Q:

What are Sallie Mae signature loans for students?

A:

Quick Answer

Sallie Mae signature loans for students are available to qualifying applicants to help cover any unmet needs in their college financial aid plans. These loans help cover educational costs such as college tuition, textbooks and housing.

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Full Answer

Sallie Mae signature student loans do not require collateral to qualify for funding. They are “good faith loans” for which approval and repayment rates are dependent on the applicant’s credit score and income.

Sallie Mae signature student loans are available for both undergraduate and graduate school expenses. These loans provide various financial and educational benefits, including flexible repayment options, competitive interest rates and rewards for meeting repayment terms. Additionally, applicants can borrow up to 100 percent of their school-certified cost of attendance.

These loans allow the borrower to choose their repayment plan. Borrowers can typically choose from a deferred, fixed or interest repayment option.

The deferred option allows the borrower to defer payments until graduation. The fixed plan allows the borrower to pay a fixed amount of just $25 a month while in school. These early payments decrease the loan cost by up to 10 percent when compared to the deferred plan. Lastly, the interest repayment option requires borrowers to satisfy interest payments while they are attending school. Knocking out the interest early decreases the total loan cost by over 20 percent. Borrowers can choose between a variable or fixed interest rate when applying for Sallie Mae student loans. No origination fees and no prepayment penalties are attached to these loans.

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Related Questions

  • Q:

    How do you make a payment for a Sallie Mae student loan?

    A:

    Individuals with student loans through Sallie Mae have numerous options for making their loan payments. This includes online payment, automatic debit, using third-party billers and banks, and paying by phone or by mailing in a check or money order to the address on the billing statement.

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  • Q:

    Can Sallie Mae garnish wages?

    A:

    Sallie Mae can garnish a borrower's wages if that borrower defaults on repayments, according to Sallie Mae's website. Default occurs after a borrower goes 270 days overdue on a payment.

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  • Q:

    How do you make a Sallie Mae payment online?

    A:

    Account holders can make online payments to Sallie Mae accounts by logging into the Sallie Mae website, selecting the loan and setting the amount that they wish to pay. An online Sallie Mae account is required in order to do this.

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  • Q:

    What are HOEPA loans?

    A:

    HOEPA loans, also called Section 32 mortgages, are mortgage refinancing or home equity installment loans that are covered by the Home Ownership and Equity Protection Act, states the Federal Trade Commission. HOEPA covers high-interest and high-fee loans and bans practices that are considered deceptive or unfair.

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