If you’re asked to pay, that means you’re in the wrong place. Learn what federal loans and private loans are and how they can help you borrow money for college. 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. Sallie Mae stopped offering federal loans when the FFEL program ended in 2010, but continued to service federal loans though 2014. Sallie Mae Loans the Money What Sallie Mae is and what role they play in granting and managing student loans can be confusing. The best way to determine if you have federal or private student loans is to check studentaid.gov. Navient, which spun off from Sallie Mae, has more than 10 million student loan customers and services more than $300 billion of government and private student loans. 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. This completion service is not affiliated with or endorsed by the US Department of Education. FAFSA is a registered service mark of U.S. Department of Education, Federal Student Aid. 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. It’s important to know, since options for dealing with federal and private loans vary greatly. NerdWallet rating The bottom line: Sallie Mae was originally founded in 1973 as a federally guaranteed student loan program. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. All financial products, shopping products and services are presented without warranty. After exploring federal loans, a private student loan can help if you still need more money to cover college expenses. Sallie Mae began as a federal entity designed to market loans to students across the United States. Whether you’re an undergraduate, graduate, business, dental, medical, or health professions student, you can find a student loan designed to meet your needs. Almost everyone who applies for financial aid is eligible for some form of aid. File the Free Application for Federal Student Aid (FAFSA®) to see how much you qualify for. financial aid offer detailing the financial aid you are eligible to receive—including federal student loans, grants, and work-study. All financial products, shopping products and services are presented without warranty. Sallie Mae, or the Student Loan Marketing Association, was founded in the … All new Sallie Mae loans are private. It covers not only parental loans, K-12 loans, dental school loans, medical student loans, law school loans, and post-graduate education loans also take responsibility for other student loans. » MORE: Types of student loans: Which is best for you? 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. If your application is rejected, check other private student loan lenders to find a better fit. Sallie Mae repayment options are more limited than what federal student loans offer. You’d just need to apply for the federal-like graduated repayment plan before your 12th postgraduate loan payment. and exhaust federal student loan options. The amount of federal aid you receive from each school can vary, just as the cost of attending each school varies. Submitting the FAFSA is totally free. Smart Option Student Loan and graduate loan products: This information is for students attending participating degree-granting schools. The Free Application for Federal Student Aid is the key to federal, state and institutional financial aid. 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. not available for private loans and often come with lower interest rates. If you have a Sallie Mae student loans, we have news for you. If requested, Sallie Mae will suspend student loan payments for up to three months, without an impact on the borrower’s credit standing. This is not a Stafford Loan from the federal government, but rather a loan that you got from Sallie Mae on your own initiative. 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. Smart Option Student Loan and graduate loan products: This information is for students attending participating degree-granting schools. But if you took out a Sallie Mae loan before 2014, it might have been a federal loan and is likely now serviced by Navient. Our partners compensate us. For millions of student loan borrowers, Sallie Mae is synonymous with educational finance. Explore student loan refinancing and get interest rate quotes from top-ranked lenders. Families often use other ways to borrow money for college like a home equity loan, personal loan, or tuition payment plan. 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. Embark makes it easy with a simplified process and step-by-step guidance—plus it’s free. Other specialized loan options have 15- or 20-year terms, depending on the loan. Sallie Mae is one of the few private student loan providers that allows part-time students (less than half-time enrollment) to apply. This may influence which products we write about and where and how the product appears on a page. Compare federal student loans vs private student loans. These materials may not reflect Sallie Mae’s view or endorsement. Remember, it's important to consider federal student loans before you take out a private student loan because there are differences … Types of student loans: Which is best for you? If you don’t find your loan information through studentaid.gov, you have a private student loan. 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. Federal student loans, also known as government loans, allow students and parents/guardians to borrow money for college directly from the federal government. However, this does not influence our evaluations. Your application will be processed within 3-5 days. You can decide when to begin making full interest and principal payments, though you won’t have access to income-driven repayment plans , for instance. Management at Sallie Mae is concerned that a lapse of this federal student loan payment holiday will increase its customers' financial burden, … Learn more about the three types of federal student loans: Applying for a federal student loan is free. All rights reserved. When evaluating offers, please review the financial institution’s Terms and Conditions. You need to submit the FAFSA every year you’re enrolled in college to receive federal student aid. See official rules at SallieMae.com/SweepstakesRules. Federal loans formerly serviced by Sallie Mae are now under Navient. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly. Our opinions are our own. It also provides parent loans and is one of the few lenders to offer loans to part-time students. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. Applying for a Sallie Mae loan requires a hard credit check. Most student loans are federal. If you don’t find your loan information through studentaid.gov, you have a private student loan. All you need to do is complete the Free Application for Federal Student Aid (FAFSA®). Learn some considerations to keep in mind with these options. 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. The colleges you included on your FAFSA will have access to this information, and they’ll use it to determine the amount of federal grants, work-study, and loans you may qualify for. Here is a list of our partners. Sallie Mae® higher education loans are designed for the needs of undergraduates, graduate students, and parents. The cost of college has risen so steeply that the average graduate now leaves school with over $35,000 in student debt. 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. Compare federal and private student loans. 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 Parent PLUS Loans. .cls-1TW{fill:#439cd6!important;}.cls-2TW{fill:#fff!important;} Sallie Mae does not provide, and these materials are not meant to convey, financial, tax, or legal advice. requires a hard credit check. . All other names and logos used are the trademarks or service marks of their respective owners. Navient was created in 2014 to take over Sallie Mae’s federal student loan servicing arm. and going to our trusted partner Embark’s site. Student Loan Repayment Options: Find the Best Plan For You. The lucky ones will have federal student loans, which come with fixed interest rates that are capped by Congress. Private student loans. The Sallie Mae of today is different from the original Sallie Mae. .cls-1FB{fill:#4468b1!important;}.cls-2FB{fill:#fff!important;} Sallie Mae, the Sallie Mae logo, and other Sallie Mae names and logos are service marks or registered service marks of Sallie Mae Bank. If you need to borrow money for college, exhaust federal student loans before taking out a private student loan. Sallie Mae administers both of the primary Federal loan programs, the Stafford and the Perkins loan programs. Paying for college tip After exploring federal loans, a private student loan can help if you still need more money to cover college expenses. Tinker Federal Credit Union has partnered with Sallie Mae® to offer college financing options for both students and parents. In other words, it was a private, for-profit corporation that had to follow specific regulations from the government. 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. Pasadena Service Federal Credit Union is not the creditor for these loans and is compensated by Sallie Mae for the referral of loan customers. All Sallie Mae loans taken out since 2014 are private. 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. Sallie Mae provides 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. Learn more about your private student loan options. 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. SLM Corporation and its subsidiaries, including Sallie Mae Bank are not sponsored by or agencies of the United States of America. The first type of loan is the private student loan from Sallie Mae. Void where prohibited.Odds of winning depend on the number of entries received. A private student loan can help you pay for college when savings, scholarships, and federal aid aren’t enough. How Sallie Mae Works . and going to our trusted partner Embark’s site. Sallie Mae currently offers private student loans for undergraduate, career training and graduate programs. Fortunately, there are a few ways to verify whether the loans are federal or private. Federal student loans also offer more flexibility in the form of income-based repayment plans. Sallie Mae started off under the federal government and provided loans through the Federal Family Education Loan program, or FFEL. Sallie Mae Rates. Federal student loans, also known as government loans, allow students and parents/guardians to borrow money for college directly from the federal government. Pre-qualified offers are not binding. 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. All federal loan information is housed there. All federal loan information is housed there. Since then, Sallie Mae no longer services federal loans and provides only private student loans. In 2004, Sallie Mae … Now there’s a new name in town – Navient. Cecilia Clark is a student loans writer with NerdWallet, where she helps readers navigate the landscape around college finances. Sallie Mae also works with a number of private lenders to secure education loans … You’ll typically know whether you are approved within 15 minutes. In 2004, Sallie Mae privatized and began issuing private loans while still offering FFEL loans. In 1972, the Student Loan Marketing Association, also called SLMA or Sallie Mae, was created by Congress as a “government-sponsored enterprise” or GSE. Most student loans are federal. 3 Best Sallie Mae Student Loan Refinancing Options | LendEDU The easiest and fastest way to file the FAFSA is online. » MORE: Can you refinance Sallie Mae loans? © 2020 Sallie Mae Bank. The flexibility of these loan options make them an ideal solution for students and families who still need money for college after using grants, scholarships and federal student loans. 10 Get the help you need during your medical residency or fellowship Find flexibility with a residency deferment Federal loans offer the best terms, lowest interest rates and most attractive repayment policies. Any information you provide will be shared directly with Embark and will be covered under the terms of the Embark privacy policy. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly. NerdWallet’s 2021-22 FAFSA Guide: How to Get Free Money for College. Since federal loans offer different benefits than private student loans, you should always explore them first. 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. A quick history should clear this up. .cls-1YT{fill:#ed2024!important;}.cls-2YT{fill:#fff!important;} There are three types of federal student loans: These loans are available through the Federal Direct Loan Program. But if you’re still unsure about whether your, , the best way to find out is by logging into. 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. 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 Since 2014, Sallie Mae is engaged strictly in private student loans. Standard or income-driven repayment is likely the best plan for you depending on your financial goals. The colleges you’re accepted to will send you a You’ll typically know whether you are approved within 15 minutes. Pre-qualified offers are not binding. 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. 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. The second type of loan is a loan through the Federal Family Education Loan program. 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. Sallie Mae makes no claims about the accuracy or adequacy of this information. 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. You can also mail in a paper application, but processing it will take about 7-10 days. Many or all of the products featured here are from our partners who compensate us. .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. 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. Disclaimer: NerdWallet strives to keep its information accurate and up to date. Sallie Mae Student Loans. And Sallie Mae Bank, a … 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! No purchase necessary. Sallie Mae started off under the federal government and provided loans through the Federal Family Education Loan program, or FFEL. In general, federal student loans provide additional flexibility in several areas than private student loans: In addition to federal student loans, the FAFSA also determines your eligibility for other federal student aid like grants and work-study. You won’t find Sallie Mae on any federal student loan servicer list since we only service 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. The FAFSA® (Free Application for Federal Student Aid) form is available for free at studentaid.gov. Really get to know your money and find cash you can put aside and grow. NerdWallet strives to keep its information accurate and up to date. We believe everyone should be able to make financial decisions with confidence. – Competitive interest rates – Multiple repayment options… These loans are made by Sallie Mae Bank or a lender partner. Deferring a federal student loan So how do we make money? Consult your own attorney or tax advisor about your specific circumstances. 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. When evaluating offers, please review the financial institution’s Terms and Conditions. Our partners cannot pay us to guarantee favorable reviews of their products or services. 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. 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. 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