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Written by Jonathan O'Donnell. Last updated June 1st 2017
With over 40 years of experience, Sallie Mae has developed a wide range of private education loans, retail bank products, and other education-related services to help make students' dreams of higher education a reality.
Students and families can invest in their education with private education loans designed to responsibly bridge the gap between personal resources and federal student aid.
Private education loans:
Plan for College is a one-stop resource offering free tools, calculators, and information to help students and families put a plan in place to pay for college.
Sallie Mae is committed to serving their borrowers so they can successfully pay their loans and build their credit.
Sallie Mae has some of the lowest interest rates for student loans (as of June 2017). Variable interest rates start as low as 3.12%1
In terms of repayment, Sallie Mae has a rather unique offering that may appeal to students who are concerned with landing full-time employment right after graduation. Sallie Mae’s Smart Option Student Loan allows eligible borrowers who have completed school to make interest-only payments for a period of 12 months.7
Qualified borrowers may request this option at the time when normal repayment would begin (typically six months after graduation), or within two months of that time. However, it’s important to note that this option will not extend the loan term. That means later monthly payments will be higher, as the total loan cost will increase.
Student borrowers may select from fixed or variable interest rates.
Note: All interest rates as of June 2017.
The Smart Option Student Loan for undergraduate and graduate students has a 5- 15* year repayment term. Student borrowers may select from interest-only or fixed payments while still in school, or they may defer payments until six months after graduation.1
Sallie Mae also allows eligible students to make interest-only payments for a period of 12 months after graduation.7
There is no penalty for early payment.
Yes, Borrowers who sign up for autopay can save an additional 0.25 percentage point interest rate reduction2.
If you’re looking for a lender with a strong history in the student loan space, you can’t get much better than Sallie Mae. With competitive interest rates and flexible repayment options, student loans from Sallie Mae are definitely worth your consideration.
If you'd like to learn more, go to Sallie Mae or click below.
We encourage students and families to supplement their savings by exploring grants, scholarships, and federal and state student loans, and to consider the anticipated monthly payments on their total student loan debt and their expected future earnings before considering a private education loan.
* This repayment example is based on a typical loan to a borrower who chooses a variable rate and the Fixed Repayment Option for a $10,000 loan, with two disbursements, and a 8.00% variable APR. It works out to 51 payments of $25.00, 119 payments of $150.18 and one payment of $117.48, for a Total Loan Cost of $19,263.90. Variable rates may increase over the life of the loan. This repayment example is based on a typical loan to a first-year graduate borrower who chooses a variable rate and the Fixed Repayment Option for a $10,000 loan, with two disbursements, and a 7.00% variable APR. It works out to 27 payments of $25.00, 59 payments of $215.24 and one payment of $199.80, for a Total Loan Cost of $13,573.96. Variable rates may increase over the life of the loan.
** This repayment example is based on a typical loan to a borrower (on behalf of a student) who chooses a variable rate and the Interest Repayment Option for a $10,000 loan, with two disbursements, and a 8.86% variable APR. It works out to 4 payments of $36.98, 44 payments of $73.96, 119 payments of $126.46 and one payment of $94.48, for a Total Loan Cost of $18,545.38. Variable rates may increase over the life of the loan
The Sallie Mae partner referenced is not the creditor for these loans and is compensated by Sallie Mae for the referral of Smart Option Student Loan customers.
1,2,7 Click here for important information. Terms, conditions and limitations apply.
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