Sallie Mae Loan Requirements
A great advantage of getting a private loan through Sallie Mae is that you can ask for larger sums of money. Assuming you didn`t qualify for a federal loan program and didn`t pay for your college education out of pocket, a Sallie Mae personal loan can provide you with the finances you need to cover your tuition while offering competitive rates and manageable terms. Customer support for existing loans is available at (800) 472-5543. Support agents are available Monday to Friday from 8 a.m. to 8 p.m. ET. Death or disability Release available: If the student dies or becomes permanently and completely disabled, Sallie Mae waives any remaining payments on the loan. If Sallie Mae rejects your student loan application, the lender will let you know why. Depending on the reason, you may want to consider other lenders or, if you haven`t already, try applying with a co-signer. If you end up taking out a private loan for your college expenses, make sure you can afford the monthly payments before signing an agreement. Never enter into a loan agreement if you are not sure how you will repay the loan. Sallie Mae offers a variety of private student loans. Private student loans are usually the next option after a student has exhausted all other financial aid, including federal student loans, to pay for their education.
Compare your personal student loan options to make sure you get the best price you qualify for. In addition to interest rates, look at lenders` repayment options and the flexibility they offer to borrowers who are struggling to make payments. Only federal student loans are eligible for student loan forgiveness programs. Sallie Mae offers private student loans, so they are not eligible for student loan forgiveness. Large loan amounts: You could have 100% of your school-certified costs covered at an approved school or institution. The qualification requirements for taking out a loan vary depending on the type of loan, and Sallie Mae`s website has few specific requirements. In general, borrowers must have borrowed money in the past and paid it back on time. If you don`t have a lot of credit in your name, you can also apply to a creditworthy co-signer. You will also need to apply for a loan from an eligible school, which you can see when you apply. Student, master`s, MBA, health profession, dental school, medical school, and law school loans offer three main repayment options: Sallie Mae is one of the best-known student loan companies, offering private loans to students and graduates in a variety of degree programs.
While it doesn`t offer student loan refinancing, its college planning tools outperform the competition in terms of overall credit experience. With scholarships, college planning calculators, and educational articles, not to mention competitive pricing, Sallie Mae is a great choice for new student borrowers looking for a well-rounded lender. Sallie Mae Student Loans are an excellent source of financial support for your college education. No matter what type of loan you apply for, Sallie Mae student loan programs can help you achieve your college dream. Federal PLUS loans have the highest interest rates and payment charges of any federal loan. The interest rate on Parent PLUS loans is currently 6.28%, so opting for a private loan from a lender like Sallie Mae can be a cost-effective alternative – if your finances qualify you for the lowest interest rates. Finally, if you have money left over from your Sallie Mae student loan, make sure you treat it responsibly by putting it in savings. This way, once you start making loan payments, you`ll have a good chunk of the interest on accumulating money. They should always make your money work for you whenever possible. These loans will help students working on their medical careers pay for their education. The Medical and Dental Study Loans are for students who are still working while studying, while the Health Professions Graduate Loan is for students in residence. To consolidate your federal and private student loans, here are the main steps to apply for a loan through Sallie Mae: One of the few lenders to grant loans to part-time students.
Sallie Mae is one of the best-known private student loan lenders and is a great choice for students looking for help paying for their education. The lender offers loans for a variety of grade levels with many benefits and competitive terms. To qualify for a private student loan for students or graduates, you need a long time between loan approval and loan disbursement. Once your loan is approved, Sallie Mae will apply for certification to your school. Many schools only certify applications within 30 days of registration. Even if you applied for a loan months in advance, you may not know the funds you need until a few weeks before classes start. Here are some of the positives and negatives to consider before applying for a Sallie Mae student loan. Sallie Mae offers a wide range of student loans, including business loans, residence loans, and bar exam loans. Sallie Mae`s graduate loans have no subscription fees and the repayment term is 15 years with a grace period of 6 months.
Student cash loans have the option to defer repayment while you`re in school for at least half a day and during the nine-month grace period. Medical and dental residency loans increase this grace period to three years if you stay at least halfway through enrolled. Whether Sallie Mae`s interest rates are more competitive than those of other lenders, including the federal government, is a more complicated question. A lot depends on your finances. Although Sallie Mae`s lowest interest rates are lower than the Fed`s, you`ll likely only qualify if you have excellent credit — otherwise, you risk paying about the same or even more. The lender offers variable interest rates on its loans – unlike the government – which can be beneficial in an environment of falling interest rates. Sallie Mae, originally founded in 1973 as a government-backed student loan program, split into two high-performing companies in 2014: Sallie Mae Bank, a consumer banking business, and Navient, the largest federal provider of student loan services. Although the federal government remains the largest source of student loans in the United States (92.29% of student loans are federal loans), working with a private lender can be a wise decision. And Sallie Mae Bank, a publicly traded company, would be the largest company in the sector (holds 1.4% of student loans).
It allows students, graduates and even vocational students – and their parents – to borrow up to the full cost of their higher education and repay up to 20 years (depending on the purpose of the loan). Although co-signers are not mandatory, they can improve your chances of getting a loan. If you still need money to pay for school, then you can apply for a Sallie Mae student loan. To complete the online application, you will need to provide the following personal information: A Sallie Mae student loan gives you access to a number of private lenders, as well as federal government student loan programs. If you choose to guarantee your student loans through Sallie Mae, you can take advantage of competitive interest rates, easy repayment options, and the ability to monitor and manage your loans online. Once the school has confirmed the request, Sallie Mae will donate the funds directly to the school. Any additional money left, known as student loan repayment, will be issued to you. They say the whole process can take as little as 10 days. Here are the loans that Sallie Mae offers to students who are pursuing law degrees, business degrees, or other non-standard professional certifications. Sallie Mae Medical School loans also have a repayment term of 20 years.
As a health professional, you have a grace period of 36 months at the beginning of your career and can borrow up to the full cost of your participation in your program. Non-U.S. citizens who reside in the U.S. and attend school may also be eligible for a loan if they have a co-signer who is a U.S. citizen or permanent resident. The average credit score for approved borrowers was 748 for student loans. If you are looking for a federal loan, you must meet certain minimum requirements. All students applying for a federal loan program must have a minimum GPA (usually 2.0 or higher), they must be U.S. students. As a citizen or legal resident, they must be in the required income bracket and be able to prove that they have not defaulted on previous loans. While you are studying for the bar exam, you can use a Sallie Mae Bar Exam loan to cover your expenses and living expenses. You can borrow up to $15,000 and have 15 years to repay the loan.
