Who Can Receive a Sallie Mae Smart Option Student Loan?

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The percentage increases when you include part-time and graduate students. With so many choices out there, sometimes finding the right student loan seems overwhelming. Student loans come in various shapes and sizes.

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Some are designed for undergrad studies, while others are better suited for post-graduate work. Plus, there are decisions to make on whether a variable or fixed-rate loan is best for your situation, whether you need a co-signer, and which repayment option smart option right for you. It was formed in as a guaranteed student loan program and was privatized in Smart option the company lost the ability to issue loans with below-market interest rates, it was able to successfully compete in the private sector by acquiring competitors and expanding its portfolio of loans.

Sallie Mae stopped servicing student loans in as the company came under scrutiny for its loan-servicing tactics. Several civil suits brought against Sallie Mae resulted in significant financial penalties for illegally charging members of the military higher interest rates.

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Today, Sallie Mae is the largest lender of private student loans. The company is now publicly traded and listed on the Nasdaq. An additional benefit is that this loan is available to both full- and part-time students. Either the student, parent sor both can sign or co-sign this loan.

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Sallie Mae also offers a separate parent loanbut the Sallie Mae Smart Option loan has a few more benefits. Interest rates can either be variable or fixed. For variable loans, at the time this article was written, the rates ranged from as low as 2.

Smart Option Student Loan (Undergraduate)

The rate you receive smart option on many factors — most importantly, your credit history and ability to repay the loan. Typically, only the most creditworthy applicants receive rates on the lower end. Also, be aware that Sallie Mae reserves the right to modify or discontinue any of its products or services.

At the time of publishing, fixed-rate loans ranged from 4. While you may incur higher interest charges, fixed-rate loans will remain constant as long as you meet the terms of your loan.

In most circumstances, federal aid options outweigh those of their private sector counterparts in smart option and costs. Students who qualify for subsidized Stafford loans save money since the federal government absorbs the smart option of interest payments. Additionally, federal student loan programs offer repayment option lot based on need and income.

In contrast, private sources rarely, if ever, offer this benefit.

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However, one of the best benefits of federal student loans is your creditworthiness is not a factor. The lone exception to this is the PLUS loan.

This information is for undergraduate students attending participating degree-granting schools. Borrowers must be U. Current credit and other eligibility criteria apply. Borrowers who reside in, attend school in, or borrow for a student attending school in Maine are not eligible for this benefit.

After determining if you qualify for any assistance, you can then evaluate your situation and apply for the Smart Option loan. Once your completed application is submitted, it typically takes less than 24 hours to receive a response.

Smart Option Credit Card

Prospective students who are eligible to apply for the Sallie Mae Smart Option student loan include U. One such a trend line after applying is not knowing the minimum credit score Sallie Mae uses to evaluate your application.

There is no monthly point cap and points do not expire as long as you remain in the Accelerated Rewards Tier. Rewards Redemption Businesses in the Accelerated Rewards Tier may redeem points for i cash back to a First Citizens checking or savings account or credit card statement credits, ii credit towards a First Citizens personal loan or mortgage principal, iii Pay Me Back statement credits, iv travel rewards, including airline tickets, hotel, car rentals, smart option and tours, v retail gift cards and certificates and vi merchandise and vii donations. Businesses in the Accelerated Rewards Tier have access to additional experiential rewards and a fixed point value airline travel reward.

Repayment Options One of the many benefits of the Sallie Mae Smart Smart option student loan is that you have flexibility on how the loan is repaid. The three repayment options are: Make no payments while you are attending school. Make monthly interest payments while in school. The interest rate is usually one percentage point lower than the deferred repayment option.

Most student loans have a repayment length of about 10 years. However, the length of smart option repayment period will vary depending on the amount owned, the principal and interest paid, and whether or not you defer payments for any reason. If you choose to pay your student loan while you are still in school or if you elect the automatic debit plan, your interest rate will be slightly lower.

Yes, there are a few ways you can defer repayment. If you choose to begin repayment after you complete your undergraduate studies, there is a six-month grace period.

Hopefully, this gives you time to get on your feet and find a steady job.

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For students continuing their education in graduate school, you can defer payments for up to 48 months. Keep in mind that deferring repayment may provide you with additional time, but it also adds to the cost of your loan since interest continues to accrue.

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There is no prepayment penalty, but there are late fees. Keeping internet site investments of all the changes in federal and private student loan options is easy. Furthering your education should be a fun and worthwhile experience designed to produce multiple dividends throughout your life. Browse our latest guides and articles for the answers to any questions you may have. Find Private Student Loans.