Business wire sallie mae, the nations saving, planning, and paying for college company, today announced the sallie mae parent loan. Pay for college the smart way with three great repayment options and competitive interest rates. Years in student loan market we have been in the student loan business for more than 40 years. Other borrower benefits interest rate reduction of 0. Royal bank is committed to helping you invest in higher education, which is why we offer the smart option student loan by sallie mae. Customers make monthly interest payments while students are enrolled in school for up to 48 months, followed by monthly principal and interest payments. Career training smart option student loan sallie mae. Sallie mae student loans smart option student loans. Smart option student loan customers can apply for and receive a maximum of five 12month deferment periods and customers with graduate loans can apply for and receive a maximum of four 12month deferment periods. Smart option student loan historical performance data period ended march 31, 2020 pdf, 5. Cosigner instructions for completing the sallie mae smart option student loan application 1.
Based on a comparison of approval rates for sallie mae private student loans for students who applied with a cosigner versus without a cosigner during a rolling 12month. Smart option student loan information is for undergraduates only. Its now harder to get a sallie mae loan if you come from a bad credit background, either due to your own credit or the credit of cosigners such as your parents. This loan is an ideal solution to help you pay for college expenses not covered by scholarships and federal loans.
Current credit and other eligibility criteria apply. For college expenses not covered by scholarships and federal loans, awakon federal credit union has partnered with sallie mae to bring you loans with great repayment options and competitive rates. Business wire sallie mae, formally slm corporation nasdaq. Jun 28, 2019 given the amount of press that sallie mae receives, and the many controversies involving sallie mae, it is important for any potential borrower to get all the facts, good and bad, before making the decision on a sallie mae loan. Borrowers who receive sallie mae smart option loans before april 30, 2021, can get free access to chegg study for four months, which includes expert help for textbook problems and 30 minutes of online tutoring. Parent loan sm help your student by taking responsibility with a loan in your name. Power for providing an outstanding customer service experience for phone support. The sallie mae smart option loan comes in three forms. The smart option student loan for undergraduate students is one of the primary loan products offered by sallie mae. The fedfinancial smart option student loan by sallie mae. You can apply for the money you need for college, and the flexibility you want. Sallie mae parent loan customers may choose the repayment option that best meets their needs. Now you can pay for college the smart way with three great repayment options and competitive interest rates.
Fixed andor variable with sallie mae smart option student loans, students can choose either a fixed or variable interest rate. In fact, the starting variable rate is currently the lowest among. Mar 04, 2020 smart option student loan for undergraduate students. Slm investors presentation da davidson 18th annual financial institutions conference pdf, 221 kb may 10, 2016. Sallie mae, the sallie mae logo, and other sallie mae names and logos are service marks or registered service marks of sallie mae bank or its subsidiaries. Sallie maes response to suny buffalo state universitys. Sallie mae smart option njclass cannot be compared to federal direct loans, subsidized or unsubsidized, because borrowers must first take federal direct loans prior to njclass loans. This student loan option is also available to students interested enrolling in the cdl program at lenape tech. This loan is an ideal solution to help you pay for.
Sallie mae was originally founded in 1973 as a federally guaranteed student loan program. However if you are in the market for a financial institution, we are the smart banking option. Customers may select from three monthly repayment options. Sallie mae investor presentation secondquarter 2016 pdf, 953 kb april 26, 2016. Wherever you are in your higher education, get the money you need for school. An estimated 22 million students were due to enroll in u. Smart option student loans for undergraduate students have variable rates that start from 2. Sallie mae smart option student loan terms and conditions. Smart option students loans that have variable rates can go up over the life of the loan. With the smart reward, good habits can turn into cash. The sallie mae smart option student loan is made by sallie mae bank or a sallie mae lender partner. Tech cu is not the creditor for these loans and is compensated by sallie mae for the referral of loan customers. Sallie mae student loans giving families with collegeaged students specific information on available student loan products is a great way to enhance your websites usefulness. Smart option student loan historical performance data period ended march 31, 2016 pdf, 1.
Interest is charged during the deferment period and unpaid interest may be. Is the interest on sallie mae educational loans tax. You can help your undergraduate student pay for college either by cosigning a smart option student loan or taking out a sallie mae parent loan in your name. Sallie mae states that it does not sell sallie mae smart option loans to other lenders. Many sallie mae student loans have a repayment term that ranges from five to 15 years. Jul 27, 2017 from the sallie mae smart option student loan series outlines the various repayment options students can select while opting for a smart option student loan. Choose the loan thats right for you and your student. The smart option student loan for isu credit union by sallie mae wherever you are in your higher education, get the money you need for school whether youre an undergraduate, graduate student, or parent, get money for school from sallie mae sallie mae higher education loans are designed for the needs of undergraduates, graduate. Smart option student loan and graduate loan products. When you apply with a cosigner, sallie mae considers the income and credit histories of both you and your cosigner. Available for parents or other creditworthy individuals, the sallie mae parent loan offers competitive interest rates, no. Most other lenders that offer a range of terms let borrowers choose their term, along with the corresponding monthly payment and interest rate. Federal student loans are required by law to provide a range of flexible repayment options, including, but not limited to, incomebased repayment and incomecontingent repayment plans, and loan forgiveness and deferment benefits, which other student loans.
Sallie mae is a publicly traded company that is the largest provider of education loans in the united states, as of 2016. Borrower benefit information valid as of june 14, 2010. Smart option student loan first nebraska credit union. Explore federal loans and compare to ensure you understand the terms and features. Grew private education loan portfolio 24% from q2 2014 to q2 2015 completed a second quarter 2015 loan sale at a pretax premium of 10. Student loan repayment options sallie mae smart option. Salliemae career training smart option student loan lenape tech adult and continuing education is now eligible to offer private student loans through the salliemae career training smart option student loan program.
Royal bank smart option student loan by sallie mae. They are typically more affordable than traditional private loans, and even carry cash back incentives to students who make consistent and timely payments. Today it makes private student loans, but it stopped servicing federal loans in 2014. Expected payoff date is in 10 years but i feel like its going to be a lot longer. Fedfinancial is not the creditor for these loans and is compensated by sallie mae for the referral of loan customers. If you want us to evaluate the borrowers application based on hisher information, income and credit history only, do not complete section c. Smart option student loans that have variable rates can go up over the life of the loan. Borrow responsibly benefits of student banking cal poly. Career training smart option student loans are made by sallie mae bank or a lender partner. Interest paid on qualified student loans may be tax deductable. Free budgeting tools and easytounderstand information about how to manage student loan payments and other types of credit, such as. The sallie mae smart option student loan program we are pleased to provide our credit unions with a private student loan referral program through a partnership with sallie mae.
Learn more about your private student loan options. Sallie mae smart option student loans are made by sallie mae bank or a lender partner. Sallie mae loans are made by sallie mae bank or a lender partner. If theres a gap between the financial aid youve received from the government and what you still need, sallie maes smart option loan can help make ends meet. The sallie mae logo and sallie mae insurance services are service marks of, and sallie mae, sallie mae bank, and smart option student loan are registered service marks of sallie mae, inc.
University of louisiana federal credit union is not the creditor for these loans and is compensated by sallie mae for the referral of loan customers. Sallie mae, sallie mae bank, sallie mae smart option student loan, and smart option student loan are registered service marks of sallie mae, inc. Smart option student loan by sallie mae loans diamond cu. Principal and interest repayment terms vary from 5 to 15 years and are based upon the borrowers cumulative outstanding sallie mae serviced private student loan balance and the students schoolcertified academic grade level. This information is for students attending participating degreegranting schools. The student loan process can be overwhelming, but it doesnt have to be. Like the federal parent plus loan, the njclass family loan is a supplemental. Therefore, a cosigner with a long history of good credit may be able to help overcome your limited credit history and enable you to qualify for the loan. Student borrowers may select from fixed or variable interest rates. Currently i have two sallie mae loans, both with a fixed average interest rate of 4.
On top of our limitedtime scholarships, pathways now offers the smart option student loan. Upromise is a registered service mark of upromise, inc. Sallie mae smart option student loan adult education. This undergraduate student loan can be used for bachelors and associates degrees, as well as and certificate programs at degreegranting institutions. Both offer options for how you repay the loan, no origination fee, and can cover up to 100% of the schoolcertified cost of attendance. Theres no origination fee, nor are there any penalties for paying off your loan early. The smart option student loan for by sallie mae for borrowers attending degreegranting institutions.
Name of loan programproduct sallie mae smart option student loan 2. A significant portion of the historical data relating to historical smart option student loan performance used to prepare certain of these materials was provided to sallie mae bank by navient corporation navientpursuant to a data sharing agreement executed in connection with the spinoff. Corporate one federal credit union sallie mae smart option. Both offer options for how you repay the loan, no origination fee, and can cover up to 100% of the schoolcertified cost of. You can customize this information with your institutions name and a specific link, as indicated, and add this content to your website. Sallie mae smart option student loan privatestudentloans. Experience the convenience of bankyou do not have to be a member of cal poly federal credit union to apply for the sallie mae smart option student loan. What are the rates and fees for a sallie mae s smart option student loan. Sallie mae, the sallie mae logo and other sallie mae names and logos are service marks or registered service marks of sallie mae bank or its subsidiaries. Application process for sallie mae career training smart option student loans student questions. Based on a comparison of approval rates for undergraduate and graduate borrowers of sallie mae student loans available during a rolling 12month period from october 1. Based on a comparison of approval rates for career training sallie mae smart option student loans for students who applied with a cosigner versus without a cosigner during a rolling 12month period from october 1, 2018 through september 30, 2019.
Regions bank is not the creditor for these loans and is compensated for the referral of smart option student loan customers. Smart option student loan payment ontime while inschool and during the separation period. Information advertised valid as of february 25, 2016. Sallie mae smart option student loan isu credit union. Smart option student loans are made by sallie mae bank or a lender partner. This information is for borrowers and students attending nondegreegranting institutions only. Sallie mae offers both variable rate and fixed rate student loans. Instructions for completing the sallie mae smart option.