SLM Corporation and its subsidiaries, including Sallie Mae Bank are not sponsored by or agencies of the United States of America. Learn more about your private student loan options. 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. You can also mail in a paper application, but processing it will take about 7-10 days. Other specialized loan options have 15- or 20-year terms, depending on the loan. You’d just need to apply for the federal-like graduated repayment plan before your 12th postgraduate loan payment. The lucky ones will have federal student loans, which come with fixed interest rates that are capped by Congress. Federal student loans also offer more flexibility in the form of income-based repayment plans. 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. Your application will be processed within 3-5 days. 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’s 2021-22 FAFSA Guide: How to Get Free Money for College. 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 currently offers private student loans for undergraduate, career training and graduate programs. FAFSA is a registered service mark of U.S. Department of Education, Federal Student Aid. No purchase necessary. 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. In addition to federal student loans, the FAFSA also determines your eligibility for other federal student aid like grants and work-study. 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. Sallie Mae makes no claims about the accuracy or adequacy of this information. You’ll typically know whether you are approved within 15 minutes. In 1972, the Student Loan Marketing Association, also called SLMA or Sallie Mae, was created by Congress as a “government-sponsored enterprise” or GSE. Many or all of the products featured here are from our partners who compensate us. and going to our trusted partner Embark’s site. Sallie Mae, the Sallie Mae logo, and other Sallie Mae names and logos are service marks or registered service marks of Sallie Mae Bank. Whether you’re an undergraduate, graduate, business, dental, medical, or health professions student, you can find a student loan designed to meet your needs. In general, federal student loans provide additional flexibility in several areas than private student loans: All you need to do is complete the Free Application for Federal Student Aid (FAFSA®). All financial products, shopping products and services are presented without warranty. Applying for a Sallie Mae loan requires a hard credit check. 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. However, this does not influence our evaluations. You’ll typically know whether you are approved within 15 minutes. The best way to determine if you have federal or private student loans is to check studentaid.gov. 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. Pre-qualified offers are not binding. Sallie Mae does not provide, and these materials are not meant to convey, financial, tax, or legal advice. Sallie Mae also works with a number of private lenders to secure education loans … Sallie Mae Student Loans. 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. Since 2014, Sallie Mae is engaged strictly in private student loans. You are now leaving salliemae.com 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. © 2020 Sallie Mae Bank. 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. Sallie Mae started off under the federal government and provided loans through the Federal Family Education Loan program, or FFEL. And Sallie Mae Bank, a … We believe everyone should be able to make financial decisions with confidence. 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. If you need to borrow money for college, exhaust federal student loans before taking out a private student loan. 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. 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. and exhaust federal student loan options. The easiest and fastest way to file the FAFSA is online. In other words, it was a private, for-profit corporation that had to follow specific regulations from the government. Learn some considerations to keep in mind with these options. You need to submit the FAFSA every year you’re enrolled in college to receive federal student aid. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly. Smart Option Student Loan and graduate loan products: This information is for students attending participating degree-granting schools. 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. Almost everyone who applies for financial aid is eligible for some form of aid. Paying for college tip After exploring federal loans, a private student loan can help if you still need more money to cover college expenses. In 2004, Sallie Mae … Deferring a federal student loan All new Sallie Mae loans are private. 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! All other names and logos used are the trademarks or service marks of their respective owners. It also provides parent loans and is one of the few lenders to offer loans to part-time students. If you don’t find your loan information through studentaid.gov, you have a private student loan. Submitting the FAFSA is totally free. Sallie Mae® higher education loans are designed for the needs of undergraduates, graduate students, and parents. So how do we make money? Fortunately, there are a few ways to verify whether the loans are federal or private. These materials may not reflect Sallie Mae’s view or endorsement. It’s important to know, since options for dealing with federal and private loans vary greatly. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly. 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. » MORE: Types of student loans: Which is best for you? Student Loan Repayment Options: Find the Best Plan For You. 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