Ever had a monetary issue as a student? Have you ever needed urgent money as a student, and you need the quickest student loan. Although, it is very easy to get a student loan not many of them will offer you the amount of money you are looking for.
Salle Mae Student loan has come to the rescue of students in need of financial solutions. This article will talk about Salle Mae student loan forgiveness. Keep reading to access the full information.
Salle Mae Student Loan Forgiveness
The Salle Mae loaning platform offers private student loans for undergraduate, career training, and graduate programs. It also offers parents loans and loans for part-time students.
Getting a Salle Mae loan is very easy, it takes the same process as other platforms. Here you will have to apply for the loan at the website www.sallemae.com and then wait for approval.
It won’t be right to not have a good definition of Loan forgiveness. Loan forgiveness means that for some reason you have been relieved from paying back some or all of your loan. These reasons may be because you are finding it difficult to pay back. Loan forgiveness may also mean loan cancellation. Now let us look at the feasibility of Salle Mae offering loan forgiveness.
Does Salle Mae Offer Loan Forgiveness?
Please note that Salle Mae does not offer loan forgiveness for its private students. One big relief for you is that they offer loan cancellation. This is only if the loan borrower has suffered total and permanent disability.
What Happens if you Cannot Afford to Pay Back your Loan?
The repayment plan offered by Salle Mae is not based on your income. The repayment plan Salle Mae offers come in two forms;
The graduate repayment period and the Fixed Monthly payments. The graduate payment option allows you to make income-only payments for the first 12 months after leaving full time at school and after then after that, your payments will be a fixed amount every month. so what if you cannot still afford these payments at the end of the process?
In this case, your loan options are limited. You can decide to ask for a deferment, or you can look for another student lender for refinancing.
What are the Options for Delinquent Salle Mae Loans?
If you stop making payments on the tie, all hope is not lost. There are 3 options for you if you find yourself in this condition.
- Go for an Interest rate reduction program
- Term and Rate Modification
- 3 pay
Rate Reduction Program
With a rate reduction program, you can lower your interest rate and make interest payments for a while ( between 6 to 12 months). This program is for people who are going through temporal financial problems.
Term and Rate Modification
This is a student loan repayment program that lowers both your interest rates and your monthly payments for a limited amount of time. It also extends the term of your loan, but you will end up paying more on aggregate over the long term.
This program lets you make your loan current by allowing you to make payments with an amount greater than the current amount for three consecutive months. The main reason for this program is to bring your account current down.
Does Salle May Offer Student Loan Settlements?
Before you can negotiate a settlement, you must have defaulted on your loan payment. Once you default, you will be able to negotiate a settlement for around 40- 75% of your loan balance. You may be able to settle that payment on monthly payments or using a lump sum.
Here you go. I believe have given you enough solutions if you need loan forgiveness from Salle Mae. You can visit their main website, www.sallemae.com to get more information.