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Why should I go for sallie mae student loans?

After exhausting all other options of federal aid and grants, I still feel I am in need of more funds to pay my college fees. sallie mae student loans popped up among the top searches that I came across as I looked in the web for a private student loan that could help me sort my finances out. Can someone help me shed more light on my part on this particular type of private loan? I would appreciate if someone could show me how the student loan application process should be done and best of all, clarity on how to pay back student loans is always a factor that cannot be overlooked when choosing a loan.

Samantha Barber

in Student Loans

1 answer

1 answer

Jodi Brooks on January 15, 2018

Before settling for a private student loan, I am imagining that you have exhausted all available options of scholarships, your savings, and even federal aid and are still not enough for you. I say this because federal student loans have borrower protections which may not be provided by private student loans, they have forgiveness programs and favorable income-based repayment plans which I think are worth exhausting before having the thought of a private student loan.

This being your case then, a sallie mae student loan might be a good option for you. It is a consumer banking company providing student loans in the United States and has helped more than 30 million students get funding for their studies, in fact, it is America’s leading financier of education. It originally offered federally guaranteed loans for the U.S Department of Education but currently exclusively provides private student loans. Sallie Mae provides a variety of private educational loan products including:

  • Undergraduate student loans
  • Graduate student loans
  • MBA student loans
  • Health professions graduate loans
  • Dental and medical school loans
  • Residency loans
  • Bar study loans
  • Career-training student loans
  • Parent loans
  • K-12 student loans

It is always essential for any student out there looking for a loan to be familiar with how to pay back a student loan for any loan provider they are interested in. things can really run out of hand when it is time to pay back the money and you have no clue how to go about it. Sallie Mae has got very flexible repayment plans. They offer three repayment options for private student loans. Firstly, they have got a deferred repayment option, this one allows students not to make any scheduled loan payments at all while they are attending school. Plus they are given a six-month grace period after graduating before they can start paying back. Secondly, there is a fixed repayment plan which can help the student cut down on accruing interest. The student can only pay $25 a month toward their loan while schooling and during their grace period after which they can start paying their full payments of the principal and interest. Thirdly they have the Interest repayment option where one pays all accrued interest every month while in school as well as during their grace period, after which you can then start making principal payments. This plan can lower the overall cost of your loan since you are eligible of having a 1% interest rate reduction.

Loan application by students can be done right from Sallie Mae’s website homepage. With easy navigation, you’ll find a list of private student loans to pick from once you begin your application. Just select the one you are applying for and you’ll be directed to fill standard loan information.

Kayla Bowen2 years ago

There’s one thing I like about sallie mae’s student loan offers, it is their fixed and variable interest rates. I have encountered other loan products allowing the borrower to only pick which interest rate type they like to go by, I understand others only offer you one option. A fixed interest rate will not change with time. Once you are given your rate, it will remain just the same all through the lifetime of your loan regardless of any market changes, ensuring predictable monthly payments. Variable rates may start lower but fluctuate over time causing your payments to change, this will mean less predictability and higher risk, although there’s the possibility of paying less for your loan’s total cost.

Another good thing with Sallie mae is that, as long as you are eligible for a loan, you can borrow up to the full cost of your college education. Who wouldn’t like such an offer? No wonder many students prefer using Sallie Mae student loans to take care of their financial deficit occurring after exhausting federal grants and loans they have already received.

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