Sallie Mae Loans Sallie Mae loans are typically used by students who require additional funding once all other options have been exhausted. Participants may remain in the program until they have fully discharged their loans, or choose to leave the program. For those students holding Federal loans which are being managed through Sallie Mae, borrowing limits and repayment schedules will be set by the government. This means that once you finalize the consolidation process, the payments begin the very next month. Students considering loan consolidation should understand that the process often extends the overall life of their loans, and will result in an increase in total interest costs. Students who have qualified for a Federal Consolidation Loan may still choose to manage their loan through Sallie Mae, and may be eligible to take advantage of the repayment options discussed above. How does Sallie Mae Compare? These elements can cost you more over the life of the loan, however, since a longer payback period means more payments and more interest paid. The most recent loan statement for each loan you want to refinance. Sallie Mae also offers extensive College Savings Plans for students and their families, as well as banking services and student friendly insurance policies for health, auto, home and tuition. Make sure you have: Students have three modified repayment options that are valid through the six month grace period after graduation. The lower interest is important for two reasons:
Income-Based Repayment — This option is available to Federal student loan customers who are experiencing financial difficulties. Are you ready to refinance your private student loan? Students may still choose to consolidate their outstanding loans through another financial institution, in which case their new repayment plan will be governed by their new private lender. Graduated Repayment — This program allows students to opt for lower initial monthly payments, which gradually increase over a ten year period. The typical loan is not due until six months after graduation or whenever enrollment falls below part-time status. Before taking out a loan, make sure you explore what options and benefits are important to you to make sure you that you can stay ahead on your repayment. Rates Sallie Mae offers annual percentage interest rates between 5. In addition, there is no grace period associated with most loan consolidation programs including the Federal Direct Consolidation Loan. Once you've decided that refinancing is a go, the next step is to tackle the application process. Sallie Mae began as a federal entity designed to market loans to students across the United States. It's important to pick a reputable lender that will not charge you any fees to refinance your loan. Recently, Sallie Mae selected Navient as the name for their new loan management, servicing and asset recovery company. First, let's talk about how student loan refinancing works. Students considering loan consolidation should understand that the process often extends the overall life of their loans, and will result in an increase in total interest costs. How does Sallie Mae Compare? Because of the size of Sallie Mae, they have the ability to offer competitive interest rates for both variable and fixed interest loans, as well as valuable benefits and incentives. Most want you to have a good credit score or higher , but they may also look at your employment situation and debt-to-income ratio. You can expect a conditional loan approval within minutes. Sallie Mae offers competitive private student loan interest rates as well as consolidation options for graduates. Students on the Extended Repayment plan will have the life of their loans extended to 25 years, and will make monthly payments based on a fixed annual or graduated repayment amount. Sallie Mae private student loans allow borrowers to defer payments until after graduation, have no initiation fees and can be obtained in amounts up to the entire cost of annual tuition plus expenses. Participants may remain in the program until they have fully discharged their loans, or choose to leave the program. Make sure you have: Again, extending the life of the loan will mean an increase in the total cost of the loan. Since Sallie Mae is no longer a federally owned entity since , Sallie Mae student loans are not eligible for Federal Direct Consolidation. Again, this program lowers payments while extending the life of the loan.
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