Student Loan Repayment Options | Sallie Mae

Student Loan Repayment Options | Sallie Mae

Federal vs. non-public student loan compensation choices

When it involves repaying student loans, there are distinct variations between federal and personal student loans.

Federal student loans
usually don’t require funds throughout college they usually haven’t got in-school compensation choices. After your grace interval, you may usually request a plan (customary, prolonged, or graduated) that will help you modify the period of time it’s a must to pay or an income-based compensation plan that bases your funds in your earnings.

Private student loans
can provide each in-school and deferred compensation choices. After your separation or grace interval, you will be required to make principal and curiosity funds. There could also be packages obtainable for finances flexibility, such because the Graduated Repayment Period.1

To discover out the compensation time period on your student loans, log in to your Sallie Mae account.

Sallie Mae® non-public student loan compensation choices

Private student loans don’t have the identical compensation choices as federal loans, and people particular choices can differ from lender to lender. We provide quite a lot of compensation choices over the lifetime of your loan.

Payment choices when you’re at school
When you apply for a Sallie Mae Smart Option Student Loan® or a graduate student loan just like the Graduate School Loan, MBA Loan, Graduate Loan for Health Professions, Law School Loan, Medical School Loan, or Dental School Loan, you may select considered one of three in-school compensation choices2:

  • Deferred compensation—Make no scheduled loan funds when you’re at school and through your separation or grace interval.
  • Fixed compensation—Pay a hard and fast quantity each month you are at school and through your separation or grace interval.
  • Interest compensation—Pay solely the curiosity each month you’re at school and through your separation or grace interval.
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Keep in thoughts that the Medical Residency and Relocation, Dental Residency and Relocation, and Bar Study loans are designed to cowl post-graduate college bills, so deferred compensation is the one in-school compensation choice obtainable.

Repayment packages
When it comes time to repay your student loan, you will have some choices. Keep in thoughts that compensation packages could enhance your Total Loan Cost, so we advocate checking along with your cosigner first (if in case you have one) to see in the event that they might help along with your funds.

In-School Payment Assistance
helps you to quickly postpone your funds whereas at school and might help you keep away from delinquency when you’re struggling.

The Graduated Repayment Period (GRP)
helps you to make interest-only funds for 12 months after your separation interval (Time after college). You can request this system through the 6 months earlier than and the 12 months instantly after you start principal and curiosity funds. The GRP doesn’t prolong the loan time period.1
Learn extra concerning the Graduated Repayment Period.

Forbearance
helps you to quickly postpone your funds when you’re having hassle and might help you keep away from delinquency and default.

Options for our delinquent clients
Your eligibility for any of the next choices will depend on a overview of your monetary state of affairs, so please name us at 800-472-5543 and speak with an account supervisor who will overview the compensation choices obtainable to you.

  • Rate Reduction lowers your loan’s rate of interest and month-to-month fee for a restricted time.
  • Term and Rate Modification can decrease your loan’s rate of interest and month-to-month fee for a restricted time, whereas additionally extending the time period of your loan.
  • Payment Extension lets you deliver your loan present by making funds which might be equal to or larger than the Current Amount Due for 3 consecutive months.
  • Reduced Payment Plan lets you make six months of interest-only funds.
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Disability or dying
If the student turns into completely and completely disabled or passes away, we’ll waive the Current Balance. Learn extra right here.

Defer your student loans while you return to highschool at the least half-time or are chosen for a program
. With a deferment, you may scale back or postpone funds while you return to highschool or start an internship, clerkship, fellowship, or residency.3

Learn extra about deferring loans whereas in graduate college.

Deferment or forbearance throughout navy service could possibly postpone funds in your student loans throughout navy service. For extra data and eligibility necessities, please chat or name us at 855-534-2668.