There is no doubt that having an excellent and formidable education is important. Despite the rising costs of universities and colleges, it is quite admirable to see many people trying to finish their studies in order to help society.
Taking out a Sallie Mae Online Student Loan might just be the answer you are looking for. This allows you to borrow money you can use to pay for college. Through this initiative, you can help make college a reality.
Sallie Mae Online Student Loan Features and Benefits
One of the most popular offerings by Sallie Mae is their Undergraduate Student Loans. Depending on your needs, you can also take your pick from Career Training, Parent, K-12, and even Graduate Student Loans.
The Sallie Mae Online Student Loan is one of the best student loans available on the market. For one, it provides 100% coverage. This means you can pay all you school-certified student loan expenses under this plan.
With its cost-saving features, you can lower your interest rate when you choose in-school repayment. You can even get a 0.25 percentage point reduction when you use your auto debit facility. As a student who values every cent from their earnings, you’ll be glad to know that there is absolutely 0% origination fee or prepayment penalty. You can pay as early and as much as you like with no penalty!
Applying for a Sallie Mae Online Student Loan
Applying for your own Sallie Mae Online Student Loan is simple. All you need to do is head to their website and fill out the online application form. Bear in mind that if you add a cosigner, say a parent, it may give you a better chance of being approved.
To apply, you need to provide basic information such as your personal information and your school. You must be a U.S. citizen, a permanent resident, or a non-U.S. citizen borrower with a creditworthy cosigner. Other documents you’ll want to have on hand include your address, Social Security number, the amount you’re requesting, and financial and employment details. Should you be applying with a cosigner, they’ll need to provide similar details about themselves. Either you or your cosigner can jumpstart the application.
If you are approved, you can pick a repayment option and interest rates that suit your budget and time frame. For a Sallie Mae Online Student Loan, applications are subject to a minimum loan amount of $1,000.
Sallie Mae Online Student Loan Fees and Charges
For this plan, you need to pay fixed rates starting from 5.74% to 11.85% APR. Meanwhile, variable rates start from 4.37% -11.23% APR. Remember, interest rates for fixed and deferred repayment options have higher charges compared to the interest repayment option.
A clearer example would be a borrower a $10,000 loan on a Fixed Repayment Option. With two disbursements, this would get you an 8,88% fixed APR. All in all, you need to pay $25 per monthwith 51 payments, 119 payments of $162.06 per month, and one payment of $120.30,with a total loan cost of $20,680.44.
Overall, a Sallie Mae Online Student Loan is your best bet when it comes to making your education dreams happen. With low payment rates and flexible payment schemes, it would be a disservice to yourself to pass up on this good deal. Apply now!