Education Loans from Sallie Mae Education Loan
What is Salle Mae?
Sallie Mae is the USA’s largest college student loan company. It manages more than 126 billion dollars in debt from its 10 million borrowers. In this age when the higher education has become so expensive, Sallie Mae’s education loan programme has made higher education accessible to many students.
What are the different education loans offered by Sallie Mae?
Going for higher education is not a dream any more. It is possible with the help of Sallie Mae’s educational loans. It has helped millions of students through its wide range of federal loan as well as private student loan.
What education loans are available for the undergraduates?
The different education loans offered by Sallie Mae for the undergraduates are:
- Federal Loan: This loan is approved by the government. There are many kinds of federal loans available like Stafford, Perkins, Parent plus, Graduate plus etc.
- Private Loan: this loan is provided by Sallie Mae and it id of 2 kinds. One is Smart Option Student loan and the other is Continuing Education Student Loan.
What education loans are available for the graduates?
The different educational loans offered by Sallie Mae for the graduates who want to pursue higher education in business, law, dental etc are:
- Federal Stafford Loan
- Federal Graduate Plus Loan
- Sallie Mae Smart Option Student Loan
- Sallie Mae Residency Loan ( for dental students only)
What are the main features of Sallie Mae Smart Option Student loan?
The main features of Sallie Mae Smart Option Student Loan are:
- The student must be in a graduate program at least half time
- Good credit score is required
- 0.25% interest rate deduction available for automatic debit
- There is no penalty for pre payment
- The repayment begins after 6 months after completion of course
What are the main features of the Sallie Mae Continuing Education Loan?
The main features of Sallie Mae Continuing Education Student Loan are:
- There is no aggregate loan limit
- Can repay the loan in 15 years
- There is no prepayment penalties
- Good credit score is required
What are the eligibility criteria to avail the student loan?
The eligibility criteria for availing student loan from Sallie Mae are:
- At least 18 years of age
- Good credit scores
- The cosigner applied with must be credit worthy
- Need to be permanent resident of USA
- Must be enrolled in a college as full time or part time student
- The college must be a recognized one
What are the advantages of availing student loan from Sallie Mae?
The advantages of availing student loan from Sallie Mae are:
- Easy online payment
- The interest rate charged is not very high
- The repayment options are very good
- The interest rate can be reduced by applying with a credit worthy cosigner
- Minimum paperwork is required
- The loan procedure is very fast
What documents are required to submit?
The documents that are required to submit along with the application form are:
- Identity proof
- Credit score for the past 6 months
- Age proof
- Residential proof
- Details about your current savings bank account
What guidelines should be followed before going for an education loan?
The guidelines that should be followed before availing a student loan are:
- The terms and conditions should be read properly
- Make an assessment whether you will be able to repay the loan amount on time or not
- Look for any hidden costs if any
- Find out what things are covered under the student loan
Financial Institutions
- Nelnet
- Panhandle Plains
- Regions Bank
- Sallie Mae
- SLFC (Student Loan Finance Corporation)
- Suntrust
- US Bank
- Wells Fargo
- Xpress
- Zions Bank