Sallie Mae Loans: Being one of the leading private student loan providers, Sallie Mae has become the foremost choice of many undergraduate and postgraduate students in the United States. This popular loan provider helps in providing funds to eligible candidates who are pursuing or about to start higher education. One of the best things about Sallie Mae is that they offer to fund all levels of higher education whether it’s undergraduate or MBA programs.
The SLM’s Smart Option Student Loan is made accessible to undergraduate students who are attending or planning to attend degree-granting institutions. Whether it’s an on-campus or online degree program, the Sallie Mae Private Loan will cover all the certified expenses of your school, which consist of books, supplies, tuition, fees, and meals, among other expenses.
Another best thing about this private student loan provider is that there are no origination fees and prepayment penalties as well. In addition to that, this service provider also offers competitive variables as well as fixed rates. The Smart Option Student Loan from Sallie Mae has been made assessable for students whether they are pursuing undergraduate or postgraduate degree programs. But what to do if you are a student in the United States and want to apply for the Sallie Mae Loan? Well, you are going to get the answer here in this article. In this post, we will discuss Sallie Mae’s student loan and how you can apply for the same. So, read the following content carefully….
Benefits of Sallie Mae Private Loan
Sallie Mae Student Loans offer a number of advantages which are as follows:
- International students in the United States or Non-US citizens with US citizen cosigners may also qualify for Sallie Mae Private Loan.
- The application process is convenient and simple. All the processes, including SLM’s application approval, can be completed online.
- Sallie Mae offers various deferral alternatives to their borrowers, such as payment deferments and grace periods, etc.
- Part-time students with loans are also eligible to apply.
- The loan debt will be discharged or dismissed from the permanent disability and death of the borrower.
What are the Eligibility Criteria for Sallie Mae Loans?
Majorly, their loan is made available for the courses on offer at the University of Bath. Additionally, Sallie Mae also offers parent loans which can be taken out by a parent, relative, or any creditworthy individual other than the student for helping you pay for college.
As Sallie Mae Loans involve funding, therefore this organization has set up some rules for the selection of candidates who will get qualify for their student loans. The eligibility criteria for this loan are on the basis of the borrower’s credit profile.
An individual can take out a Sallie Mae Loan for the courses which are as follows:
- Having less than half time of attendance
- Have studied distance learning
- Pursuing postgraduate certificate or diploma-level courses
Requirements for Sallie Mae Loans
There are a few requirements that you need to provide while applying for Sallie Mae Student Loans which we will be discussing right below:
- Your current address and if you live there less than a year then you should also provide your previous address.
- Your Social Security Number
- Details of the school such as your enrollment status, degree, and course.
- Information regarding your academic period or year of enrollment in the school.
- Details about your employment such as company name and gross income.
- Personal contacts information
- Your Financial information such as your bank account number, your monthly rent payments, etc. will be needed.
- Requested loan amount to cover your school-certified expenses for a full year.
How to Apply for Sallie Mae Loan?
If you are interested in Applying for Sallie Mae Loan, then you must follow a set of procedures to qualify for the funding to pay for your college. The borrower has to apply for loans annually if they want them in future years of study. Here are the steps which you need to take in order to apply for the Sallie Mae loan application.
- Step 1: First, you need to complete a Cost of Attendance calculator spreadsheet before starting your application process.
- Step 2: Now, you have to apply for your Sallie Mae through Sallie Mae or via MyglobalEducation.
- Step 3: After you have submitted your application, your credit will be reviewed. During this process, some additional information about your documents will be asked for verification. After the documentation process, the decision will be made by the Sallie Mae credit specialists.
- Step 4: If they approve your application, you’ll have to select the type of interest rate along with your repayment option. After this accept the terms and conditions of your loan and then sign it electronically.
- Step 5: At last, Sallie Mae’s credit specialists will ask your school to verify and confirm your eligibility, such as your loan amount, and enrollment verification among others.
With the rising prices of tuition fees for schools and colleges, it is becoming hard for many individuals to pursue their dreams of higher education due to their financial difficulties. As a result, people look out for extra help that is offered by student loan providers or lenders. Out of many lenders, Sallie Mae comes out as a great help to many by offering student loans to them for meeting their financial needs to pay for their school/ college. Whether you are a parent or a student pursuing an undergraduate or Ph.D. program, you can apply for the Sallie Mae loan.
With flexible repayment options, fewer limitations for eligibility, and access to part-time students and non-citizens, Sallie Mae’s private loans become a perfect helping hand for many. It not only helps undergraduate and graduate students by providing student loans, but it also provides funding to the parents and sponsors of students so that they can help in covering all the certified expenses of their school, such as books, supplies, tuition, and fees, etc. In addition to that, Sallie Mae also offers loans to help the students to cover their medical costs, dental residencies, or the preparation of their bar test. This was all about Sallie Mae’s private loan, and we hope all your queries have been answered in this post. You can also visit Sallie Mae’s official website to get more details, or else you can ask your question in our comment section.