The Smart Option Student Loan® allows you to choose the repayment option that best suits your borrowing needs and offers options that help you save money and pay off your loans faster, or give your flexibility to defer payments.
Keeping this in consideration, is Sallie Mae a good student loan option?
Is Sallie Mae good for student loans? Sallie Mae is a four-star lender based on NerdWallet’s student loan rating system. Our ratings prioritize low interest rates and flexible repayment options that allow borrowers to repay loans faster and avoid default. What is the minimum credit score for a Sallie Mae student loan?
In this regard, is it hard to get a Sallie Mae student loan?
All Sallie Mae student loans have the same basic requirements: Minimum credit score: Sallie Mae doesn’t disclose a minimum credit score requirement. In 2016, applicants that were approved for a Sallie Mae student loan had, on average, a 748 FICO score at the time of approval.
What are the 4 types of student loans?
There are four main types of loans available to undergraduate students: Subsidized, Unsubsidized, Parent PLUS, and Private. We will review all them here, and help you understand your ideal choices for Student Loans, and types to avoid if possible.
Can I use Sallie Mae to pay rent?
Can I Use Student Loans to Pay for Rent? Yes, you can use student loans to pay for rent during college. Here are important things to know, in order to make the best use of your financial aid to cover both tuition fees and other living expenses.
Is Sallie Mae forgiving student loans?
Sallie Mae and other private student loans can’t be forgiven. In fact, there are actually no official student loan forgiveness programs for any private student loan company. Federal student loan borrowers can use the Public Service Loan Forgiveness or Teacher Loan Forgiveness programs to wipe away their debt.
Which type of student loan is the best?
subsidized loan
What credit score do you need for a Sallie Mae student loan?
For private loans: You’ll need a good credit score or a cosigner
| Min. credit score | Lender review |
|---|---|
| 750 | EDvestinU review |
| 670 | INvestEd review |
| 670 | MEFA review |
| Not disclosed | Sallie Mae review |
Is it better to get a parent PLUS loan or a student loan?
Parent PLUS Loans are typically the best option for parents. However, private parent loans often offer more competitive interest rates and no origination fees. If you have excellent credit, or a creditworthy cosigner, a private parent loan may be the right choice for you for long-term savings.
How much can a student borrow from Sallie Mae?
While you study for the bar exam, you can use a Sallie Mae bar exam loan to cover your fees and living costs. You can borrow up to $15,000 and have 15 years to repay the loan. You will owe no payments while enrolled at least half-time and during your grace period (9 months after you leave school).
Can Sallie Mae take my tax refund?
Only defaulted federal student loans can offset your refund.
Private lenders and private loan holders can never offset your tax refund. They also cannot garnish your wages or your bank account until they sue you and get a judgment against you.
Will military pay off Sallie Mae loans?
As a member of the military on active duty, you may qualify for special benefits and repayment options for your federal and private student loans.
Can you be denied student loans?
Can you be denied a federal student loan? Yes, you can be denied a federal student loan for many reasons. It’s a common misconception that completing a FAFSA loan application means you‘ll automatically get approved for federal student loans. … You‘ve defaulted on an existing federal student loan.