Based on a rolling 12-month period from October 1, 2018 through September 30, 2019. SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE. And Sallie Mae distinguishes itself from some other private student loan companies with its wide range of student loan products and services. We've partnered with Sallie Mae because they have experience helping students achieve the dream of higher education. Get the money you need year after year—returning undergraduate students have a 95% approval rate with a cosigner. Private student loans are the way that many students close that gap. Many college-bound high school students haven’t had time to build up their own credit. Since 2014, Sallie Mae is engaged strictly in private student loans. Looking for another type of student loan? Information advertised valid as of 12/28/2020. Borrow responsibly As of December 2020, Sallie Mae’s private student loan rates are: For undergraduate student loans: Variable: From 1.25% to 11.10% APR. For example, I have a client who had over $60,000 in Sallie Mae student loans. What makes a student loan application creditworthy? 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. 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. Now you can pay for college the smart way with three great repayment options and competitive interest rates! No cash value. Borrowers must be U.S. citizens or U.S. permanent residents if the school is located outside of the United States. This promotional benefit is provided at no cost to borrowers with new loans that first disburse prior to April 30, 2021. CHECK SALLIEMAE.COM FOR THE MOST UP-TO-DATE PRODUCT INFORMATION. Read our CEO Jon Witter's open letter outlining our commitment to promote diversity in higher education and advance social justice. It no longer answers to any government – federal, state or otherwise. I don't know if the article is legit or if I just got a bad deal back then. Terms and Conditions apply. Student Loans Credit Cards Built For Your Life With a new look and new benefits, our cards offer everyday low rates, no surprise fees, and the speed and security of contactless payments. The SLM Corporation, originally knowns as the Student Loan Marketing Association, is a publicly traded corporation that offers private student loans. Borrowers who reside in, attend school in, or borrow for a student attending school in Maine are not eligible for this benefit. Only the most creditworthy applicants who choose the interest repayment option may receive the lowest rate. Sallie Mae Student Loan Disclosures. SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE. You must apply for a new loan each school year. The Sallie Mae Smart Option Student Loan for undergraduates is a private loan. This information is for undergraduate students attending participating degree-granting schools. Sallie Mae currently offers private student loans for undergraduate, career training and graduate programs. Even though it sounds good, it doesn’t apply to every individual. .cls-1FB{fill:#4468b1!important;}.cls-2FB{fill:#fff!important;} Today, it’s helped more than 30 million Americans plan, pay and save for education through flexible private loans. All rights reserved. If you have a Sallie Mae student loans, we have news for you. He writes about a wide range of financial topics including student loans, credit cards, small business financing, and more. With refinancing, you take out a new loan for some or all of your current ones. Pay for all your school-certified expenses like tuition, fees, books, housing, meals, travel, and even a laptop. Advertised APRs assume a $10,000 loan to a freshman with no other Sallie Mae loans. Sallie Mae, or the Student Loan Marketing Association, was founded in the early 70s as a federal government-sponsored organization. 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. Is Sallie Mae a federal loan? And Sallie Mae distinguishes itself from some other private student loan companies with its wide range of student loan products and services. Only the most creditworthy applicants who choose the interest repayment option may receive the lowest rate. The company started in 1973 as a government entity that serviced federal student loans. 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. With this undergraduate student loan repayment option, you’ll likely pay more for your total loan cost, since the interest rate may be higher and unpaid interest will be added to your principal amount at the end of your grace period. Cosigner information 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. But it later became privatized. Though any student loan—federal or private—is a legal agreement and must be paid back with interest, federal student loans generally offer more flexible options than private student loans. Sallie Mae is one of the best-known student loan lenders. Sallie Mae loans are made by Sallie Mae Bank. Funds will be sent for each term as requested by your school. Education Loan Management and Business Processing Solutions. Sallie Mae is the worst company to deal with when it comes to student loans. SLM Corporation and its subsidiaries, including Sallie Mae Bank are not sponsored by or agencies of the United States of America. A cosigner is someone who shares responsibility with you for paying back the loan and is often a parent, but can be any creditworthy adult. When do I start paying back my student loan? 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. This repayment example is based on a typical Smart Option Student Loan made to a freshman borrower who chooses a variable rate and the Fixed Repayment Option for a $10,000 loan, with two disbursements, and a 6.99% variable APR. 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. Borrower or cosigner must enroll in auto debit through Sallie Mae to receive a 0.25 percentage point interest rate reduction benefit. Lowest rates shown include the auto debit discount. Any minutes not used within the same session will expire upon conclusion of the session. If you’ve been affected by the coronavirus and need help with your account, we’re here for you. Private student loan lenders offer the options of fixed and variable interest rates. You can apply only once and get the money you need for the entire school year. It now offers only private loans and owns 1.4% of all outstanding student loans in the country. 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. Terms and Conditions apply. The Sallie Mae Smart Option Student Loan for undergraduates is a private loan. Get predictable monthly payments with a rate that doesn’t change over time. 4.0. Federal student loans also offer more flexibility in the form of income-based repayment plans. Nearly 88% of our new undergraduate borrowers have one, and it may help you get a better rate. The Smart Option Student Loan ® for Comerica Bank by Sallie Mae ® For borrowers attending degree-granting institutions. The cost of college has risen so steeply that the average graduate now leaves school with over $35,000 in student debt. We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. 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