Sallie Mae Student Loans, In as much as there are higher options like federal government loans, private lenders are also a good option for sourcing student loans. Reckoning, Sallie Mae Bank is one of those smart lenders publicly traded and the biggest in the business. It extends its services to undergraduate, graduate, and vocational students, their parents, to borrow up to the total cost of their college costs and at a maximum repayment year of 15 years.
WHAT YOU SHOULD KNOW
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- Firstly, loans are extended to neglected groups such as part-time students and non-U.S citizens. This is unlike other lenders who restrict applicants to the student who is U.S citizens and enrolled in school at least half-time. But in Sallie Mae, the reverse is the case; half-time students can qualify for a loan.
- Secondly, discharge is available on cases of death and disability. This means that Sallie Mae always will discharge the loan balance if the student dies or becomes permanently disabled, even though their parents hold the loans. Of course, we can count on that as a great advantage over other lenders.
- Thirdly, co-signers are released after 12 months. You have the great option of applying that your co-signer will be released from your Sallie Mae loan after 12 months of on-time payment. This is unlike other lenders who prefer you to make several payments for several years before you can apply for the co-signer release.
- Also, there is room for late payment. Charges avert when you make the payment on time and when necessary. You will be charged for a late fee that is equal to 5% of the amount of the past-due payment and a maximum of $25. This is a great disadvantage unseen in other lenders.
- Lastly, there is no prequalification. Not all lenders allow you to prequalify for a loan and Sallie Mae is amongst them. Just with a set of few questions is ascertained and you find out if you’d qualify over rate estimate, without having to alter your credit score.
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Available Student Loans on Sallie Mae
Just like we mentioned earlier, Sallie Mae extends to service of a wide range of student loans including professional loans, residency loans, and bar exam loans. Let’s look at them one after the other.
Undergraduate Student Loans
It is most convenient for the undergraduate student who still depends on the parents partially for financial assistance. You could actually count on federal direct subsidized and direct unsubsidized loans per year which is the highest $5,500. But this won’t be enough for other expenses like tuition and room and board. Sallie Mae’s undergraduate student loans can help cover up the expenses. You can borrow up to the total cost of attendance, also without origination fees or prepayment penalties at all.
Check out for the below box for the rates and terms
| Variable Rates | 1.25% to 11.15% |
| Fixed Rates | 4.25% to 12.35% |
| Loan Amounts | $1,000 up to the total cost of attendance |
| Loan Terms | Five, 10, or 15 years |
Career Training Student Loans
Specifically for students who are attending professional training school for certification or otherwise, Sallie Mae’s Career Training student loans are a get way of financing. You can borrow up to the total cost of attendance down to expenses on meals and Sideline expenses. Gainful enough, it has no origination fees or prepayment penalties. Check out on the below table for the rates and loan terms.
| Variable Rates | 4.25% to 11.64% |
| Fixed Rates | 6.62% to 13.83% |
| Loan Amounts | $1,000 up to the total cost of attendance |
| Loan Terms | Five, 10, or 15 years |
Graduate School Loans
Are you in pursuit of your master’s degree or something more, Sallie Mae’s graduate school loan can be the smart decision to take to alternate the federal Grad PLUS loans? This is because the interest rates of Grad PLUS loans are very high (7.08%). And some other fees such as disbursement fees. Sallie Mae’s graduate school loans have no related case of origination fees. Check out on the below table for their rates and loan terms.
| Variable Rates | 2.25% to 11.76% |
| Fixed Rates | 4.75% to 12.11% |
| Loan Amounts | $1,000 up to the total cost of attendance |
| Loan Terms | 15 years |
MBA Loans
An MBA loan offered by Sallie Mae is targeted to students over business schools, which are in pursuit of their master’s degree in business administration. The loan covers about 100% of your school-certified expenses, with a six month grace period after graduation and 48 months of deferment during an internship.
| Variable Rates | 2.25% to 11.76% |
| Fixed Rates | 4.75% to 12.11% |
| Loan Amounts | $1,000 up to the total cost of attendance |
| Loan Terms | 15 years |
Dental and Medical School Loans
Dental and medical school loans offered by Sallie Mae are with a loan term of 20 years. This gains the student advantage of a long time to repay the loan, even with a comfortable monthly payment. It greatly offers a longer grace period- 36 months during the start of your career and guesses what; you can borrow up to the total cost of attendance of your program.
| Variable Rates | 2.25% to 11.61% |
| Fixed Rates | 4.75% to 11.98% |
| Loan Amounts | $1,000 up to the total cost of attendance |
| Loan Terms | 20 years |
Dental and Medical Residency and Relocation Loans
Sallie Mae’s medical residency and relocation loans help for covering your cost of examination fees, travel, and moving expenses. The maximum loan amount you can borrow is $30,000 and upon that, there are no origination fees or prepayment penalties.
| Variable Rates | 3.03% to 9.62% |
| Fixed Rates | 6.52% to 12.00% |
| Loan Amounts | $1,000 to $30,000 |
| Loan Terms | 20 years |
Law School Loans
Sallie Mae’s loans have been made available for law students and they can borrow up to the total cost of attendance. The loans offer nine months grace periods and 48 months deferment during clerkship or fellowship. There are no origination fees and no prepayment penalties.
| Variable Rates | 2.25% to 11.61% |
| Fixed Rates | 4.75% to 11.98% |
| Loan Amounts | $1,000 up to the total cost of attendance |
| Loan Terms | 15 years |
Bar Study Loans
While you study for the bar exam, the Sallie Mae Bar exam loan can be a saving grace to cover your fees and living costs. You can borrow up to $15,000 with 15 years left to you for repayment.
| Variable Rates | 3.02% to 9.96% |
| Fixed Rates | 5.75% to 12.68% |
| Loan Amounts | $1,000 to $15,000 |
| Loan Terms | 15 years |
Parent Student Loans
Opting for a private loan could be the perfect decision to take because over the Federal PLUS loans, the interest rates are high and disbursements fee too. A private lender like Sallie Mae could be your best alternative considering their terms and rates.
You can borrow up to the total cost of attendance at your child’s program. Just like Parent PLUS loans are meant for only parents of an undergraduate student, Sallie Mae is could be taken for both graduate and undergraduate.
| Variable Rates | 3.50% to 10.12% |
| Fixed Rates | 5.49% to 12.87% |
| Loan Amounts | $1,000 up to the total cost of attendance |
| Loan Terms | 10 years |
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