Sallie Mae Student Loans Review

How do I calculate my monthly payment amount?

You need to know how much you make per month before you apply for student loans. You can use our calculator to figure out what your interest rate is. After knowing your APR, you’ll want to add any additional fees you may have (such as origination and loan insurance). Then, multiply your total payments by 12 and you’ll get your estimated monthly payment.

What if I don’t make enough money to pay off my student loans?

If your income is low, you may not be able to afford to pay back your loans right away. If you think your income might decrease due to unforeseen circumstances such as job loss, illness, injury or death in your family, consider deferring or forbearance. These options allow you to reduce or suspend your repayment obligations until you’re financially stable again. To ask about these options, contact Customer Service at 800-828-9200.

Can I consolidate my student loans?

Yes! Consolidating your federal student loans may help you save thousands of dollars over time, depending on your situation. You can combine your federal Stafford loans under one plan, called Direct PLUS Loans. Plus, your income won’t be subject to income limits for consolidated loans.

When should I start paying back my student loans?

Start making payments toward your student loans once you earn $50,000 per year. Payments can begin while you still owe money on your loans, and you’ll continue to pay off your loans after they are fully paid off. Remember to budget any extra money you receive each month towards your loans.

Is there anything else I need to know?

Once you’ve started repaying your loans, you’ll want to monitor your account regularly. Your payment history will affect your credit score and your eligibility for future loans. Keep track of your payments online using MyPLAN. You’ll find helpful information and tips including payment reminders, bill tracking and online payments. And remember to never miss a payment—it’s reported to the credit bureaus immediately.

Sallie Mae Student Loans Review

The following video reviews the loan offers at Sallie Mae.

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No copyrighted material appears anywhere in these videos; they are not intended to serve as tutorials.

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Sallie Mae Student Loans Review

Sallie Mae Student loans are great! When I was first going to school, I had no idea what I wanted to do career-wise. After college, I received a student loan and decided to become a teacher. I am now teaching third graders and have been doing so for over five years. I love my job and what I do on a daily basis. My pay is good and I’m able to get out of debt without having to work forever. I’ve been paying off my loan since 2010 and plan on continuing until about 2020. I recommend using Sallie Mae Student Loans to anyone who’s interested in getting a higher education.

Sallie Mae – Pros

Easy application

Quick payment

No credit check

Great repayment scheme

Has a low interest rate (0% if paid monthly)

Good customer service

Can be used for any person 18+ years old

Available at many financial institutions

Sallie Mae – Cons

May take time to apply

Cannot be used for postgraduate degrees

Not ideal for those looking to study abroad

Sallie Mae Student Loans Review

Sallie Mae Student Loan Review

Sallie Mae student loans are known for being the most expensive private loan option out there. While they have their advantages, it may seem like a good idea at first. But after careful review of the terms and what are actually included in the student loan, you may want to consider looking elsewhere. If you do decide to go ahead and apply, make sure you get everything in writing. Also, if there’s any issue, don’t hesitate to reach out to customer service.

Are There Any Disadvantages To Sallie Mae?

Yes. One disadvantage is that these loans are non-refundable. You simply cannot get back money that you put down for them. So, if you’re thinking about going this route, make sure that you know exactly how much you’ll end up paying before making a decision to use them.

Is There Anything That Makes Sallie Mae Better Than Other Options?

There are some things. First off, Sallie Mae offers a lower interest rate than many options out there. However, keep in mind that the interest rate isn’t fixed. It goes up over time if you miss payments. Another thing is that their student loan repayment plan does not start until you’ve graduated college.

What Does The Interest Rate Look Like?

The interest rates can vary depending upon several factors. These factors include whether or not you select a personal loan or a parent loan, the credit score that you have, your level of education, or even the type of school where you attend classes.

How Are Payments Calculated?

Like most loans, Sallie Mae charges interest on top of your total payment every month. Typically, this ranges between $10 and $15 per month added onto each amount, though it could be higher or lower depending on your situation. When calculating your monthly payment, they take into account both principal and interest and then calculate what you pay back every month. They also adjust the interest rate and payment to match your unique circumstances.

Which Type Of Loan Am I Eligible For?

You can apply for either a Parent Plus or Personal Plus loan. Both types will allow you to borrow money to cover tuition costs. Your parents will need to co-sign for the loan, but that doesn’t mean that you aren’t eligible for a loan yourself. You still need to meet certain requirements (see below).

Do I Have To Make A Down Payment?

No. You only need to show proof of financial need and provide two forms of identification.

Sallie Mae Student Loans Review

Sallie Mae student loans have been around since 1976! 2. As I was doing research for this video, I read and heard a lot of negative things about Sallie Mae student debts. There are three questions you should ask before deciding if this is the best choice for you.

How old are you?

What do you plan to study? (takes a while to graduate)

How much money do you make? (it doesn’t matter where you go to school, but your income levels may play a role in what you qualify for)

Do you already owe any kind of debt? (do not borrow money if you cannot afford to repay.)

What is the starting interest rate on your student loans? (if they are private, they will vary after you begin making payments)

Are you eligible for federal student aid programs? (there are many grants you can receive).

Is your state offering any form of financial assistance?

Finally, when does your grace period end? (this determines how long you have to start repaying your loan. You would not want to miss paying back your student loans if possible.)

After you’ve done some research, if you’re still interested in Sallie Mae Student Loans, you’ll need to fill out their application.

Keep in mind that the interest rates and terms can change once you accept the loan, so it’s always a good idea to apply early.

Don’t forget to document everything.

Once approved, you’ll receive your first payment schedule.

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