
Sallie Mae Smart Option Student LoanSM Form
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People also ask
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What happened to Sallie Mae's student loans?
Sallie Mae is not a federal loan servicer. But in 2014, it split into two separate companies. The Sallie Mae of today, however, is an education solutions company and consumer banking business. The other company became Navient. Importantly, the two companies are independent and not associated with one another.
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What is Sallie Mae's smart option?
With the Smart Option Student Loan, you can select from three repayment options. While in school, you can choose to make monthly interest payments or fixed $25footnote 9 payments each month—or you can choose to defer payments until after school.
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What is the interest rate for smart option student loans?
What Are Sallie Mae's Terms, Fees and Conditions? Sallie Mae's Smart Option for undergraduate students offers variable rates from 5.37% to 15.7% and fixed rates from 4.15% to 15.49% based on your creditworthiness. Rates for graduate student loans vary by loan.
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What are the disadvantages of Sallie Mae?
Cons Only one term length for graduate loans. Graduate students will have a term length of 15 years. Term length assigned for undergraduate loans. Sallie Mae has five, 10, and 15-year term length options. ... Late payment of 5% of the amount due, capped at $25. ... Customer service unavailable on the weekends.
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What are the disadvantages of Sallie Mae?
Cons Only one term length for graduate loans. Graduate students will have a term length of 15 years. Term length assigned for undergraduate loans. Sallie Mae has five, 10, and 15-year term length options. ... Late payment of 5% of the amount due, capped at $25. ... Customer service unavailable on the weekends.
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What is a smart loan?
A SMART Loan is a debt consolidation loan that allows your clients to use the equity they have built in their home to reduce their monthly debt payments and free up cash.
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Will student loans through Sallie Mae be forgiven?
If your debt is with Sallie Mae (and not Navient), it is a private loan. Therefore it's not eligible for forgiveness. Borrowers and their cosigners are generally expected to continue repaying the loans.
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Is Sallie Mae Smart Option loan good?
The bottom line: Perhaps the most well-known of all student loan lenders, Sallie Mae is one of the largest lenders, and also one of the best lenders for college students. They are great for borrowers without a cosigner, offer some of the best deferment and forbearance programs, and have first-rate customer service.
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Can I trust Sallie Mae?
Is the Lender Reputable? The lender receives an A+ grade from the Better Business Bureau and gets 1.5 out of 5 stars, or a bad rating, from Trustpilot based on about 30 reviews. The Consumer Financial Protection Bureau received 315 student loan-related complaints in 2022 about SLM Corp., holding company of Sallie Mae.
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Will student loans with Sallie Mae be forgiven?
Sallie Mae loans, now serviced by private lenders, do not qualify for federal forgiveness programs. Loan forgiveness is generally reserved for federal student loans under specific programs. Private student loans might offer assistance or flexible terms, but typically lack formal forgiveness options.
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What is the Sallie Mae student loan controversy?
A False Claims suit was filed against Sallie Mae by former U.S. Department of Education researcher, Dr. Oberg, in 2009. The suit alleges that Sallie Mae and other lenders deliberately overcharged the U.S. government. The findings by Oberg were labeled among higher education policy analysts as the 9.5 scandal.
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