There are many different lenders on the internet that offer loans for students. One of the most trusted online lender in Sallie Mae. Sallie Mae offers different kinds of loans and other banking services based on the individual needs, but is most widely recognized as a student loan lender.
Kinds of Sallie Mae student loans
Smart option loan- This loan is a certified loan that allows a borrower to borrow up to the cost of their education. They offer choices of variable vs fixed interest rates. If the borrower has a poor credit score, enlisting the help of a co-signer will qualify you for a lower interest rate.
Career training smart option loan- This is the same loan as the smart option loan, but to qualify for this type of loan, you must be attending a non-degree-granting institution. This is beneficial for students who wouldn’t have qualified for a certified loan because of their place of study.
Graduate Student Loans:
Smart option loan- This is the same smart option loan that is offered to undergraduate students.
Bar Study Loan- The Bar Study loan that is offered by Sallie Mae is used to pay for the costs of taking the bar exam. This loan would help pay for any test fees, costs of review materials, and other costs.
Residency and Relocation Loans- These loans are designed to help finance the residency interview fee or the relocation costs associated with a medical student’s residency.
What are the benefits of a Sallie Mae student loan?
- Cosigner release- Your cosigner can be released from a Sallie Mae loan in as little as 12 months after the beginning of the repayment period if you have demonstrated your financial stability and ability to pay on time.
- Competitive interest rates- When looking for a loan to help pay for your education, it is preferable to get a low, fixed interest rate. Variable interest rates can fluctuate with the market.
- Helps pay for education- Sometimes, as many students have realized, there is a gap between financial aid and savings and the cost of attending a higher education institution. Student loans can help bridge this gap.
- Different types of repayment options available- Sallie Mae student loans in deferment periods and repayment planning.
When looking for ways to finance your education, it is important to exhaust all of your options before taking out private loans. Alternatives to private loans include scholarships, grants, federal student loans, or federal work study. Private student loans tend to have higher interest rates, don’t have the same forgiveness or payment programs that federal loans have, and cannot be included if the borrower files for bankruptcy.