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Sallie Mae Smart Option Student Loan Type – Everyone deserves a chance at a brighter future. Apply for a student loan and start your journey.
We offer a number of different paths for you to begin your educational journey. All you have to do is choose the right one for you.
Sallie Mae Smart Option Student Loan Type
If you have little or no credit history, consider a cosigner. Last year, students with a !3 degree were 3 times more likely to be approved for a student loan.
Understanding Different Loan Types
Save time: Apply for a student loan once to get money for an entire year so you can focus on your studies. And if your plans change, don’t worry – you won’t be charged interest on your loan until the money is sent to your school.
Higher education comes with some college costs: the big ones, like tuition and housing, and the little ones, like books and laptops. We can help you get the money you need for school.
Our multi-year benefit means you can get the money you need year after year. 97% of students who were approved with a co-signer were re-approved when they returned the following year with a co-signer.
Plus, you get a faster student loan application and the convenience of managing all your private student loans with one lender.
Private Student Loans
Our multiple student loan repayment options for college loans give you more flexibility in how you repay them. Plus, you have free access to your FICO® score, which is updated online quarterly.
Plus, get 0.25 percentage points off your interest rate when you sign up and make monthly student loan payments with Auto Debit.
A student loan is money that a bank or other financial institution lends you to help pay for your education. All loans must be repaid. When youarepayingschoolloans,yourrepaymentamountincludesthetotalamountthatyouborrowed,plusinterest(theamountthatyourlenderchargesyouforborrowingthemoney).
Student loans are available to students in undergraduate, graduate, certificate, dental, medical and health professions programs. Sallie Mae also offers student loans for graduates studying for the bar exam or transferring to medical and dental schools.
Applying For Student Loans
Private college loans, offered by banks like Sallie Mae, credit unions and other financial institutions, are based on your credit score. This means that your lender will check whether you have a history of borrowing and repaying on time. Because many students don’t have time to build credit, applying for a private loan with a cosigner (parent, sibling, or other adult with good credit) improves your chances of approval and can help you get a better rate .
Typically, you can be approved for private student loans to borrow up to 100% of your certified school expenses throughout the year, if needed.
You should only borrow what you can pay back later. See how much you could earn in your future career. Use responsible borrowing. Use free money first and explore federal loans before considering private student loans. For help estimating your future potential, you can visit the US Department of Labor at bls.gov.
You can fill out a student loan application directly on the lender’s website. There is no cost to apply. You will be asked to enter basic personal and financial information and choose the interest rate and type of payment plan you want for your loan. When youareapplyingforacosignatory, you must also provide your financial information.
Salliemae Loan Forgiveness Due Form
You can use student loan funds to cover any of your school expenses that are included in your tuition for the school year, including those who attend school at least half the time. Students may include the following:
Repayment terms vary by borrower. Since more interest is added to your loan balance over time, you can save money by paying off your loan earlier.
Use our compound interest calculator to see how much you could save by paying more on your loan.
Yes you can. Your lender will need to run a credit check to see if you qualify for a college loan, which can affect your credit score.
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You can increase your chances of approval by adding a co-signer (such as a parent, family member or other responsible adult). Last year, 87% of Sallie Mae’s undergraduate loans were granted.
A fixed rate is one that doesn’t change over the life of your loan, so your monthly payment stays the same. A variable interest rate can rise or fall with the market, raising or lowering your monthly payment accordingly.
Borrow Responsibly We encourage students and families to start paying for college with savings, grants, scholarships and federal student loans. Before considering a private student loan, students and families should evaluate all expected monthly loan payments and how much the student expects to earn in the future.
Footnote Undergraduate and graduate student loans are for students at degree-granting schools. Vocational student loans are for students attending non-degree granting schools. Smart Option student loan information is for college students only. Graduate Certificates/Continuing Education Courses are not eligible for MBA, Medical, Dental and Legal Loans. Students who are not US citizens or US permanent residents must live in the US, attend a participating school in the US and have an unexpired government-issued photo ID. To verify your identity. Applications are subject to a minimum requested loan amount of $1,000. Current credits and other eligibility criteria apply.
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Footnotes 1. APRs are based on a $10,000 college loan with a fixed interest rate of 4.75% to 16.53%, a variable interest rate of 6.63% to 17.75%, a 4-year school term, a gap/ separation period of 6 months. , and 10 years of costs plus interest payments. A variable APR can increase or decrease based on changes in the 30-day average guaranteed overnight financing rate (SOFR) over the life of the loan to the nearest eighth percent. The variable APR rates shown are the initial range and SOFR changes may cause the APR to change outside of this range over the life of the loan. Interest is charged from the moment the funds are transferred to the school. With fixed and deferred amortization options, the interest rate is higher than the interest amortization option and unpaid interest is added to the present value of the loan at the end of the discount/separation period. To receive the 0.25 percentage point interest discount, the borrower must enroll as a cosigner for Auto Debit through Sallie Mae. The discount is only applicable on active payment, as long as the current amount due or the indicated amount is successfully withdrawn from the authorized bank account every month. It can be suspended during suspension or delay.
Footnote 2. APRs shown are based on a $10,000 business loan with fixed interest from 4.75% to 16.53%, variable interest from 6.63% to 17.75%, a 2-year school period, a gap/separation period of 6 months, and 10 years of principal and interest payments. A variable APR can increase or decrease based on changes in the 30-day average guaranteed overnight financing rate (SOFR) over the life of the loan to the nearest eighth percent. The variable APR rates shown are the initial range and SOFR changes may cause the APR to change outside of this range over the life of the loan. Interest is charged from the moment the funds are transferred to the school. With fixed and deferred amortization options, the interest rate is higher than the interest amortization option and unpaid interest is added to the present value of the loan at the end of the discount/separation period. To receive the 0.25 percentage point interest discount, the borrower must enroll as a cosigner for Auto Debit through Sallie Mae. The discount is only applicable on active payment, as long as the current amount due or the indicated amount is successfully withdrawn from the authorized bank account every month. It can be suspended during suspension or delay.
Footnote 3. Based on the percentage of borrowers approved for a Sallie Mae loan with a cosigner compared to the percentage of borrowers approved for a Sallie Mae loan without a cosigner from October 1, 2021 through September 30, 2022.
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Footnote 4. Based on approved Sallie Mae student loans from October 1, 2021 through September 30, 2022.
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Footnote 5. For applications sent directly to Sallie Mae, the loan amount cannot exceed the cost of financial aid less school-certified assistance. Applications submitted to Sallie Mae through a partner website may be subject to a lower maximum loan application amount. Various personal expenses (such as laptops) may be included in the tuition fee for students enrolled at least half-time.
Footnote 6. Sallie Mae loans cover an enrollment period of up to 12 months. Students must apply for a new loan each academic year. This approval rate is based on students who were approved for a Sallie Mae undergraduate or graduate loan in the 2020/21 academic year and another Sallie when they returned in 2021/22 with the same or a new cosigner. Mae was approved for an undergraduate degree. or graduate loan. . Does not include
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