Sallie Mae Student Loans Reviews - What Is It?
DO NOT USE Sallie Mae Student Loans!!! You Must Read This Review!
Fully Researched: Price, User Feedback and More!
Sallie Mae is a federally guaranteed student loan program that was originally founded in 1973; however, in 2014, it split into two powerhouse entities: Navient, the largest federal student loans servicer, and Sallie Mae Bank, a consumer banking business. We will focus on the latter in this review. Its undergraduate private student loans are suitable for those who is looking for flexibility with repayment. You will be offered an interest repayment option in school and during the grace period. The rate will be 1% lower than that of the traditional deferred repayment option. Sallie Mae Student Loans are only available for part-time students. There are no personalized interest rate estimates before you apply. You will have an option of twelve-month interest-only repayment after you finish school. Loan amounts may vary from $1,000 up to 100% of the school-certified cost of attendance. Loan terms may vary from five to fifteen years. Grace period is six months. Co-signer release is available after twelve full, on-time payments. The company also offers Graduate student loans; medical school loans; student loans for parents; law school loans; medical and dental residency loans and bar loans. Let's take a look at Sallie Mae Company information. It is based at Newark, DE, United States. The company's phone is (800) 472-5543 and website is www.salliemae.com. Let's find out what exactly you can get with Sallie Mae Student Loans and what real borrowers think about the service.
Customer Reviews - Do Sallie Mae Student Loans Really Work?
When compared to other private student loan lenders, Sallie Mae eEnables faster repayment, offers a wide variety of term lengths, discloses requirements, makes extra payments easy, limits costs by limiting fees and interest rates. The company is transparent about their underwriting criteria and serves range of borrowers. It allows borrowers to get personalized rate estimates before they apply for the loan. Sallie Mae Student Loans are able to meet the needs of customers in different financial situations, in varying locations, and with different citizenship statuses. The company offers payment flexibility by offering in-school and military deferment, longer than twelve-month forbearance periods, and some other repayment policies to help borrowers in their tough times. The company's customer service reps are always ready to support their customers and help them pay out their loans. They assign borrowers an advisor, have in-house customer service offer, and many ways to get in touch. The official website displays fees, full APR ranges, and forbearance policies.
There are many customer reviews about Sallie Mae Student Loans on third-party websites and most of them are positive in character. What people like is that applying for a Sallie Mae student loan is a fast and easy process. Before taking out a loan you are recommended to check your federal student loan options first by submitting the Free Application for Federal Student Aid (FAFSA) to apply. Compare available private student loans to ensure that you are getting the best option you qualify for. Pay attention not only to interest rates, but also to lenders' repayment alternatives and flexibility offered to borrowers who experience difficulty making payments. If you want to borrow a Sallie Mae Student Loan, you can apply on the official website of the company. With this kind of a student loan you will be able to repay at the lowest interest rate. Their student loans come with a variety of loan terms. The lender limits their penalties and fees, as well as extends borrowers many options to avoid default. Sallie Mae is known for soft credit checks, consumer-friendly attitude and underwriting transparency.
These are all the reasons why Sallie Mae Student Loans have rather high ratings on different websites online. Many customers have given them five stars mainly for the consumer-friendly features offered by the company. Others gave them 4.5 stars for excellent service and affordable loans. Generally, the company has got a very good average online rating. Few customers encourage potential clients to shop around for some other loans with the lower interest rate. Let's read some of the actual user reviews found online.
"Sallie Mae has been calling my phone since 2008 offering me financial help but, unfortunately, I have ignored their calls. At present, I have a brain tumor and stage IV metastate prostate cancer. I finally decidedto take a loan from them at the lowest rate possible. At last I can get proper medical treatment and I feel so much better now. This company is very helpful. I recommend Sallie Mae Student Loans."
"I applied for a Sallie Mae Student Loan on the official website of Sallie Mae several times but I was turned down. I went to Wesley College in Dover. I wanted to financially help my parents as they had to pay several thousand dollars at once. I called the company and they finally agreed to give us the loan. We made payments directly to Wesley on time and now I have a chance to make my educational dreams come true. Thank you, Sallie."
"Sallie Mae Student Loans are really helpful. My father signed for a school loan from this company. I was making payments, but then I lost my job, and face problems paying it. So I called Sallie Mae and they lowered my rate significantly. Recently, I have found a new job and renewed my payments. My father is elderly and I am glad that I can pay out the loan on my own. Still, I am thankful to the company for their help."
My Final Summary
Summing up everything we have learnt about Sallie Mae, it seems to be one of the most reputable and largest student loan companies available in the country. It offers both undergraduate and graduate student loans. The company has been in business for more than forty years and has great experience in the field. They have helped over thirty million students and their families to pay for college and save their money. The services offered by the company are quite promising. These include private education loans for graduate students, undergraduates, and children in private K-12 schools. Sallie Mae banking products include high yield savings accounts, money market accounts, and CDs. There is Smart Option Student Loan available. This program offers an undergraduate school student a loan with a choice of repayment options, competitive interest rates, and rewards for on-time loan payments. There are several repayment options and fixed or variable interest rate loans.
Three repayment options offered by Sallie Mae include three different repayment options namely a Deferred Repayment Option (the student pays as much as they can or makes no payments during school), a Fixed Repayment Option or an Interest Repayment Option (students make interest payments while still studying). The company also features a number of payment rewards the major one of which concerns interest repayment. This option allows the borrower to pay interest while studying in school. This can save over 20% on total loan costs in comparison to the deferred repayment option. By making on-time payments you are promised to earn a 2% benefit paid into the student's Upromise account. The Sallie Mae portal contains a lot of information about loan education such as money management, budgeting, and loan resources that are meant to help the student manage their finances. Sallie Mae Student Loans are best for those who don't qualify for scholarships, students' families who need help with private school payments, graduate students and undergraduates. With this said I do recommend Sallie Mae Student Loans.
Sallie Mae Student Loans Pricing and Rates
Loan terms may vary from five to fifteen years based on the loan amount and some other factors. Loan amounts can start from $1,000 and reach 100% of the school-certified cost of attendance. There is grace period that lasts for six months. There is co-signer release available after twelve full, on-time payments. You can also opt for related products namely student loans for parents; Graduate student loans; medical school loans; bar loans; law school loans; medical and dental residency loans.