There are so many loaning platforms available, but very few of them give you real choices of loans for students. The Sallie Mae platform is one of these few loaning platforms. This article will give you good enlightenment about Sallie Mae’s student loans. I will suggest that you read this publication till the very end of it.
Sallie Mae Student Loans
Before moving deep into Sallie Mae’s students’ loans. I think it will be very beneficial to give a brief definition of what the platform is all about.
Sallie Mae is a publicly-traded United States cor operation that provides consumer banking. the Platform is synonymous with student loans. It was created by the government in 1973 and then turned private in 2004.
The Sallie Mae platform is now one of the largest lenders of private education debt. It provides for career training programs, undergraduate and graduate degrees, as well as professional schooling and residency. In the third quarter of 2021 only, it has originated about $2.1 billion in loans.
Sallie Mae is one of the largest private student loan companies in the United States. The firm offers a large range of student loans.
Now here are the major options that the Sallie Mae students loaning platform offers to their customers.
Sallie Mae Student Loans for Undergrads, Graduates, & Parents
The Sallie Mae loaning platform coffee a lot of private loans for students. Private student loans are usually the next options when students are weighed down with bills and need financial aid. Now here are some of these options.
Smart Option Student Loan for Undergraduate Students
This type of students loan is one of the primary loan products offered by Sallie Mae. the feature of this option includes.
- This loan can be used for bachelor’s and associate’s degrees and certificate programs at degree-granting institutions.
- It has a coverage of up to 100%of the school-certified cost of attendance.
- It has no repayments penalty and no origination fees.
- When people enroll they can qualify to make monthly payments by auto debit, they can qualify to receive a 0.25% interest rate reduction.
- The repayment options include deferred fixed repayment and an interest repayment option.
- You might get a decision within 15 minutes of submitting your loan application.
These are the major features of the package called the smart option student loans for undergraduate students.
Graduate School Loans
This option is for those who would like to do their Master’s or doctoral degree. these are the features of this loaning option.
- The platform gives a grace period of 6 months as the borrower is starting their career.
- a deferment period of 48 months is given during an internship or fellowship
- Eligible borrowers here may be able to make 12 interest-only payments after the grace period has been exhausted
- there are no origination fees or prepayment penalties.
Here you go, these are the feature of the package created for Postgraduate students.
These types of loans are also available for undergraduates, graduates, ad certification education. Here are its features.
- no origination fees are required
- you get a 0.25% point interest rate reduction with auto-debit
- there are variable and fixed interest rate options available for you.
- The interest loan repayment options let borrowers make interest-only payments when the students remain in school for up to 10 years.
- With the parent from Sallie Mae, Borrowers can also pay off the loan faster by making both principal and interest repayments while the student is in school.
If you fall under the category of taking this loan. then I’d advise you to go for it.
Loans for Med Students & Medical Professionals
These loans were created to help students work toward their medical careers by paying for their schooling. These medical and dental school loans are for students that are still working through school, while the health professions graduate loan is for students who are in residency.
This loan can be used to cover the cost of business school as a borrower is pursuing their master of Business Administration degree. the Eligibility for this loan is available for U.S citizens if they are attending a degree-granting school in or out of the United States, or are enrolled in eligible study programs abroad. International students may be eligible for this loan if they are attending certain schools in the United States.
The Sallie Mae platform also offers loans for law students working towards their degrees, business degrees, or other nonstandard career certifications.
What you Need to Apply for the Sallie Mae Student Loans
The Eligibility of the Sallie Mae Loan will depend on the type of loan that you are applying for. Now, here are the things or documents you need to apply
- First off, you will need a permanent address that you have lived in for at least one year
- You must have social security numbers. For you and the cosigner.
- school information to include both your name, enrollment status, degree, and course of study
- Academic Period of enrollment and the particular year in school
- The Loan amount that you are requesting and other financial aid the students hope to receive
- Your full employment information
- Name and contact information of two personal contacts.
These are the available Sallie Mae student loans and what you need to apply. for more information visit www.salliemae.com.