Hot Student Stories

Do you have any information on the Sallie Mae student loans?

What are the Sallie Mae student loans? Whatever they are, I hope they are great because I want to apply. You see, I urgently need a private student loan to take this business admin course. What do you know about student loan application? Is it tedious or not so bad? You could also tell me how to pay back student loans. I don’t want to be dragged down with outstanding payments later. If someone helps me put all the pieces together, it will be great!

Samantha Barber

in Student Loans

1 answer

1 answer

Ralph Lopez on May 21, 2018

Student loans by Sallie Mae are private financial education assistance loans. Sallie Mae (SLM) is a public corporation that dedicates itself to providing financial aid to students pursuing their higher education. In addition to providing loans, it is also a financial saving organization, in which one can save for college well in advance. The following are facts about SLM:

  1. All the loans are private student study assistance products. So it is one of the first places you go to when you need this kind of loan.
  2. They offer student loans for undergraduates, graduates, career trainees and parents of students. They also offer assistance for lower levels of learning when education needs to be paid for.
  3. They offer both fixed and variable interest rate loans. This means that you can either repay the same interest throughout the life of the loan, or it can go up and down, depending on the prevailing market conditions. It requires you to understand how each of these works before you choose the one that suits you. The assumption that one is better than the other may not hold true every time.
  4. Before you make an application for a student loan, you should first decide how much you need. You should know what you will use for tuition, equipment, accommodation or travel, among other expenses. You must also decide which interest rate you want, and understand the monthly repayment amounts you will make. Once you decide all these things, you can easily make your application online, through the official site of the corporation.
  5. The information that will be required from you to make the application is as follows. Your name, address, social security number, school and course, loan amount you want, employment and financial information. Your parents can also apply for the loan on your behalf, in case you can’t manage on your own. This means that it is the parent who will repay.
  6. You can make arrangements to repay extra on your loan each month, so as to reduce the repayment period and the cost of the loan. The way it works is that the faster you pay, the less you pay. This is an important aspect of how to pay back your student loan.  These extra payments can be made, provided that you choose the auto debit or pay ahead option offered by the corporation. 

Craig Stewart2 years ago

It is true that the Sallie Mae student loans are very reliable when it comes to financing education. This is their core business, so you will get the information you need to the last detail. Their experience in dealing with the student loans will also assure you of continuous assistance at all times. I cannot help you decide which to go for, fixed or variable interest. I personally prefer the variable interest rate, since it is part of the flexibility plan. It is important to allow for auto debiting as well. You are better off with a loan that you can pay off faster if your financial condition allows it. That way you will pay less, and get the loan question out of your system faster. The opposite is also true, however, if you drag your payments, you will end up paying much more, with the varied interest rate option.  

Add you answer