Sallie Mae And Your Student Loan

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As students head off to college over the coming weeks, many will have received scholarships and grants to help pay for their schooling while others will tap 529 college savings accounts to cover their costs. But there will also be quite a number of students who will need special funding in the form of student loans, turning to lenders including Sallie Mae for assistance.

Nickname For SLM Corporation

federal student loansSallie Mae is the nickname for SLM Corporation, a publicly traded organization founded in 1972. Sallie Mae is the largest college student loan company, a business who issues federal backed loans.

Started out as a government sponsored enterprise or GSE, Sallie Mae later began privatizing efforts which led to its federal charter being terminated in 2004, officially severing its ties to the federal government. On an employee level, Sallie Mae regularly wins top corporate citizen awards and is a leader in college philanthropy and has been recognized for its business ethics. The company operates Upromise, the college savings plan and is the owner of CollegeAnswers.com, a portal for college planning.

Competitive Loan Terms Available

Sallie Mae operates what they call their innovative “Smart Option Sallie Mae Loan” which is designed to help students save money over the life of the loan, encourage responsible payment habits, reward good credit and features shorter repayment terms. While in school, students make interest-only payments with full payments kicking in after the six month school separation period has been completed.

Students must attend an eligible community college, four- or five-year college or university, or eligible graduate program at least half time. In some circumstances, the Smart Option Student Loan is available to less-than-half-time students. Minimum loan amounts begin at $1000; with low disbursement fees. No repayment fees are assessed.

Sallie Mae Provides A Way

Students who choose Sallie Mae loans usually do so after exhausting all other financing options. This is a good thing because the remaining funds needed for college can usually be obtained through Sallie Mae if approval is given.

As we draw closer to start of the academic year, SayCampusLife.com will continue to focus on borrowing options for students. We realize that this year may be especially challenging for some families, thus we’ll do our part to help keep you informed.

Oh, by the way, if you want to apply for a Sallie Mae loan just click on this link and you’ll be taken to the company’s application page. Or you can call Sallie Mae directly at 866-530-9523.

See Also – Private Student Loans Changing Under Sallie Mae

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Categories: Student Loans