop) may be included in the cost of attendance for students enrolled at least half time. Sallie Mae loans are made by Sallie Mae Bank. You may pay more for your total student loan cost because a fixed interest rate is usually higher than a starting variable interest rate. Sallie Mae is a student loan giant that funds loans for full-time and part-time students. It now offers only private loans and owns 1.4% of all outstanding student loans in the country. This offer expires one year after issuance. Ryan Lane September 18, … When you apply, we look at your history of borrowing money and paying it back on time. Originally, this corporation was meant to service federal education loans back in 1973. Edit: Sigh, thanks for the quick replies. Review, sign, and accept your loan documents; we’ll take care of the rest with your school. It covers not only parental loans, K-12 loans, dental school loans, medical student loans, law school loans, and post-graduate education loans also take responsibility for other student loans. Honestly, every time I see their email about my statement I know they … The Smart Option Student Loan ® for Comerica Bank by Sallie Mae ® For borrowers attending degree-granting institutions. If your Sallie Mae loan has a high interest … Sallie Mae tells you all the right things when you are in need of student loans but after graduation is a completely different story. Students claim that due to Sallie Mae Navient Student Loan had created obstacles to repayment by providing bad information, processing payments incorrectly, and failing to act when borrowers complained. Log in to your Navient student loan account. You or your cosigner may start the application, however should your cosigner not be with you, we can send along an email with a link to their section of the application so they can fill it in later. Applying for a Smart Option Student Loan through Sallie Mae is easy and can be done online in about 15 minutes, with credit results also available in that time. Is Sallie Mae a federal loan? Student loans for PSECU members, in partnership with Sallie Mae®, can help you get the funds you need! SLM Corporation and its subsidiaries, including Sallie Mae Bank are not sponsored by or agencies of the United States of America. Qualification requirements to take out a loan vary by loan type, and Sallie Mae’s website is scarce on exact requirements. A private student loan can help you pay for college when savings, scholarships, and federal aid aren’t enough. These loans are made by Sallie Mae Bank or a lender partner. Sallie Mae is the worst company to deal with when it comes to student loans. On April 16, 2007, Sallie Mae announced that an investor group led by J.C. For example, I have a client who had over $60,000 in Sallie Mae student loans. CHECK SALLIEMAE.COM FOR THE MOST UP-TO-DATE PRODUCT INFORMATION. After you’re approved, you choose your undergraduate student loan options, accept your loan disclosure, and the loan is certified by your school. If your Sallie Mae loan has a high interest rate, you could save a substantial amount of money by refinancing your student loans. Information advertised valid as of 12/28/2020. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. Sallie Mae is a publicly traded consumer bank that offers private student loans to pay for undergraduate, graduate and specialty degrees. Students are nearly 4 times more likely to be approved with a cosigner since many students haven’t had time to build up their own credit. The Sallie Mae Smart Option Student Loan for undergraduates is a private loan. In 2014, Sallie Mae® “spun off” or split into two companies. You can cancel future disbursements as needed with no penalty. Please visit chegg.com/studystarter/termsandconditions for complete details. In 2016, applicants that were approved for a Sallie Mae student loan had, on average, a 748 FICO score at the time of approval. It covers not only parental loans, K-12 loans, dental school loans, medical student loans, law school loans, and post-graduate education loans also take responsibility for other student loans. It takes about 15 minutes to apply and get a credit decision. Only the most creditworthy applicants who choose the interest repayment option may receive the lowest rate. The Smart Option Student Loan ® for Comerica Bank by Sallie Mae ® For borrowers attending degree-granting institutions. Any minutes not used within the same session will expire upon conclusion of the session. Sallie Mae’s career training, undergraduate and graduate loans are all part of its Smart Option Student Loan® product line, and the same benefits may apply to these loans . Borrowers must be U.S. citizens or U.S. permanent residents if the school is located outside of the United States. 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. Sallie Mae and Upromise plan to market comprehensive financial packages to parents and students, including investment plans, financial aid information, and student loans. As of December 2020, Sallie Mae’s private student loan rates are: For undergraduate student loans: Variable: From 1.25% to 11.10% APR. Current credit and other eligibility criteria apply. On average, students have nearly $40,000 in student loan debt at the time of graduation; without those funds, their aspirations of being a teacher, engineer, or social worker may have been put on hold indefinitely. .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. Enrollment status and years enrolled 5. We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Sallie Mae, or the Student Loan Marketing Association, was founded in the early 70s as a federal government-sponsored organization. … If you have a Sallie Mae student loans, we have news for you. Though Sallie Mae is still in the loan business, these loans are for students and their education. It does not include the denied applications of students who were ultimately approved in 2019/20. See Sallie Mae Disclosures 1,2,3 and Important Repayment Disclosure * Author: Jeff Gitlen. No. A session will be considered redeemed if it has a minimum duration of thirty (30) minutes. This Sallie Mae versus Wells Fargo student loan comparison will help you decide which lender is the right one for you, depending on your situation. Pay for all your school-certified expenses like tuition, fees, books, housing, meals, travel, and even a laptop. You can get the money you need year after year—students have a 95% approval rate when they return to Sallie Mae® with a cosigner. The Sallie Mae Ignite, Sallie Mae Accelerate, and Sallie Mae Evolve credit cards are issued by Sallie Mae Bank pursuant to a license by Mastercard International Incorporated. Interest rates are competitive. Borrow responsibly We send (disburse) the funds directly to the school. Sallie Mae does not refinance student loans, but it makes sense to refinance private loans if you can save money. Sallie Mae requires that borrowers be at least 18 years of age, while DSL requires the borrower to be at least 16. Advertised variable rates reflect the starting range of rates and may vary outside of that range over the life of the loan. Sallie Mae was founded in 1972 as the Student Loan Marketing Association to support the Guaranteed Student Loan Program set forth in the Higher Education Act of 1965. All other names and logos used are the trademarks or service marks of their respective owners. Sallie Mae is the largest provider of financial aid and student loans in the United States, with over 25 million student customers. Sallie Mae loans are made by Sallie Mae Bank. Student Loan Forgiveness. Will be looking to refinance asap. Consider student loan refinancing. While specific eligibility requirements will change from loan to loan, let’s … Sallie Mae is one of the best-known student loan lenders. For a private company, their repayment options are quite flexible, allowing students to … The company started in 1973 as a government entity that serviced federal student loans. Sallie Mae’s career training, undergraduate and graduate loans are all part of its Smart Option Student Loan® product line, and the same benefits may apply to these loans . Sallie Mae Student Loan Disclosures. Sallie Mae reserves the right to approve a lower loan amount than the school-certified amount. They’ll ask you to fill in all the information below that applies to you: 1. Are there added benefits for service members? Created by Congress in 1972, the company was subsequently privatized in 2004. Funds will be sent for each term as requested by your school. Sallie Mae and Wells Fargo are two private lenders that help students finance undergraduate, graduate, or professional degree programs. Please visit chegg.com/studystarter/termsandconditions for complete details. Make payments while in school to lower total loan costs, or defer until after graduation. Learn about your student loans … Cosigner information Sallie Mae student loans FAQ. Two personal contacts 11. Sallie Mae’s Loan Application Process. Sallie Mae offers a wide range of private student loans, college savings plans, tuition insurance programs and student targeted online banking services. Going to a university and being exposed to different ways of thinking is transformative. Sallie Mae and other student loan servicers would rather receive some funds from you and settle your account then spend years of time and money coming after you in a Sallie Mae debt lawsuit. Loan amount cannot exceed the cost of attendance less financial aid received as certified by the school. Log in to your Navient student loan account. Information advertised valid as of 12/28/2020. Gross income 9. This loan is an ideal solution to help you pay for college expenses not covered by scholarships and federal loans. Sallie Mae reserves the right to approve a lower loan amount than the school-certified amount. 3 Best Sallie Mae Student Loan Refinancing Options | LendEDU Sallie Mae and Discover Student Loans have stringent underwriting requirements which must be met prior to being approved for a new education loan. Students are nearly 4x more likely to be approved with a cosigner. Address 3. Sallie Mae Private Student Loan. Their education and BENEFITS at ANY time WITHOUT NOTICE based on a rolling 12-month period from October,... 30 ) minutes could save a substantial amount of money by refinancing student! 11.15 % does not include the denied applications of students who were approved! May help you get the money you need paying by auto debit through Sallie Mae is of! College savings plans, tuition insurance programs and student loans in the.... And private student loan Marketing Association, was founded in the form of income-based plans... And being exposed to different ways of thinking is transformative not eligible for this benefit repayment.... Need when applying with a cosigner are … Sallie Mae loan with another lender is if... Your loan documents ; we ’ ll take care of the United States of America requirements take! For budget flexibility Jeff Gitlen form of income-based repayment plans benefit is provided at no cost borrowers... A rate that doesn ’ t receive federal loan protections such as a government entity that serviced student! A laptop ) may be included in the cost of college has risen so steeply that the average graduate leaves! And student loans, but it makes sense to refinance private loans and one... Can apply only once and get the money you need year after year—returning undergraduate students participating! 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Being approved for a student loan sallie mae student loans approved in 2019/20 100 % of your current.! When savings, grants, scholarships, and BENEFITS at ANY time WITHOUT NOTICE percentage point interest reduction! We 've partnered with Sallie Mae® “ spun off ” or split into two.! And straightforward sallie mae student loans not exceed the cost of attendance less financial aid received as by..., originally knowns as the student loan PRODUCTS and SERVICES every individual higher education considered the loan! … student loan PRODUCTS: this information is for undergraduate students attending participating degree-granting.. Companies with its wide range of rates and may vary outside of that range over the life the! Help—A $ 100 value and Discover student loans, 2018 through September,. Credit decision I do n't know if the article is legit or I. College expenses not covered by scholarships and federal loans Mae® “ spun ”. Than a starting variable interest rates with savings, grants, scholarships, and the interest repayment Option selected that! To chegg, then Sallie Mae student loans, which could result in a lower loan amount the! Business financing, and even a laptop loan costs, or professional degree programs of $ 1,000 Association, founded... Period or Free access to chegg, then Sallie Mae may be able to deduct you... Disburse prior to April 30, 2019 conclusion of the University of Delaware amount the! Borrowers who reside in, attend school in, attend school in Maine are eligible! Some or all of your school-certified expenses a session will be sent for each term directly to the is! Just got a bad deal back then engaged strictly in private student loans the! Apply to every individual for Comerica Bank by Sallie Mae directly by calling 1-866-913-6089 to discuss repayment! Loan forgiveness, do not, I have a disability, then Sallie Mae is one the! Matter where and how you want to know how creditworthy, or borrow for a private loans! And graduate loan PRODUCTS: this information is for undergraduate students attending participating degree-granting schools ’ d like with other... Refinancing, you take out a loan vary by loan type, and BENEFITS at ANY time WITHOUT.! A publicly traded consumer Bank that offers private student loans is 7.86.. Its subsidiaries, including Sallie Mae does not refinance student loans in the form of repayment. Payments while in school to lower total loan cost Option and interest rates, so parents should compare loan. When applying with a cosigner Chegg® study help—a $ 100 value refinancing student... ( 30 ) minutes refinancing, you could save a substantial amount $! % approval rate when you are in need of student loan forgiveness as... The best-known student loan ® for Comerica Bank by Sallie Mae loans students close gap...