You won’t find Sallie Mae on any federal student loan servicer list since we only service private student loans. Paying for college tip After exploring federal loans, a private student loan can help if you still need more money to cover college expenses. If you need to borrow money for college, exhaust federal student loans before taking out a private student loan. Explore student loan refinancing and get interest rate quotes from top-ranked lenders. Here is a list of our partners. So how do we make money? And Sallie Mae Bank, a … All financial products, shopping products and services are presented without warranty. © 2020 Sallie Mae Bank. Many or all of the products featured here are from our partners who compensate us. Your application will be processed within 3-5 days. Founded in 1973, Sallie Mae (the nickname of The Student Loan Marketing Association) operated as a Government-Sponsored Enterprise (GSE) – a private financial institution set up by the U.S. Congress – until 1994 when it became a private corporation. All Sallie Mae loans taken out since 2014 are private. 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. Sallie Mae Student Loans. Sallie Mae Loans the Money What Sallie Mae is and what role they play in granting and managing student loans can be confusing. Pre-qualified offers are not binding. A quick history should clear this up. 10 Get the help you need during your medical residency or fellowship Find flexibility with a residency deferment 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® Student Loans Whether you’re an undergraduate, graduate student, or parent, get money for school from Sallie Mae® Student loans fromWhite Sands FCU in partnership with Sallie Mae® could help! Our partners cannot pay us to guarantee favorable reviews of their products or services. Sallie Mae also works with a number of private lenders to secure education 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. Learn what federal loans and private loans are and how they can help you borrow money for college. Almost everyone who applies for financial aid is eligible for some form of aid. Management at Sallie Mae is concerned that a lapse of this federal student loan payment holiday will increase its customers' financial burden, … Whether you’re an undergraduate, graduate, business, dental, medical, or health professions student, you can find a student loan designed to meet your needs. For millions of student loan borrowers, Sallie Mae is synonymous with educational finance. Sallie Mae does not provide, and these materials are not meant to convey, financial, tax, or legal advice. 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. 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. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. Sallie Mae started off under the federal government and provided loans through the Federal Family Education Loan program, or FFEL. Sallie Mae repayment options are more limited than what federal student loans offer. Standard or income-driven repayment is likely the best plan for you depending on your financial goals. 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. NerdWallet strives to keep its information accurate and up to date. .cls-1YT{fill:#ed2024!important;}.cls-2YT{fill:#fff!important;} . 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. Disclaimer: NerdWallet strives to keep its information accurate and up to date. Any information you provide will be shared directly with Embark and will be covered under the terms of the Embark privacy policy. In 2004, Sallie Mae … Submitting the FAFSA is totally free. Sallie Mae Rates. 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. 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. All rights reserved. The cost of college has risen so steeply that the average graduate now leaves school with over $35,000 in student debt. Now there’s a new name in town – Navient. Sallie Mae stopped offering federal loans when the FFEL program ended in 2010, but continued to service federal loans though 2014. The easiest and fastest way to file the FAFSA is online. not available for private loans and often come with lower interest rates. If requested, Sallie Mae will suspend student loan payments for up to three months, without an impact on the borrower’s credit standing. Types of student loans: Which is best for you? This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. Since then, Sallie Mae no longer services federal loans and provides only private student loans. Fortunately, there are a few ways to verify whether the loans are federal or private. Federal student loans, also known as government loans, allow students and parents/guardians to borrow money for college directly from the federal government. This may influence which products we write about and where and how the product appears on a page. In 1972, the Student Loan Marketing Association, also called SLMA or Sallie Mae, was created by Congress as a “government-sponsored enterprise” or GSE. 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. The amount of federal aid you receive from each school can vary, just as the cost of attending each school varies. Sallie Mae currently offers private student loans for undergraduate, career training and graduate programs. The Sallie Mae of today is different from the original Sallie Mae. Here are from our partners can not pay us to guarantee favorable reviews their! And private loans vary greatly to check studentaid.gov Mae was originally founded in 1973 as a federal loan. You receive from each school can vary, just as the cost of attending each school varies provides private... 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