The Sallie Mae student loan is a private student loan aid for students struggling to afford their college tuition. The loan is available to undergraduates, graduates, business and health-related profession students. Parents, relatives, and any other creditworthy person can also access the Sallie Mae student loan.
A brief history of Sallie Mae and its operations
Sallie Mae is an American financial institute created in 1973 with its headquarters in Newark, Delaware. Its main business operation being to serve student loans. Sallie Mae was previously a government entity serving only federal education loans. However, it has since become a private corporation providing private student loans. The company also provide debt management services and offers other technical products to various classes of its clientele.
The company’s major business is servicing and collection of private education loans. They also provide college savings tools including college planning tools and resources as well as Upromise rewards. Sallie Mae
Sallie Mae was named as one of America’s “100 Best Corporate Citizens” by the Corporate Responsibility Officer. It is also named amongst the top corporate philanthropist organizations.
Sallie Mae students’ loan
At the Sallie Mae website, you can easily find a suitable student loan that meets your specific needs.
Before deciding what loan you will get, you need to realize that the loan is only viable for educational use alone. This generally includes; Tuition, accommodation, books, computers, and accessories for school and other fees like transportation and supplies. Then also, you must not borrow more than you need to avoid wrecking your credit. To qualify for a student loan, they are certain criteria you must meet. The criteria are different for federal and private student loans.
The federal student loan’s eligibility is based on your financial and family condition. It is categorized into subsidized and unsubsidized loans. However, for the subsidized loans, the US education department pays for the student’s interest while for unsubsidized loans, the borrower pays the interest.
More about Sallie Mae students’ loan
The private student loans like the Sallie Mae student loan, eligibility is based on you and your cosigner’s creditworthiness plus other background checks. Banks and other financial institutions offer private student loans.
When choosing private student loans, you must have carried out thorough research on the lender. You must have also chosen a school that works with the lender. Then you need to check out the interest rate of the products offered by the lender.
To apply for the Sallie Mae student loan, go to their website. (Click here to visit the website). Select the particular loan service you wish to access. Next, you will be required to fill out some basic personal and financial information. You’ll also need to choose an interest rate type plus repayment option for the loan. Then finally, you need a creditworthy cosigner who’ll also need to provide their financial info. With the Sallie Mae student loan application, it only takes 15 minutes to get a credit result making the process easy and efficient.
Sallie Mae Bank
Sallie Mae through its banking platform offers lots of valuable banking products for its customers. Offering great benefits on checking and savings accounts, certificates of deposit, and many more proprietary products like the Upromise GoalSaver account and the SmartyPig. (Click here to visit their page and check it out). The bank also offers online banking an easy and convenient way for their customers to carry out transactions.
Sallie Mae scholarships
The Sallie Mae scholarships are funded by the Sallie Mae Funds. A charity organization created to increase access to a college degree for American students. The Sallie Mae scholarships offer funds for families and students from minority and low-income class. So far, more than $10 million of the scholarship has been awarded to about 4000 students.
You can also source for scholarship funding through the Sallie Mae scholarship search tool (click here to access this) by registering on the website. The scholarship funding available ranges from high school students funding to minority students, single mothers and many more. You can also find on the Sallie Mae website, tips on applying for college scholarships.