* Indicates that the time period seems on the entrance of the billing assertion.
16-digit Loan Group Number: The grouping of a number of loans displayed on a selected billing assertion.*
Account Number: The 10-digit buyer identification quantity positioned within the high proper nook of the billing assertion.*
Accrued curiosity: The quantity of curiosity that has been charged to the loan in the course of the billing interval.*
Annual Percentage Rate (APR): The annual value of borrowing, together with all curiosity, charges, premiums, and so forth., expressed as an annualized share charge primarily based on the anticipated time period of the loan(s).
Billing Period: The time frame coated by the client’s billing assertion.*
Capitalized curiosity: Unpaid Interest added to the Current Principal of a loan. Capitalized curiosity can enhance the Current Principal.
Current Amount Due: The quantity required to be paid every month till the loan is paid in full. The Current Amount Due could range every month.*
Current Amount Due Date: The date by which the client should pay the Current Amount Due every month. This can be the Due Date on the remittance slip.*
Current Balance: The sum of the Unpaid Interest, Unpaid Fees, and Current Principal. On the billing assertion, the Current Balance is calculated as of the tip date of the billing interval mirrored on the billing assertion. If the client logs in to their account at SallieMae.com, or accesses our automated telephone system, the Current Balance offered is calculated as of the prior day and consists of all credit (e.g., funds) and debits (e.g., disbursements) for the reason that final billing assertion.*
Current Billing Period Interest and Fees: The accrued curiosity and any late or returned examine charges which might be being posted within the present billing interval.*
Current Principal: The sum of the unpaid disbursed quantity borrowed plus the unpaid Disbursement Fee (if any), plus every other quantities which have capitalized.*
Deferment: Temporarily postpone or cut back funds for a selected motive, similar to going again to high school, or taking part in an internship or residency program.
Delinquency stage: The variety of billing intervals that are late.
Delinquent loan: A loan with a Past Due Amount.
Disbursement: When a lender sends loan funds to the varsity or borrower relying on the student loan product.
Disbursement Fee: A price charged as a share of the disbursed quantity borrowed, which is straight away added to the Current Principal.
FICO® Score: Credit scores created by Fair Isaac Corporation (FICO) and broadly utilized in lending choices. Lenders can request FICO® Scores from all three main credit reporting companies. Lenders use FICO® Scores to assist make billions of credit choices yearly. Scores are primarily based solely on info in shopper credit information maintained on the shopper reporting companies. Learn about FICO® Scores.
Fixed rate of interest: An rate of interest that stays the identical for the lifetime of the loan.
Forbearance: A interval throughout which funds are quickly postponed below sure circumstances.
Interest Rate: The charge charged to borrow cash.*
Late Fee for Past Due Amount: The late price that can be charged if the client fails to pay the Past Due Amount by the date specified (which is known as “Pay Past Due Amount by this Date to Avoid Late Fee”).*
London Inter-Bank Offered Rate (LIBOR): LIBOR is a benchmark index utilized by many lenders, together with Sallie Mae, to calculate the rate of interest for variable charge loans. LIBOR is being phased out and can ultimately be unavailable to be used. As a consequence, we’re working diligently to transform variable charge loans utilized for earlier than April 1, 2021, to a alternative index within the second quarter of 2022.
Loan group: If a borrower has a number of loans serviced by Sallie Mae, we could mechanically put them in a loan group. Each loan group has its personal billing assertion that exhibits the entire loans inside that group and can be designated by a 16-digit Loan Group Number. The borrower could request to have loans ungrouped at any time in the course of the lifetime of the loan. Loans for cosigners will not be put in a loan group.
Loan ID (Last 4 digits of the 16-digit Loan Number): The four-digit quantity within the Loan Information part on the billing assertion, which matches the final 4 digits of a selected 16-digit Loan Number.*
Loan quantity: The 16-digit Loan Number on a billing assertion that refers to a selected loan.*
Overpayment quantity: A cost that’s better than the Current Amount Due (plus any relevant Past Due Amount).
Past Due Amount: The sum of the unpaid quantities of every Current Amount Due from any month the client was required, however did not pay the Current Amount Due by the Current Amount Due Date.*
Pay Ahead: Under the pay forward characteristic of a loan, paying greater than the Current Amount Due (and any Past Due Amount) within the present billing interval will cut back the Current Amount Due within the following billing interval(s). For instance, if a loan is present and the Current Amount Due in each January and February is $100, making a $200 cost in January would fulfill the Current Amount Due for each months. Although the February billing assertion will replicate a Current Amount Due of $0, paying any quantity that month could cut back the Total Loan Cost.
Payment allocation: How a cost is distributed throughout a number of loans. If the cost is acquired with the remittance slip on the billing assertion, we’ll mechanically allocate the cost to the entire loans in that loan group. Learn about cost allocation.
Payment software: Once we allocate a cost to a selected loan, funds are utilized primarily based on the phrases of every loan’s Promissory Note, often first to Unpaid Fees, then to Unpaid Interest, after which to Current Principal.
Payoff quantity: The quantity required to repay the loan in full. The payoff quantity consists of all Unpaid Interest by means of the payoff date.
Previous Billing Statement Balance: The Current Balance from the earlier billing assertion.*
Prime charge: An rate of interest that giant industrial banks cost their purchasers with the most effective credit rankings (often giant companies). The prime charge can be utilized as a foundation for rates of interest for personal student loans.
Remittance slip: The backside portion of the billing assertion that must be included with the cost if despatched by mail.*
Scheduled Payment Amount: This is displayed within the loan abstract of your billing assertion. If your loan just isn’t paid forward, the Current Amount Due and the Scheduled Payment Amount would be the identical. If your loan is paid forward, the Scheduled Payment Amount exhibits you what the Current Amount Due would have been in case your loan was not paid forward.*
Separation or grace interval: The time frame after the client leaves college or not meets enrollment necessities earlier than the loan enters principal and curiosity compensation. For Smart Option Student Loan® clients, this era is often six months. The chosen in-school compensation choice (curiosity compensation choice, mounted compensation choice, or deferred compensation choice) continues throughout this time.
Secured Overnight Financing Rate (SOFR): SOFR is the benchmark index that many U.S. banks and monetary establishments, together with Sallie Mae, are utilizing to switch the London Inter-bank Offered Rate (LIBOR). Variable charge Sallie Mae loans utilized for on or after April 1, 2021, use SOFR because the benchmark index.
Total Amount Due: The sum of the Past Due Amount, Current Amount Due, and Unpaid Fees.*
Total Disbursed Amount: The whole quantity of loan funds despatched to the varsity or borrower. Funds that haven’t but been disbursed is not going to be included.
Total Loan Cost: The precise sum of all funds the client will make to pay the loan in full.
Underpayment: A cost that’s lower than the Current Amount Due (plus any relevant Past Due Amount).
Unpaid Fees: The sum of any charges (e.g., Late Fees, Returned Check Fees) which have been assessed, however not paid.*
Unpaid Interest: The curiosity that has accrued, however not been paid.*
Variable rate of interest: An rate of interest which will go up or down as a consequence of a rise or lower to the loan’s index.