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.
Besides, is Sallie Mae Smart Option Student Loan A federal loan?
All Sallie Mae loans taken out since 2014 are private. The best way to determine if you have federal or private student loans is to check studentaid.gov. If you need to borrow money for college, exhaust federal student loans before taking out a private student loan.
Sallie Mae’s undergraduate private student loans are best for those who want flexibility with repayment. For example, Sallie Mae offers lower interest rates to borrowers who make monthly $25 payments or interest-only payments while in school.
Regarding this, is Sallie Mae forgiving loans?
Death and Disability Discharge – Unlike many lenders, Sallie Mae will discharge (forgive) the loan balance if the student dies or becomes totally and permanently disabled—even if parents actually hold the loans. That’s a big advantage over many other lenders’ loans, including federal Parent PLUS loans.
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.
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.
Is it better to get a parent PLUS loan or a student loan?
Parent PLUS loans are a better deal for fair or poor credit
Parent PLUS loans can be a smart option for some parents despite their higher interest rates and fees. Applying for Parent PLUS loans does require a credit check, but the requirements are easier to meet than the requirements for private student loans are.
How much can a student borrow from Sallie Mae?
Undergraduates
| Lender | Private student loan limit |
|---|---|
| Sallie Mae | Up to 100% of the total school-certified cost of attendance. |
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.
Does Sallie Mae verify income?
Since you must be able to make loan payments on your own, Sallie Mae also requires proof of income and a credit check.
Which type of student loan is the best?
subsidized loan
Can I add more money to my Sallie Mae loan?
You’re not limited to the number of transfers you may make from your savings account or Money Market Account to repay loans at Sallie Mae. You can make an unlimited amount of deposits into your account in any given calendar month.
Can you negotiate with Sallie Mae?
To settle Sallie Mae student loan debt your loan needs to already be in default. Negotiating student loan debt with Sallie Mae can‘t happen if you have been keeping up with your payments.
What happens if I can’t pay my Sallie Mae loan?
Forbearance. If you’re wondering what happens if you can’t pay your Sallie Mae loans, thankfully, it has a forbearance policy. If you’re facing an emergency, like a job loss, you might be able to postpone making payments for up to 12 months — three months at a time — while you get back on your feet.
Do student loans go away when you die?
If you have federal student loans and pass away, your family can apply for loan discharge due to death and have the remaining balance forgiven.