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5 Important Questions (and Answers!) about Student Loans in 2021

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Borrow Responsibly

We encourage students and households to start out with financial savings, grants, scholarships, and
federal student loans to pay for school. Students and households ought to consider all
anticipated month-to-month loan funds, and the way a lot the student expects to earn in
the long run, earlier than contemplating a non-public student loan.

This data is for undergraduate students attending collaborating degree-
granting colleges. Borrowers have to be U.S. residents or U.S. everlasting residents if the
faculty is situated outdoors of the United States. Non-U.S. citizen debtors who reside
within the U.S. are eligible with a creditworthy cosigner (who have to be a U.S. citizen or
U.S. everlasting resident) and are required to offer an unexpired government-
issued photograph ID to confirm identification. Applications are topic to a requested minimal
loan quantity of $1,000. Current credit and different eligibility standards apply.

1Interest is charged beginning at disbursement, throughout faculty and the
separation/grace interval, and till the loan is paid in full. With the Fixed and
Deferred Repayment Options, the rate of interest is greater than with the Interest
Repayment Option and Unpaid Interest is added to the loan’s Current Principal at
the top of the grace/separation interval. Payments could also be required through the
grace/separation interval relying on the compensation choice chosen. Variable charges
could improve over the lifetime of the loan. Advertised variable charges replicate the beginning
vary of charges and will range outdoors of that vary over the lifetime of the loan.
Advertised APRs assume a $10,000 loan to a freshman with no different Sallie Mae
loans. Borrower or cosigner should enroll in auto debit by way of Sallie Mae to obtain a
0.25 share level rate of interest discount profit. This profit applies solely
throughout energetic compensation for so long as the Current Amount Due or Designated
Amount is efficiently withdrawn from the approved bank account every month
and could also be suspended in periods of forbearance or deferment, if out there for
the loan.

2Although we don’t cost you a penalty or price in the event you prepay your loan, any prepayment will likely be utilized as supplied in your promissory word: First to Unpaid
Fees and prices, then to Unpaid Interest, after which to Current Principal.

3This promotional profit is supplied without charge to debtors with new loans that first disburse previous to April 30, 2021. Borrowers who reside in,
attend faculty in, or borrow for a student attending faculty in Maine usually are not eligible
for this profit. No money worth. Terms and Conditions apply. Please go to
Chegg.com/studystarter/termsandconditions for full particulars. This provide expires one 12 months after issuance.

4Loan quantity can not exceed the price of attendance much less monetary support acquired as licensed by the varsity. Sallie Mae reserves the suitable to approve a decrease loan
quantity than the school-certified quantity.

5Based on a comparability of approval charges for Sallie Mae Smart Option Student Loans for Undergraduate Students who utilized with a cosigner versus with out a
cosigner throughout a rolling 12 month interval from October 1, 2018 by way of September
30, 2019.

SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS,
SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE.

Information legitimate as of two/25/2021.

Smart Option Student Loans® are made by Sallie Mae Bank.

Sallie Mae, the Sallie Mae brand, and different Sallie Mae names and logos are service
marks or registered service marks of Sallie Mae Bank. All different names and logos
used are the emblems or service marks of their respective house owners.

©2021 Sallie Mae Bank. All rights reserved.

SLM Corporation and its subsidiaries, together with Sallie Mae Bank, usually are not sponsored
by or companies of the United States of America.

READ:   Average Student Loan Debt by Age

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