Sallie Mae is one of the biggest student loan providers in the U.S. It was founded in 1972 by William A. Sanders, Jr., and his wife, Sarah Jane Morgridge. The company began as a single-office credit union that offered only student loans to college students and alumni members of the university where Sanders taught. Today, Sallie Mae has grown into a leader in higher education financing with more than $300 billion in assets under management (AUM).
The Student Loan Policy
Sallie Mae offers a variety of repayment options, including graduated and extended repayment plans. These flexible payment plans help you manage your student loan debt while providing peace of mind that you are on track to pay off your debt as quickly as possible. This is especially useful for those struggling financially or who want to avoid defaulting on their loans by paying extra monthly. Sallie Mae also has other programs to help customers achieve their education goals.
You can repay your Sallie Mae student loans in a variety of ways. You can pay a percentage of your income, which means you’ll pay a fixed amount each month based on how much money you make. Another option is to pay a set amount for a set period, for example, 10 years or 120 months.*
Choose to pay off the loan in full. You may be eligible for some pretty sweet benefits: forgiveness programs and lower interest rates are available from some lenders (including Sallie Mae), but only accept whatever they offer after doing the math first!
Deferment, Forbearance and Cancellation
When you have Sallie Mae student loans, you can go into deferment or forbearance. Both of these options are temporary, but they can be helpful if you’re dealing with financial hardship or unemployment.
You might also qualify for cancellation once your loans are paid off. This is an option for those who don’t want to continue paying off their Sallie Mae student loans and would rather be forgiven.
Sallie Mae Loans for Military Families
If you are a member of the military, Sallie Mae will provide an interest-free deferment for up to 12 months if:
- You have been deployed or on active duty.
- Your spouse is deployed or on active duty.
- Your child is enrolled in college, and their school has been closed due to a natural disaster, such as a flood or tornado.
Sallie Mae offers flexible repayment options to students.
Sallie Mae offers flexible repayment options to students. Sallie Mae has various repayment options to help you manage your student loans. If you’re unsure what your best option is, you’ll get help from financial experts. SoFi experts explain about Sallie mae student loan forgiveness, “There are federal student loan forgiveness programs for those who go into public service or teaching.”
If you’re facing trouble with your Sallie Mae student loans, don’t worry. Several options are available to help you manage your debt and avoid defaulting on it. The sooner you act on these options, the better off you’ll be!