Sallie Mae is a private student loan originator. The other company formed from the split was the is a federal and private student loan servicer. In addition to being a student loan lender, Sallie Mae attempts to provide transparency to help students and their families understand their education loan options.
Private student loans are the way that many students close that gap. On average, students have nearly $40,000 in student loan debt at the time of graduation; without those funds, their aspirations of being a teacher, engineer, or social worker may have been put on hold indefinitely.
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Most programs that allow Sallie Mae loan forgiveness require you to be in a specific profession or a drastic situation. Your loans may be partially or fully forgiven if you are a teacher or disabled. But other programs can give you a break in making payments or allow you to make lower payments.
Sallie Mae’s online loan application will take borrowers through a series of questions to determine what sort of loan will work best for the student’s situation. It is a simple design with clear-cut questions and descriptions to help guide borrowers through the process.
Sallie Mae handed off most of its older private loans to Navient after its 2014 split into two arms, but it still services loans, while also offering new student lending products. As in the past, Sallie Mae doesn’t offer up much publicly accessible information about which options are available for struggling borrowers, but it does provide.
If you have a student loan, there is a good chance that it may be serviced by Navient. Navient, which spun off from Sallie Mae, has more than 12 million customers and services more than $300 billion.
· Sallie Mae assigns loan terms. Many Sallie Mae student loans have a repayment term that ranges from five to 15 years. Most other lenders that offer a range of terms let borrowers choose their term, along with the corresponding monthly payment and interest rate. sallie Mae, however, will assign you a term. No loan pre-approval.
Sallie Mae Student Loans. Sallie Mae is a financial institution that has provided and serviced loans for over 40 years, originally servicing both federal and private student loans. In 2010, new legislation prohibited the servicing of federal student loans by financial institutions like Sallie Mae.