Ever since the public trading US Corporation, Sallie Mae came into existence, they have been dealing with education loans. Initially, in the beginning, Sallie Mae was working for the Federal government initializing and dispatching their education loans to students who sought them. Later, its status changed as it became a private service entity and now it served private education loans to students.
In between, the company also held a Federal government contract under which they could also dispatch Federal student loans to those who wanted it. They primarily create private student loans, provide their servicing to students by acting as a connecting point and also collect private education loans for all these years.
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What is Sallie Mae Loan?
The loans offered by Sallie Mae in recent years are private. Their loans are working for different kinds of education programs like MBA, medicine, dental, and undergraduate and graduate courses. These loans are just not meant for US citizens but are open even to foreign nationals.
The loans are available at a variable APR of 3.75% to 13.59% and fixed rates of 3.75% to 13.72%. The loan amount can be as much as $1000 and the loan term can be 5, 10 or 15 years.
Who is Eligible?
Eligibility for such loans includes fulfilling the following criteria;
- Borrowers must majorly be 18 years old as per the guidelines of most states.
- US citizens or permanent residents can apply for the loans.
- If foreign nationals wish to apply for the loans, they must have an American co-signer.
- Both you and your co-signer must generate enough income to pay for your interests.
- The co-signer alongwith you must pass a credit check.
Sallie Mae Loan Forgiveness Application Guide
To apply for loan forgiveness from Sallie Mae, you must have a federal loan from them. If you do not have a federal loan, you cannot apply for loan forgiveness. Off late, all the loans that they sanctioned are private loans from them.
Also Read: How do I Know if my Loan is federal or private?
Benefits
There are a lot of different benefits when it comes to taking a private loan. However, to avail of all the benefits, you will need to understand the terms and conditions of your loan giver.
Forgiveness is not an option you can target with Sallie Mae loans but you can still try to go for deferments and also try different repayment options.
FAQs (Frequently Asked Questions)
Are Sallie Mae loans eligible for loan forgiveness?
Private loans like the ones offered by Sallie Mae cannot opt for the loan forgiveness scheme recently announced by President Joe Biden for a sum of $10, 000. Any private student loan company has no such loan forgiveness option available.
How to get loan forgiveness for Sallie Mae?
Loan forgiveness for Sallie Mae is not available and if you are having trouble paying back your loans, you must chat with them at the given number 800-472-5543.
Are Sallie Mae loans private or federal?
Sallie Mae loans are private loan options and the company offers some of the best loan interest rates currently. Since it is a private loan, you will need to talk to them in case of any trouble you are facing with your loans.
Conclusion
Sallie Mae is one of the biggest private loan payers in the United States. If your child needs funds, as a parent you can try giving them the amount using the benefits of the private loans offered by Sallie Mae. In case, a student needs to borrow money, then refer to their list of loans to find out the best one for yourself. Some of the most alluring interest rates are offered by the Sallie Mae loan options.
