is sallie mae a federal loan

See official rules at SallieMae.com/SweepstakesRules. All other names and logos used are the trademarks or service marks of their respective owners. not available for private loans and often come with lower interest rates. Your application will be processed within 3-5 days. Access logins to all Sallie Mae accounts - student loans, college planning tools, Upromise GoalSaver accounts, cash back credit cards, CDs, and high-yield savings accounts. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly. Founded in 1973, Sallie Mae (the nickname of The Student Loan Marketing Association) operated as a Government-Sponsored Enterprise (GSE) – a private financial institution set up by the U.S. Congress – until 1994 when it became a private corporation. Remember, it's important to consider federal student loans before you take out a private student loan because there are differences … In 2004, Sallie Mae privatized and began issuing private loans while still offering FFEL loans. financial aid offer detailing the financial aid you are eligible to receive—including federal student loans, grants, and work-study. Smart Option Student Loan and graduate loan products: This information is for students attending participating degree-granting schools. The lucky ones will have federal student loans, which come with fixed interest rates that are capped by Congress. and exhaust federal student loan options. So how do we make money? This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. Sallie Mae Rates. Since then, Sallie Mae no longer services federal loans and provides only private student loans. Sallie Mae also works with a number of private lenders to secure education loans … But we’re here to assist with questions about your Sallie Mae private student loan, so if you have questions, call us at 855-429-9755. Federal student loans also offer more flexibility in the form of income-based repayment plans. To find the loan terms for Sallie Mae’s Smart Option Student Loan® for undergraduate students, we had to navigate from the loan’s landing page to a comparison page that shows the differences between that type of loan and a federal Parent PLUS loan. The flexibility of these loan options make them an ideal solution for students and families who still need money for college after using grants, scholarships and federal student loans. And Sallie Mae Bank, a … If you need to borrow money for college, exhaust federal student loans before taking out a private student loan. Tinker Federal Credit Union has partnered with Sallie Mae® to offer college financing options for both students and parents. This may influence which products we write about and where and how the product appears on a page. The cost of college has risen so steeply that the average graduate now leaves school with over $35,000 in student debt. .cls-1FB{fill:#4468b1!important;}.cls-2FB{fill:#fff!important;} .cls-1YT{fill:#ed2024!important;}.cls-2YT{fill:#fff!important;} 3 Best Sallie Mae Student Loan Refinancing Options | LendEDU Sallie Mae started off under the federal government and provided loans through the Federal Family Education Loan program, or FFEL. Sallie Mae repayment options are more limited than what federal student loans offer. If you have been impacted by the coronavirus and need help with your Sallie Mae account, they have assistance options available to help borrowers keep their account in good standing during this health emergency. Sallie Mae, the Sallie Mae logo, and other Sallie Mae names and logos are service marks or registered service marks of Sallie Mae Bank. The confusion and the erroneous claims stem from the fact that Sallie Mae (SLM Corporation) not only offers private student loans but also services federal student debt. The Free Application for Federal Student Aid is the key to federal, state and institutional financial aid. FAFSA is a registered service mark of U.S. Department of Education, Federal Student Aid. NerdWallet’s 2021-22 FAFSA Guide: How to Get Free Money for College. Really get to know your money and find cash you can put aside and grow. Applying for a Sallie Mae loan requires a hard credit check. There are three types of federal student loans: These loans are available through the Federal Direct Loan Program. Learn more about the three types of federal student loans: Applying for a federal student loan is free. This completion service is not affiliated with or endorsed by the US Department of Education. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly. Navient, which spun off from Sallie Mae, has more than 10 million student loan customers and services more than $300 billion of government and private student loans. Submitting the FAFSA is totally free. and going to our trusted partner Embark’s site. Types of student loans: Which is best for you? All financial products, shopping products and services are presented without warranty. Many or all of the products featured here are from our partners who compensate us. Cecilia Clark is a student loans writer with NerdWallet, where she helps readers navigate the landscape around college finances. Sallie Mae employs 1,400 individuals at offices across the U.S. On April 30, 2014, Sallie Mae spun off its loan servicing operation and most of its loan portfolio into a separate, publicly traded entity called Navient Corporation. The second type of loan is a loan through the Federal Family Education Loan program. Since federal loans offer different benefits than private student loans, you should always explore them first. Federal loans formerly serviced by Sallie Mae are now under Navient. If you’re asked to pay, that means you’re in the wrong place. We believe everyone should be able to make financial decisions with confidence. While the federal government remains the largest source of student loans in the U.S., working with a private lender can be a smart decision. Sallie Mae is one of the few private student loan providers that allows part-time students (less than half-time enrollment) to apply. The first type of loan is the private student loan from Sallie Mae. Disclaimer: NerdWallet strives to keep its information accurate and up to date. Sallie Mae Loans the Money What Sallie Mae is and what role they play in granting and managing student loans can be confusing. The Sallie Mae Medical School Loan can be a good alternative to the Federal Direct Grad PLUS Loan, and if you’re highly qualified, you may receive a lower interest rate. The FAFSA® (Free Application for Federal Student Aid) form is available for free at studentaid.gov. Sallie Mae administers both of the primary Federal loan programs, the Stafford and the Perkins loan programs. It covers not only parental loans, K-12 loans, dental school loans, medical student loans, law school loans, and post-graduate education loans also take responsibility for other student loans. Sallie Mae makes no claims about the accuracy or adequacy of this information. Federal student loans, also known as government loans, allow students and parents/guardians to borrow money for college directly from the federal government. Sallie Mae, or the Student Loan Marketing Association, was founded in the … Other specialized loan options have 15- or 20-year terms, depending on the loan. After you submit the FAFSA, the government will send you a Student Aid Report (SAR), which gives you basic information about your eligibility for federal student aid. .cls-1TW{fill:#439cd6!important;}.cls-2TW{fill:#fff!important;} Almost everyone who applies for financial aid is eligible for some form of aid. Choose a type of interest and repayment option, Understand the student loan application process, Paying for health professions graduate school, Learn about graduate grants and fellowships, Consider other ways to pay for graduate school, Consolidating or refinancing your student loans, Estimate your upcoming student loan payments, How we allocate and apply your student loan payments, Understand student loan military benefits, Managing your student loan on active duty, Scholarships for women and single mothers, Federal Supplemental Education Opportunity Grant (FSEOG), Free Application for Federal Student Aid (FAFSA, Teacher Education Assistance for College and Higher Education (TEACH) Grant, Direct PLUS Loans, of which there are two types: Grad PLUS Loans for graduate and professional students, as well as loans that can be issued to a student's parents, also known as, The William D. Ford Federal Direct Loan (Direct Loan) Program. Student Loan Repayment Options: Find the Best Plan For You. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. Sallie Mae currently offers private student loans for undergraduate, career training and graduate programs. Learn what federal loans and private loans are and how they can help you borrow money for college. These loans are made by Sallie Mae Bank or a lender partner. If requested, Sallie Mae will suspend student loan payments for up to three months, without an impact on the borrower’s credit standing. Private student loans. You can also mail in a paper application, but processing it will take about 7-10 days. And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward — and free. 10 Get the help you need during your medical residency or fellowship Find flexibility with a residency deferment Fortunately, there are a few ways to verify whether the loans are federal or private. Sallie Mae® higher education loans are designed for the needs of undergraduates, graduate students, and parents. For millions of student loan borrowers, Sallie Mae is synonymous with educational finance. If you don’t find your loan information through studentaid.gov, you have a private student loan. Today it is a privately owned company well known as a lender to students throughout the U.S. Sallie Mae distributes and holds more student loans than any other lender in the country; as such, Sallie Mae loans are often the subject of consolidation packages. 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Our partners compensate us. You need to submit the FAFSA every year you’re enrolled in college to receive federal student aid. Deferring a federal student loan A private student loan can help you pay for college when savings, scholarships, and federal aid aren’t enough. After exploring federal loans, a private student loan can help if you still need more money to cover college expenses. NerdWallet strives to keep its information accurate and up to date. All new Sallie Mae loans are private. When evaluating offers, please review the financial institution’s Terms and Conditions. All rights reserved. Sallie Mae® Student Loans Whether you’re an undergraduate, graduate student, or parent, get money for school from Sallie Mae® Student loans fromWhite Sands FCU in partnership with Sallie Mae® could help! Paying for college tip After exploring federal loans, a private student loan can help if you still need more money to cover college expenses. Sallie Mae does not provide, and these materials are not meant to convey, financial, tax, or legal advice. Sallie Mae stopped offering federal loans when the FFEL program ended in 2010, but continued to service federal loans though 2014. But if you took out a Sallie Mae loan before 2014, it might have been a federal loan and is likely now serviced by Navient. But Sallie Mae doesn’t disclose its minimum qualifying credit scores or income, so you’ll need to fill out an application to see if you qualify. No purchase necessary. Federal student loans, also known as government loans, allow students and parents/guardians to borrow money for college directly from the federal government. Pre-qualified offers are not binding. » MORE: Can you refinance Sallie Mae loans? Compare federal student loans vs private student loans. All you need to do is complete the Free Application for Federal Student Aid (FAFSA®). Here is a list of our partners. If you’re fresh out of school, or outside your student loan grace period, you could make interest-only payments on your Sallie Mae loans for up to one year. Before you apply to Sallie Mae or any private lender, file the Free Application for Federal Student Aid, or FAFSA, and exhaust federal student loan options. Learn more about your private student loan options. File the Free Application for Federal Student Aid (FAFSA®) to see how much you qualify for. The colleges you included on your FAFSA will have access to this information, and they’ll use it to determine the amount of federal grants, work-study, and loans you may qualify for. If your application is rejected, check other, Before you apply to Sallie Mae or any private lender, file the Free Application for Federal Student Aid, orÂ. Spirit of Alaska Federal Credit Union is not the creditor for these loans and is compensated by Sallie Mae for the referral of loan customers. Most student loans are federal. Learn some considerations to keep in mind with these options. Federal student loans have benefits not available for private loans and often come with lower interest rates. Whether you’re an undergraduate, graduate, business, dental, medical, or health professions student, you can find a student loan designed to meet your needs. Basically, federal student loans consist of funds that are provided by the U.S. government, while private student loans come from entities such as banks and other financial institutions. SLM Corporation and its subsidiaries, including Sallie Mae Bank are not sponsored by or agencies of the United States of America. SLM Corporation (SLM), more commonly known as Sallie Mae, is a public corporation and a private-sector lender, so its direct loans are not federal loans. In other words, it was a private, for-profit corporation that had to follow specific regulations from the government. The Sallie Mae of today is different from the original Sallie Mae. © 2020 Sallie Mae Bank. A quick history should clear this up. The amount of federal aid you receive from each school can vary, just as the cost of attending each school varies. But if you’re still unsure about whether your student loan is federal or private, the best way to find out is by logging into studentaid.gov with your FSA ID. How Sallie Mae Works . It also provides parent loans and is one of the few lenders to offer loans to part-time students. In 1972, the Student Loan Marketing Association, also called SLMA or Sallie Mae, was created by Congress as a “government-sponsored enterprise” or GSE. Embark makes it easy with a simplified process and step-by-step guidance—plus it’s free. » MORE: Types of student loans: Which is best for you? You’ll typically know whether you are approved within 15 minutes. Our partners cannot pay us to guarantee favorable reviews of their products or services. The easiest and fastest way to file the FAFSA is online. If you don’t find your loan information through studentaid.gov, you have a private student loan. . Compare federal and private student loans. Our opinions are our own. The colleges you’re accepted to will send you a The best way to determine if you have federal or private student loans is to check studentaid.gov. Pre-qualified offers are not binding. Void where prohibited.Odds of winning depend on the number of entries received. But Sallie Mae doesn’t disclose its minimum qualifying credit scores or income, so you’ll need to fill out an application to see if you qualify. You are now leaving salliemae.com It can actually be pretty difficult to find out, since some companies like Navient/Sallie Mae service federal loans but also originate their own private loans. All federal loan information is housed there. When evaluating offers, please review the financial institution’s Terms and Conditions. Graduate students may qualify for aid from these federal student aid programs: To find out if the school you’re interested in participates in the federal student aid programs, there’s a college search tool, hosted by the National Center for Education Statistics. Federal loans offer the best terms, lowest interest rates and most attractive repayment policies. – Competitive interest rates – Multiple repayment options… Consult your own attorney or tax advisor about your specific circumstances. If your application is rejected, check other private student loan lenders to find a better fit. Sallie Mae began as a federal entity designed to market loans to students across the United States. All Sallie Mae loans taken out since 2014 are private. In addition to federal student loans, the FAFSA also determines your eligibility for other federal student aid like grants and work-study. Sallie Mae provides private student loans. Direct PLUS Loans, of which there are two types: Grad PLUS Loans for graduate and professional students, as well as loans that can be issued to a student's parents, also known as Parent PLUS Loans. requires a hard credit check. These materials may not reflect Sallie Mae’s view or endorsement. Most student loans are federal. Navient was created in 2014 to take over Sallie Mae’s federal student loan servicing arm. In 2004, Sallie Mae … You’ll typically know whether you are approved within 15 minutes. But if you’re still unsure about whether your, , the best way to find out is by logging into. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. You won’t find Sallie Mae on any federal student loan servicer list since we only service private student loans. You can decide when to begin making full interest and principal payments, though you won’t have access to income-driven repayment plans , for instance. Management at Sallie Mae is concerned that a lapse of this federal student loan payment holiday will increase its customers' financial burden, … This is not a Stafford Loan from the federal government, but rather a loan that you got from Sallie Mae on your own initiative. This brings us to the all-important question- What if you are struggling to repay your student loan and there is a real risk that you may default or have already defaulted It’s important to know, since options for dealing with federal and private loans vary greatly. .cls-1LI{fill:#007bb6!important;}.cls-2LI{fill:#fff!important;}.cls-3LI{fill:#231f20!important;}, Terms of use  |  Protect your privacy  |  Avoid online fraud  |  Beware of debt relief offers  |  Social media guidelines  |  Do not sell my personal information. You’d just need to apply for the federal-like graduated repayment plan before your 12th postgraduate loan payment. NerdWallet rating The bottom line: Sallie Mae was originally founded in 1973 as a federally guaranteed student loan program. Since 2014, Sallie Mae is engaged strictly in private student loans. Families often use other ways to borrow money for college like a home equity loan, personal loan, or tuition payment plan. Explore student loan refinancing and get interest rate quotes from top-ranked lenders. Sallie Mae started off under the federal government and provided loans through the Federal Family Education Loan program, or FFEL. All federal loan information is housed there. Any information you provide will be shared directly with Embark and will be covered under the terms of the Embark privacy policy. However, this does not influence our evaluations. Standard or income-driven repayment is likely the best plan for you depending on your financial goals. In general, federal student loans provide additional flexibility in several areas than private student loans: If you have a Sallie Mae student loans, we have news for you. Be covered under the federal Family Education loan program managing student loans for undergraduate, career training graduate! Taking out a private student loan servicer list since we only service private student loans writer with nerdwallet where... Payment plan by or agencies of the Embark privacy policy than private student loan lenders to offer loans to students... When you visit a financial institution, service provider or specific product’s site vary, just as cost. Is by logging into for some form of income-based repayment plans by Congress higher! You’D just need to apply the loan sponsored by or agencies of the primary federal loan programs off the... Now there’s a new name in town – Navient in granting and managing student,... 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