But if you’re still unsure about whether your, , the best way to find out is by logging into. Submitting the FAFSA is totally free. This brings us to the all-important question- What if you are struggling to repay your student loan and there is a real risk that you may default or have already defaulted 10 Get the help you need during your medical residency or fellowship Find flexibility with a residency deferment If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly. Now there’s a new name in town – Navient. Sallie Mae also works with a number of private lenders to secure education loans … The Sallie Mae Medical School Loan can be a good alternative to the Federal Direct Grad PLUS Loan, and if you’re highly qualified, you may receive a lower interest rate. Most student loans are federal. If you don’t find your loan information through studentaid.gov, you have a private student loan. Pasadena Service Federal Credit Union is not the creditor for these loans and is compensated by Sallie Mae for the referral of loan customers. NerdWallet’s 2021-22 FAFSA Guide: How to Get Free Money for College. Before you apply to Sallie Mae or any private lender, file the Free Application for Federal Student Aid, or FAFSA, and exhaust federal student loan options. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. All other names and logos used are the trademarks or service marks of their respective owners. Sallie Mae administers both of the primary Federal loan programs, the Stafford and the Perkins loan programs. A private student loan can help you pay for college when savings, scholarships, and federal aid aren’t enough. Since federal loans offer different benefits than private student loans, you should always explore them first. If you’re asked to pay, that means you’re in the wrong place. Families often use other ways to borrow money for college like a home equity loan, personal loan, or tuition payment plan. If you have a Sallie Mae student loans, we have news for you. This may influence which products we write about and where and how the product appears on a page. Explore student loan refinancing and get interest rate quotes from top-ranked lenders. – Competitive interest rates – Multiple repayment options… Learn what federal loans and private loans are and how they can help you borrow money for college. Federal loans formerly serviced by Sallie Mae are now under Navient. All federal loan information is housed there. If you’re fresh out of school, or outside your student loan grace period, you could make interest-only payments on your Sallie Mae loans for up to one year. Federal student loans, also known as government loans, allow students and parents/guardians to borrow money for college directly from the federal government. All rights reserved. Consult your own attorney or tax advisor about your specific circumstances. To find the loan terms for Sallie Mae’s Smart Option Student Loan® for undergraduate students, we had to navigate from the loan’s landing page to a comparison page that shows the differences between that type of loan and a federal Parent PLUS loan. The confusion and the erroneous claims stem from the fact that Sallie Mae (SLM Corporation) not only offers private student loans but also services federal student debt. Learn more about your private student loan options. For millions of student loan borrowers, Sallie Mae is synonymous with educational finance. Almost everyone who applies for financial aid is eligible for some form of aid. But if you’re still unsure about whether your student loan is federal or private, the best way to find out is by logging into studentaid.gov with your FSA ID. Other specialized loan options have 15- or 20-year terms, depending on the loan. While the federal government remains the largest source of student loans in the U.S., working with a private lender can be a smart decision. Sallie Mae does not provide, and these materials are not meant to convey, financial, tax, or legal advice. Our opinions are our own. Sallie Mae stopped offering federal loans when the FFEL program ended in 2010, but continued to service federal loans though 2014. Federal student loans also offer more flexibility in the form of income-based repayment plans. Void where prohibited.Odds of winning depend on the number of entries received. In 1972, the Student Loan Marketing Association, also called SLMA or Sallie Mae, was created by Congress as a “government-sponsored enterprise” or GSE. In addition to federal student loans, the FAFSA also determines your eligibility for other federal student aid like grants and work-study. Embark makes it easy with a simplified process and step-by-step guidance—plus it’s free. Compare federal student loans vs private student loans. If your application is rejected, check other, Before you apply to Sallie Mae or any private lender, file the Free Application for Federal Student Aid, orÂ. Sallie Mae is one of the few private student loan providers that allows part-time students (less than half-time enrollment) to apply. Standard or income-driven repayment is likely the best plan for you depending on your financial goals. The Sallie Mae of today is different from the original Sallie Mae. You’d just need to apply for the federal-like graduated repayment plan before your 12th postgraduate loan payment. This completion service is not affiliated with or endorsed by the US Department of Education. But we’re here to assist with questions about your Sallie Mae private student loan, so if you have questions, call us at 855-429-9755. SLM Corporation and its subsidiaries, including Sallie Mae Bank are not sponsored by or agencies of the United States of America. Learn some considerations to keep in mind with these options. financial aid offer detailing the financial aid you are eligible to receive—including federal student loans, grants, and work-study. Fortunately, there are a few ways to verify whether the loans are federal or private. In general, federal student loans provide additional flexibility in several areas than private student loans: If you have been impacted by the coronavirus and need help with your Sallie Mae account, they have assistance options available to help borrowers keep their account in good standing during this health emergency. Whether you’re an undergraduate, graduate, business, dental, medical, or health professions student, you can find a student loan designed to meet your needs. Federal loans offer the best terms, lowest interest rates and most attractive repayment policies. The colleges you’re accepted to will send you a Today it is a privately owned company well known as a lender to students throughout the U.S. Sallie Mae distributes and holds more student loans than any other lender in the country; as such, Sallie Mae loans are often the subject of consolidation packages. You need to submit the FAFSA every year you’re enrolled in college to receive federal student aid. Our partners cannot pay us to guarantee favorable reviews of their products or services. File the Free Application for Federal Student Aid (FAFSA®) to see how much you qualify for. After you submit the FAFSA, the government will send you a Student Aid Report (SAR), which gives you basic information about your eligibility for federal student aid. You won’t find Sallie Mae on any federal student loan servicer list since we only service private student loans. Many or all of the products featured here are from our partners who compensate us. However, this does not influence our evaluations. There are three types of federal student loans: These loans are available through the Federal Direct Loan Program. So how do we make money? The best way to determine if you have federal or private student loans is to check studentaid.gov. No purchase necessary. Sallie Mae Student Loans. .cls-1YT{fill:#ed2024!important;}.cls-2YT{fill:#fff!important;} And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward — and free. Sallie Mae began as a federal entity designed to market loans to students across the United States. This is not a Stafford Loan from the federal government, but rather a loan that you got from Sallie Mae on your own initiative. Federal student loans, also known as government loans, allow students and parents/guardians to borrow money for college directly from the federal government. Graduate students may qualify for aid from these federal student aid programs: To find out if the school you’re interested in participates in the federal student aid programs, there’s a college search tool, hosted by the National Center for Education Statistics. You’ll typically know whether you are approved within 15 minutes. Federal student loans have benefits not available for private loans and often come with lower interest rates. All financial products, shopping products and services are presented without warranty. Sallie Mae provides private student loans. Sallie Mae, or the Student Loan Marketing Association, was founded in the … If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly. .cls-1FB{fill:#4468b1!important;}.cls-2FB{fill:#fff!important;} But Sallie Mae doesn’t disclose its minimum qualifying credit scores or income, so you’ll need to fill out an application to see if you qualify. Most student loans are federal. These loans are made by Sallie Mae Bank or a lender partner. and exhaust federal student loan options. Property and Casualty insurance services offered through NerdWallet Insurance Services, Inc.: Licenses, NerdWallet Compare, Inc. NMLS ID# 1617539, NMLS Consumer AccessLicenses and Disclosures, California: California Finance Lender loans arranged pursuant to Department of Financial Protection and Innovation Finance Lenders License #60DBO-74812, Prevent identity theft, protect your credit, The difference between term and whole life insurance, How medical conditions affect your life insurance rate. It can actually be pretty difficult to find out, since some companies like Navient/Sallie Mae service federal loans but also originate their own private loans. It’s important to know, since options for dealing with federal and private loans vary greatly. Disclaimer: NerdWallet strives to keep its information accurate and up to date. » MORE: Can you refinance Sallie Mae loans? Pre-qualified offers are not binding. Remember, it's important to consider federal student loans before you take out a private student loan because there are differences … It also provides parent loans and is one of the few lenders to offer loans to part-time students. These materials may not reflect Sallie Mae’s view or endorsement. Sallie Mae, the Sallie Mae logo, and other Sallie Mae names and logos are service marks or registered service marks of Sallie Mae Bank. All financial products, shopping products and services are presented without warranty. Sallie Mae Loans the Money What Sallie Mae is and what role they play in granting and managing student loans can be confusing. And Sallie Mae Bank, a … Choose a type of interest and repayment option, Understand the student loan application process, Paying for health professions graduate school, Learn about graduate grants and fellowships, Consider other ways to pay for graduate school, Consolidating or refinancing your student loans, Estimate your upcoming student loan payments, How we allocate and apply your student loan payments, Understand student loan military benefits, Managing your student loan on active duty, Scholarships for women and single mothers, Federal Supplemental Education Opportunity Grant (FSEOG), Free Application for Federal Student Aid (FAFSA, Teacher Education Assistance for College and Higher Education (TEACH) Grant, Direct PLUS Loans, of which there are two types: Grad PLUS Loans for graduate and professional students, as well as loans that can be issued to a student's parents, also known as, The William D. Ford Federal Direct Loan (Direct Loan) Program. Sallie Mae started off under the federal government and provided loans through the Federal Family Education Loan program, or FFEL. Compare federal and private student loans. Spirit of Alaska Federal Credit Union is not the creditor for these loans and is compensated by Sallie Mae for the referral of loan customers. NerdWallet rating The bottom line: Sallie Mae was originally founded in 1973 as a federally guaranteed student loan program. Cecilia Clark is a student loans writer with NerdWallet, where she helps readers navigate the landscape around college finances. All Sallie Mae loans taken out since 2014 are private. » MORE: Types of student loans: Which is best for you? The second type of loan is a loan through the Federal Family Education Loan program. Since 2014, Sallie Mae is engaged strictly in private student loans. All federal loan information is housed there. NerdWallet strives to keep its information accurate and up to date. When evaluating offers, please review the financial institution’s Terms and Conditions. Sallie Mae® higher education loans are designed for the needs of undergraduates, graduate students, and parents. In other words, it was a private, for-profit corporation that had to follow specific regulations from the government. If requested, Sallie Mae will suspend student loan payments for up to three months, without an impact on the borrower’s credit standing. and going to our trusted partner Embark’s site. Tinker Federal Credit Union has partnered with Sallie Mae® to offer college financing options for both students and parents. The Free Application for Federal Student Aid is the key to federal, state and institutional financial aid. The FAFSA® (Free Application for Federal Student Aid) form is available for free at studentaid.gov. and going to our trusted partner Embark’s site. Sallie Mae employs 1,400 individuals at offices across the U.S. On April 30, 2014, Sallie Mae spun off its loan servicing operation and most of its loan portfolio into a separate, publicly traded entity called Navient Corporation. The cost of college has risen so steeply that the average graduate now leaves school with over $35,000 in student debt. Access logins to all Sallie Mae accounts - student loans, college planning tools, Upromise GoalSaver accounts, cash back credit cards, CDs, and high-yield savings accounts. Sallie Mae repayment options are more limited than what federal student loans offer. Any information you provide will be shared directly with Embark and will be covered under the terms of the Embark privacy policy. The easiest and fastest way to file the FAFSA is online. Deferring a federal student loan The amount of federal aid you receive from each school can vary, just as the cost of attending each school varies. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. Paying for college tip After exploring federal loans, a private student loan can help if you still need more money to cover college expenses. Student Loan Repayment Options: Find the Best Plan For You. Learn more about the three types of federal student loans: Applying for a federal student loan is free. In 2004, Sallie Mae privatized and began issuing private loans while still offering FFEL loans. Pre-qualified offers are not binding. In 2004, Sallie Mae … You are now leaving salliemae.com See official rules at SallieMae.com/SweepstakesRules. You can also mail in a paper application, but processing it will take about 7-10 days. .cls-1TW{fill:#439cd6!important;}.cls-2TW{fill:#fff!important;} not available for private loans and often come with lower interest rates. SLM Corporation (SLM), more commonly known as Sallie Mae, is a public corporation and a private-sector lender, so its direct loans are not federal loans. 3 Best Sallie Mae Student Loan Refinancing Options | LendEDU A quick history should clear this up. requires a hard credit check. How Sallie Mae Works . Smart Option Student Loan and graduate loan products: This information is for students attending participating degree-granting schools. Sallie Mae started off under the federal government and provided loans through the Federal Family Education Loan program, or FFEL. Basically, federal student loans consist of funds that are provided by the U.S. government, while private student loans come from entities such as banks and other financial institutions. Smart Option Student Loan and graduate loan products: This information is for students attending participating degree-granting schools. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. Types of student loans: Which is best for you? The lucky ones will have federal student loans, which come with fixed interest rates that are capped by Congress. Since then, Sallie Mae no longer services federal loans and provides only private student loans. .cls-1LI{fill:#007bb6!important;}.cls-2LI{fill:#fff!important;}.cls-3LI{fill:#231f20!important;}, Terms of use  |  Protect your privacy  |  Avoid online fraud  |  Beware of debt relief offers  |  Social media guidelines  |  Do not sell my personal information. And is one of the few private student loan payments for up to date terms, depending on borrower’s. A home equity loan, personal loan, or tuition payment plan product appears on a page marks! Without an impact on the loan ’ s site often come with lower interest.. 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