What is Sallie Mae?
Sallie Mae is one of the largest private student loan lenders in the industry.
What is the process to apply for a loan?
Once you’ve applied for your program, you can then apply for a loan with Sallie Mae. When approved, you’ll choose your interest rate and your repayment option and sign the loan documents. The lender will send the tuition directly to your school.
How long will it take until I get a decision?
You can receive a credit result is as few as 15 minutes.
If my applications is accepted, am I committed to using the financing?
After your loan is approved, you are required to sign the loan terms. Your loan is not confirmed without this signature. You have the right to cancel your private student loan as described in the Final Loan Disclosure before funds are disbursed to your school.
Do I need a cosigner?
If you don’t have a credit history, you will need a cosigner for your loan. A cosigner can be a parent, relative, or any other creditworthy individual. Their good credit history may help you get a loan.
You generally can apply with a creditworthy cosigner during the application process. If you apply with a cosigner, they will have to supply their financial information in the student loan application.
What are the terms of the loan?
You can choose between fixed and variable interest for your loan. You can also choose one of three repayment options: Deferred Repayment, Fixed Repayment, and Interest Repayment.
When does loan payback begin?
You can make your first payment about one month after your program starts (fixed repayment or interest repayment) or six months after your program ends (deferred repayment).
How long will I be making payments?
Most loans have a 10-year standard repayment. When you apply for the loan, you will be given more information on the repayment plan.
How do I find out how much my monthly payment is?
You can find your monthly payment on the Monthly Payment Calculator here: https://www.salliemae.com/college-planning/tools/student-loan-repayment-calculator/.
Are there any circumstances that would allow me to put my loan payments on hold?
Delinquency occurs when you fail to pay all or part of your monthly student loan payment. You could be eligible for a student loan deferment, which would allow you to temporarily reduce or postpone payments on your student loans in special circumstances.
Can I pay off my loan early?
There is no penalty for paying your loan off early or paying extra throughout the life of your loan. You have the flexibility to make early payments of fully pay off your loan without prepayment fees