Choosing the right Private Student Loan can be quite tricky. This is because you need to consider a couple of things to decide whether the Loan is right for you. For instance, you look into the interest rate, repayment/refinancing options, and application/disbursement procedures. These are just but a few things to consider to determine the right student loan. However, in this article, we shall be talking about the Sallie Mae Student Loans Review. The purpose of this article is to guide and provide you with the required details to help you decide if Sallie Mae Student Loans Review is right for you.
Brief Overview of Sallie Mae
Sallie Mae is a bank that offers different kinds of student finance/ academic loans to help students realize their academic goals. Their driving force is to help students build a prosperous future through education. With Sallie Mae, the finance to pursue your academic desires is never lost.
The company is super built with products to help students of all category to realize their goals. For instance, they offer credit cards, savings accounts, and financial tools for students alongside loans.
To learn more about Sallie Mae, kindly follow the link here.
Categories of loans offered by Sallie Mae
The truth is that not all student loan institution out there is well suited for every need. That is why in this section of this article, we shall be guiding you toward the categories of student loans offered by Sallie Mae.
Below are the categories of Student Loans offered by Sallie Mae:
Undergraduate Student Loans:
This category of loan is available for a college student pursuing a bachelor’s Degree or Certification in a Degree awarding institution. The Application process for this loan is quite simple.
Career training Student Loans:
If you are taking a professional certification course and you need a loan, then the Career training student loan IS RIGHT for you.
Graduate student loans:
As the name implies, the Graduate Student Loans are for Graduate students looking to finance their postgraduate students.
So, if you are undergoing a master’s/doctorate degree, Sallie is there for you in case you need a loan.
Is Sallie Mae Student Loans Right for you? – Review
We are going to discuss whether Sallie Mae Student Loan is right for you. To achieve this, we shall consider a couple of reviews and then proceed.
First on our list is LendEDU; a YouTube channel dedicated to providing helpful student content.
According to LendEDU, Sallie Mae’s student loan might be a good fit for you if you’re a part-time student or a non-us citizen, or a daca student that has a permanent resident or U.S citizen acting as a co-signer. Also, if you want to access benefits like online tutoring and free credit score tracking and if you want flexibility with repayment including having the option of making interest-only payments for 12 months after leaving school.
They also recommend that the Sallie Mae student loan might not be a good fit for you if you want to do a soft credit check for pre-approval and to see your rate before actually having to do a hard credit inquiry. Furthermore, if you want to choose your repayment term and if you want to refinance with the same lender, Sallie Mae will not be the best for you. This is because currently, Sallie Mae does not offer a student loan refinancing product.
How to Apply for Sallie Mae Student Loans
Making an application for Sallie Mae Student Loan is quite simple and easy. We shall guide you towards the procedure in a few reads.
However, it is good that you have an idea of what to Expect During the Student Loan Application Process. This will help make your application process quick and simple. Also, you have will have relevant information ready to begin.
Below are some of the things you need to have ready before commencing your application:
- Valid contact address. Note that if you have lived at your current address for less than a year, you’ll be required to provide your previous address.
- Valid Social Security number.
- Your School information. This includes your enrollment status, degree, and course of study.
- Your Academic period of enrollment and your current year in school.
- Also, you would have to make up your mind on the actual loan amount you want. This is called Requested Loan Amount. This is usually calculated to cover your full year of school-certified expenses including tuition, fees, books, housing, meals, travel, as well as personal school expenses like a laptop. If you want to learn more about deciding how much to borrow, kindly click on the link here.
- List of prospective Financial aid and scholarships you have applied for or hoping to receive.
- Also, you will b required to provide your employment information. This information must include the company name and gross income.
- Two personal contacts that are different from your cosigner.
- Lastly, you will provide your financial information. This information must include your bank accounts, and your monthly mortgage or rent payments.
How to Apply for a Student Loan with Sallie Mae
- Visit the official website of Sallie Mae Student Loan through https://www.salliemae.com/student-loans.
- Scroll down and locate the loan category that is best suited for you.
- When you find the Loan category that is right for you, kindly click on the Apply button to proceed.
- You will be required to provide your personal details and then answer a few other questions.
- Finally, I would say that the process is quite easy to go through.
What Happens after you Submit your Sallie Mae Student Loan Application?
After submitting your application, Sallie Mae will review your credit and provide you with a credit result. This will be provided as soon you and your cosigner (if applicable) submit your student loan application. However, you may be required to provide additional information before a decision is reached.
Furthermore, if your application is approved, you will then be allowed to proceed to choose your preferred interest rate and your repayment option. When this is done, you will read, review and either accept and sign the Loan Terms and Conditions electronically or reject it.
The final step is school eligibility verification. This includes enrollment verification and loan amount.
According to Nerdwallet.com Sallie Mae was established in the year 1973 to provide federally guaranteed student loans to needy students. However, it only services private loans. This is because it has stopped servicing federal loans since 2014. Notwithstanding this, Sallie Mae has earned her reputation. It generally has an average rating of 4.5.
I sincerely believe that the recommendation/review of LendEDU is the right answer if you are considering a student loan with Sallie Mae. You should check it out again.
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Finally, for any further questions or contributions, kindly use the comment box below to let me know. Thanks.