Sallie Mae is a perfect solution for graduate students because of its friendly Graduate Repayment Program, allowing them to repay a year after graduating through interest-only payments.
Sallie Mae lenders loans to undergraduate, vocational, and graduate students in any non-degree school. This private lender offers competitive variable and fixed rates loans for students in their Career Training Student plan. Interestingly, they do not charge originating fees and lend part-time students loans.
Returning students can apply for the Multi-year advantage loan, which allows them to borrow loans yearly based on their income and credit qualifications. It is worth noting that cosigners increase your chances for loan approvals.
Sallie Mae does not give personalized rates to anyone who has not applied for a loan. This student loan lender does not also disclose its credit requirements. However, on average, undergraduate student loan borrowers must have a minimum credit score of 748.
Borrowers can choose to repay their loans using the fixed-monthly or interest-only options. Sallie Mae also allows borrowers to defer loan payments while in school. Enrolling in the Graduate Repayment period and autopay plan will earn you an interest rate discount of 0.25%.
Sallie Mae’s loans can finance all necessary education-certified expenses, including tuition, travel, books, fees, housing, and a laptop.