Introducing Sallie Mae Student Loans
Sallie Mae student loans are an excellent method of paying for college. Regardless of what type of loan you end up qualifying or applying for, Sallie Mae can help you achieve your academic goals by providing the access to the funding you need.
When you have a Sallie Mae student loan, you will gain access to their borrower services, including the option to manage your loan or loans online.
Why Types of Loans Are Offered by SLM Corporation?
Sallie Mae can help you secure federal and alternative loans. You should always pursue federal student loans first, as they have the best terms, interest rates and payback policies. The two primary federal loans are the Federal Stafford Loan and the Federal Perkins Loan. The Federal Perkins Loan is unique because your lender would be the school you wish to attend. However, if you opt for the Federal Stafford Loan, Sallie Mae can actually act as the lender.
You can also go with a private loan through Sallie Mae if you do not meet the minimum requirements for the federal student loans or if a federal loan does not cover the cost of your tuition. Private loans are often referred to as alternative student loans as they are personal and generally not subsidized.
Rather than going to a bank for a private loan, you should go to Sallie Mae if you need extra college funding. They offer several types of loans that can specifically fit your needs at the time. However, never borrow more money than you need. Private loans should only be used as a method of supplementing your college financing. It should not be the sole source of financial aid.
Am I Eligible for a Sallie Mae Student Loan?
The answer to this question is anything but cut and dry. In fact, the answer varies on just what type of loan you are interested in. If you are pursuing a federal loan, you will need to meet certain minimum requirements, such as a certain GPA, a place within the income bracket, U.S. citizenship and no prior defaults on education loans.
However, if you are seeking to secure a private loan to help finance your education, your college standing or level of need won’t matter so much as your credit score. This can be difficult, especially considering most students looking to get a loan have very little or no credit history at all! Luckily, Sallie Mae offers cosigner options for those students with no credit or the ones in need of bad credit personal signature loans. This way, you can get a lower interest rate and will start your credit history off right.
Also, with a Sallie Mae student loan, if it is a private loan, you can ask for larger sums of money. So, let’s say you did not qualify for the majority of the financial aid options and you are pretty much stuck paying out of pocket. You can get a private loan from Sallie Mae to cover the difference.
A Word of Caution
I know I mentioned it earlier, but protecting yourself when it comes to borrowing money is just too important to gloss over. You should never (ever!) borrow more money than you need. Doing so will create unnecessary debt for you and increase the temptation to spend loan money for things other than your education expenses. You should not rely solely on loans to pay for your college tuition. Even if you cannot get a grant or scholarship, always try to pay for some of the tuition with your savings. Doing so will make it so you do not have to borrow quite as much money.
Finally, if you do end up having some money left over from your Sallie Mae student loan, be sure to treat it responsibly by putting it into savings. That way, once you start making loan payments you will have a nice chunk of cash building interest. You should always make your money work for you whenever possible.
If you end up getting a private loan, also be sure you can afford the monthly balance agreed upon. Never sign a loan that you are not sure you can pay. If the monthly balance is too high for you, tell the lender. Sallie Mae is very flexible and can work out an appropriate payment plan for you.