If you want us to evaluate the borrowers application based on hisher information, income and credit history only, do not complete section c. Power for providing an outstanding customer service experience for phone support. Smart option student loan information is for undergraduates only. The student loan process can be overwhelming, but it doesnt have to be. This student loan option is also available to students interested enrolling in the cdl program at lenape tech. Sallie mae smart option student loans are made by sallie mae bank or a lender partner. Royal bank smart option student loan by sallie mae. Sallie mae student loans giving families with collegeaged students specific information on available student loan products is a great way to enhance your websites usefulness. Sallie mae smart option student loan privatestudentloans. Slm corporation and its subsidiaries, including sallie mae, inc.
Smart option student loan historical performance data period ended march 31, 2020 pdf, 5. Theres no origination fee, nor are there any penalties for paying off your loan early. The sallie mae smart option student loan program we are pleased to provide our credit unions with a private student loan referral program through a partnership with sallie mae. Career training smart option student loans are made by sallie mae bank or a lender partner. Sallie mae smart option student loan terms and conditions. Interest paid on qualified student loans may be tax deductable. University of louisiana federal credit union is not the creditor for these loans and is compensated by sallie mae for the referral of loan customers. Federal student loans are required by law to provide a range of flexible repayment options, including, but not limited to, incomebased repayment and incomecontingent repayment plans, and loan forgiveness and deferment benefits, which other student loans.
Based on a comparison of approval rates for sallie mae private student loans for students who applied with a cosigner versus without a cosigner during a rolling 12month. Student borrowers may select from fixed or variable interest rates. For college expenses not covered by scholarships and federal loans, awakon federal credit union has partnered with sallie mae to bring you loans with great repayment options and competitive rates. Sallie maes response to suny buffalo state universitys. The smart option student loan for isu credit union by sallie mae wherever you are in your higher education, get the money you need for school whether youre an undergraduate, graduate student, or parent, get money for school from sallie mae sallie mae higher education loans are designed for the needs of undergraduates, graduate. Currently i have two sallie mae loans, both with a fixed average interest rate of 4. Other borrower benefits interest rate reduction of 0. Learn more about your private student loan options. Tech cu is not the creditor for these loans and is compensated by sallie mae for the referral of loan customers.
Current credit and other eligibility criteria apply. Sallie mae student loans smart option student loans. Both offer options for how you repay the loan, no origination fee, and can cover up to 100% of the schoolcertified cost of. Smart option student loan and graduate loan products. Graduate school loan pay for expenses as you pursue your masters and doctoral degrees. Borrower benefit information valid as of june 14, 2010. The sallie mae partner referenced is not the creditor for these loans and is compensated by sallie mae for the referral of smart option student loan customers. This loan is an ideal solution to help you pay for college expenses not covered by scholarships and federal loans. Explore federal loans and compare to ensure you understand the terms and features.
Slm investors presentation da davidson 18th annual financial institutions conference pdf, 221 kb may 10, 2016. Career training smart option student loan sallie mae. Based on a comparison of approval rates for career training sallie mae smart option student loans for students who applied with a cosigner versus without a cosigner during a rolling 12month period from october 1, 2018 through september 30, 2019. An estimated 22 million students were due to enroll in u. Therefore, a cosigner with a long history of good credit may be able to help overcome your limited credit history and enable you to qualify for the loan. Is the interest on sallie mae educational loans tax. The sallie mae smart option student loan is made by sallie mae bank or a sallie mae lender partner. On top of our limitedtime scholarships, pathways now offers the smart option student loan.
Sallie mae investor presentation secondquarter 2016 pdf, 953 kb april 26, 2016. Sallie mae, the sallie mae logo and other sallie mae names and logos are service marks or registered service marks of sallie mae bank or its subsidiaries. Sallie mae smart option student loan for undergraduate students when grants, scholarships, and federal aid are not enough, choose the smart option student loan for undergraduate students. Business wire sallie mae, the nations saving, planning, and paying for college company, today announced the sallie mae parent loan. Borrow responsibly benefits of student banking cal poly. With the smart reward, good habits can turn into cash. Name of loan programproduct sallie mae smart option student loan 2. Available for parents or other creditworthy individuals, the sallie mae parent loan offers competitive interest rates, no. Principal and interest repayment terms vary from 5 to 15 years and are based upon the borrowers cumulative outstanding sallie mae serviced private student loan balance and the students schoolcertified academic grade level. Instructions for completing the sallie mae smart option. Now you can pay for college the smart way with three great repayment options and competitive interest rates. Sallie mae smart option student loan isu credit union. Corporate one federal credit union sallie mae smart option.
Customers may select from three monthly repayment options. Smart option student loans for undergraduate students have variable rates that start from 2. The sallie mae logo and sallie mae insurance services are service marks of, and sallie mae, sallie mae bank, and smart option student loan are registered service marks of sallie mae, inc. Mar 04, 2020 smart option student loan for undergraduate students. Salliemae career training smart option student loan lenape tech adult and continuing education is now eligible to offer private student loans through the salliemae career training smart option student loan program. Application process for sallie mae career training smart option student loans student questions. Smart option students loans that have variable rates can go up over the life of the loan.
Fedfinancial is not the creditor for these loans and is compensated by sallie mae for the referral of loan customers. Sallie mae smart option njclass cannot be compared to federal direct loans, subsidized or unsubsidized, because borrowers must first take federal direct loans prior to njclass loans. Today it makes private student loans, but it stopped servicing federal loans in 2014. Grew private education loan portfolio 24% from q2 2014 to q2 2015 completed a second quarter 2015 loan sale at a pretax premium of 10.
You can help your undergraduate student pay for college either by cosigning a smart option student loan or taking out a sallie mae parent loan in your name. Choose the loan thats right for you and your student. Sallie mae loans are made by sallie mae bank or a lender partner. Many sallie mae student loans have a repayment term that ranges from five to 15 years. The smart option student loan for by sallie mae for borrowers attending degreegranting institutions. Upromise is a registered service mark of upromise, inc. Sallie mae is a publicly traded company that is the largest provider of education loans in the united states, as of 2016. Sallie mae was originally founded in 1973 as a federally guaranteed student loan program. Smart option student loan customers can apply for and receive a maximum of five 12month deferment periods and customers with graduate loans can apply for and receive a maximum of four 12month deferment periods. Pay for college the smart way with three great repayment options and competitive interest rates. Sallie mae smart option student loan adult education.
Sallie mae parent loan customers may choose the repayment option that best meets their needs. Borrowers who receive sallie mae smart option loans before april 30, 2021, can get free access to chegg study for four months, which includes expert help for textbook problems and 30 minutes of online tutoring. You can customize this information with your institutions name and a specific link, as indicated, and add this content to your website. Wherever you are in your higher education, get the money you need for school.
Smart option student loan first nebraska credit union. Smart option student loans that have variable rates can go up over the life of the loan. Both offer options for how you repay the loan, no origination fee, and can cover up to 100% of the schoolcertified cost of attendance. Sallie mae, the sallie mae logo, and other sallie mae names and logos are service marks or registered service marks of sallie mae bank or its subsidiaries. Sallie mae offers both variable rate and fixed rate student loans. However if you are in the market for a financial institution, we are the smart banking option. Business wire sallie mae, formally slm corporation nasdaq. Jun 28, 2019 given the amount of press that sallie mae receives, and the many controversies involving sallie mae, it is important for any potential borrower to get all the facts, good and bad, before making the decision on a sallie mae loan. Student loan repayment options sallie mae smart option. Sallie mae states that it does not sell sallie mae smart option loans to other lenders. Go to click the green im ready to apply button click undergraduate student loans. Experience the convenience of bankyou do not have to be a member of cal poly federal credit union to apply for the sallie mae smart option student loan. This undergraduate student loan can be used for bachelors and associates degrees, as well as and certificate programs at degreegranting institutions. This loan is an ideal solution to help you pay for.
This information is for students attending participating degreegranting schools. Royal bank is committed to helping you invest in higher education, which is why we offer the smart option student loan by sallie mae. Smart option student loans are made by sallie mae bank or a lender partner. Smart option student loan payment ontime while inschool and during the separation period. Power 2019 certified customer service program recognition is based on successful completion of an evaluation and exceeding a customer satisfaction benchmark through a survey of recent servicing interactions. They are typically more affordable than traditional private loans, and even carry cash back incentives to students who make consistent and timely payments. Its now harder to get a sallie mae loan if you come from a bad credit background, either due to your own credit or the credit of cosigners such as your parents.
Smart option student loan by sallie mae loans diamond cu. Plus, a suite of graduate loans to pay for expenses included in your schools cost of attendance and designed for your specific degree. Sallie mae replaced the signature student loan with whats called the smart option loan. What are the rates and fees for a sallie mae s smart option student loan.
Information advertised valid as of february 25, 2016. Based on a comparison of approval rates for undergraduate and graduate borrowers of sallie mae student loans available during a rolling 12month period from october 1. If theres a gap between the financial aid youve received from the government and what you still need, sallie maes smart option loan can help make ends meet. In fact, the starting variable rate is currently the lowest among. Smart option student loans are a supplement to federal student loans and available from sallie mae. Sallie mae, sallie mae bank, sallie mae smart option student loan, and smart option student loan are registered service marks of sallie mae, inc. Years in student loan market we have been in the student loan business for more than 40 years. Free budgeting tools and easytounderstand information about how to manage student loan payments and other types of credit, such as. The sallie mae smart option loan comes in three forms. The fedfinancial smart option student loan by sallie mae. Most other lenders that offer a range of terms let borrowers choose their term, along with the corresponding monthly payment and interest rate.
Portfolio by product smart option payment type customer fico at origination smart option 95% 4q 20 private education loans. Like the federal parent plus loan, the njclass family loan is a supplemental. Expected payoff date is in 10 years but i feel like its going to be a lot longer. When you apply with a cosigner, sallie mae considers the income and credit histories of both you and your cosigner. You can apply for the money you need for college, and the flexibility you want. A significant portion of the historical data relating to historical smart option student loan performance used to prepare certain of these materials was provided to sallie mae bank by navient corporation navientpursuant to a data sharing agreement executed in connection with the spinoff. Customers make monthly interest payments while students are enrolled in school for up to 48 months, followed by monthly principal and interest payments. Smart option student loan historical performance data period ended march 31, 2016 pdf, 1. Interest is charged during the deferment period and unpaid interest may be. Jul 27, 2017 from the sallie mae smart option student loan series outlines the various repayment options students can select while opting for a smart option student loan. This information is for borrowers and students attending nondegreegranting institutions only. Cosigner instructions for completing the sallie mae smart option student loan application 1. The smart option student loan for undergraduate students is one of the primary loan products offered by sallie mae.
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