Federal loans vs Private Loans For Students - Comparison

Parent Student Loans – Sallie Mae Parent Loan


Borrow responsibly
We encourage students and households to start out with financial savings, grants, scholarships, and federal student loans to pay for faculty. Students and households ought to consider all anticipated month-to-month loan funds, and the way a lot the student expects to earn sooner or later, earlier than contemplating a personal student loan.


This loan have to be used to pay for eligible student bills at collaborating degree-granting faculties. The student can’t be a borrower or cosigner and isn’t answerable for repaying the loan. The borrower, cosigner, and student have to be U.S. residents or U.S. everlasting residents. If the varsity points a refund on to the student, the borrower and cosigner (if relevant) are nonetheless answerable for repaying that quantity. Applications are topic to a requested minimal loan quantity of $1,000. Current credit and different eligibility standards apply.


APRs for the Principal and Interest Repayment Option could also be increased than APRs for the Interest Repayment Option. Variable charges could improve over the lifetime of the loan. Advertised variable charges mirror the beginning vary of charges and should differ outdoors of that vary over the lifetime of the loan. APRs assume a $10,000 loan with a 4-year in-school interval.


Loan quantity can’t exceed the price of attendance much less monetary assist acquired, as licensed by the varsity. Sallie Mae reserves the proper to approve a decrease loan quantity than the school-certified quantity. Miscellaneous private bills (equivalent to a laptop computer) could also be included in the price of attendance for students enrolled at the very least half-time.


Although we don’t cost a penalty or price in the event you prepay your loan, any prepayment shall be utilized as outlined in your promissory be aware—first to Unpaid Fees and prices, then to Unpaid Interest, after which to Current Principal.

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The borrower or cosigner should enroll in auto debit via Sallie Mae to obtain a 0.25 proportion level rate of interest discount profit. This profit applies solely throughout lively compensation for so long as the Current Amount Due or Designated Amount is efficiently withdrawn from the licensed bank account every month. It could also be suspended throughout forbearance or deferment, if accessible for the loan.


This promotional profit is supplied without charge to debtors with new loans that disburse between May 1, 2021 and April 30, 2022. Borrowers should not eligible to activate the profit till July 1, 2021. Borrowers who reside in, attend faculty in, or borrow for a student attending faculty in Maine should not eligible for this profit. Chegg Study® affords skilled Q&A the place students can submit as much as 20 questions monthly. No money worth. Terms and Conditions apply. Please go to http://www.chegg.com/legal/smtermsandconditions for full particulars. This provide expires one yr after issuance.


Borrowers and cosigners with an accessible FICO® Score and a Sallie Mae-serviced loan with a present stability better than $0, could obtain their rating quarterly after the primary disbursement of their loan. The FICO® Score supplied to you is the FICO® Score 8 based mostly on TransUnion knowledge. FICO® Scores and related instructional content material are supplied solely in your personal non-commercial private evaluate, use and profit. This profit could change or finish sooner or later. FICO® is a registered trademark of the Fair Isaac Corporation within the United States and different nations.

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Sallie Mae loans are made by Sallie Mae Bank.


Information marketed legitimate as of 4/26/2021.


SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE. CHECK SALLIEMAE.COM FOR THE MOST UP-TO-DATE PRODUCT INFORMATION.

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