Sallie Mae Student Loan: Sallie Mae was originally known as the Student Loan Marketing Association which was established back in 1973 which the aim of providing Private loans for students for their graduation and higher studies under the contract to service federal loans.
Sallie Mae’s basic business model is to originate, servicing, and collecting private education loans and worked as a servicer and collector of federal student loans on behalf of the Department of Education. With net equity of $1.8 Billion (in 2014) Sallie Mae has $12.98 Billion Total assets which they have separated in 2014 to the publicly traded entity called Navient Corporation.
Nowadays Education becomes more and more Expensive especially if you dig deep into any particular specialization. Many talented Students can’t afford to pay high education fees. But at this point, Sallie Mae comes to the rescue. If you are doing your graduation or pursuing masters than Sallie Mae offers multiple private student loans like Law school Loans, Medical School Loans, dental residency loans, MBA Loans, Bar Study Loans and Graduation Loans etc.
If you wish to proceed for any loan you need to Login to Sallie Mae website after making one account. The process is as follows:
How to Create Sallie Mae Loan Account?
If you decided to apply for any loan in Sallie Mae then you need one Loan Account which will be used during the application process and throughout your repayment. To make Sallie Mae Loan Account:
- Go to the Sallie Mae Official Website – https://www.salliemae.com
- On the Right side of Homepage Click on LOGIN Tab and select CREATE YOUR LOAN ACCOUNT
- Now You have to provide following information USERNAME and Password (TIP – Username must be at least 6 characters and with any combination of letters and numbers. You may enter your Email as the Username and Password must be at least 8 characters (contain at least one number and letter)
After that, You need to Confirm your Email Account and You are DONE!!
Once you Create Sallie Mae Loan Account then You can apply for Different Loans listed on their Site.
Sallie Mae Login: Appy for Student Loan
Once you have created and Verified your account you can eligible to apply for the loan (Also reads loan condition and FAQs before applying for any loan). The process of Sallie Mae Login is as follows:
- Go to Sallie Mae’s official website – https://www.salliemae.com
- Go to Login Tab given on the top right corner
- Enter your username and password and hit enter
Once you Login to your account Follow the instruction and you can apply for the loan based on your eligibility criteria.
Is Sallie Mae’s private student loan a good choice?
Before applying for any loan it’s important to clear your doubts because the clarity of mind is necessary to take any financial step especially if you are planning to take a big loan. Now you must be thinking that in which scenario Sallie Mae Private Loan is a good choice for you so here are some points to note down:
- If you have a good credit or a creditworthy co-signer than go for it
- If you want to fill up a gap in the financial aid you received after filling out the Free Application for Federal Student then Sallie Mae is right.
To qualify for Sallie Mae private loan you must attend a degree-granting institution and U.S. citizen or permanent resident, or a non-U.S. citizen with a creditworthy co-signer who is a U.S. (For more read their FAQs)
How to apply for a Sallie Mae student loan?
In loan application borrower have to provide their documents and certificates which is important for eligibility. here are the eligibility criteria for Sallie Mae Loan Application:
- You have to Provide school information like enrollment status and degree program
- Total Loan Amount in USD
- Academic period of enrollment
- Amount of anticipated financial aid
- Your Employment information like company name and gross year income proof
- ID Proof which says that You are a US Citizen
- In case of Non-US Citizen, you have to provide info of creditworthy co-signer who is a U.S. citizen or permanent resident
NOTE – If you fail to Pay Loan/Installments than there is Late Fees/Find you have to pay on next installment
Method to Repay Sallie May Private Students Loan
There are total 5 ways to repay student loans:
Automatic debit (recommended)
Once you apply for the loan you can select repay method. If you select Auto Debit option then every month a fixed amount will be debited from your account automatically. You no need any manual payment process.
To pay Every installment online just login to your Sallie Mae Loan account and add your bank account information. Once done than you can transfer money online every month.
Using Sallie Mae® mobile app
Sallie Mae has their Mobile Application which makes easy to apply and repay loan amount. You can Download teh app for Android as well as for Apple from given app.
Repay Loan using Phone
If you have your bank account information ready then Make a student loan payment from your bank account through phone system at 800-472-5543 (800-4-SALLIE).
Repay Loans by Mail
You can send money by mailing in a check or money order at least 7 – 10 days before your due date for your payment.
Sallie Mae Contact
- Borrower Payment Address is:
P.O. Box 8459
Philadelphia PA 19101-8459
- Cosigner Payment Address is:Sallie Mae
P.O. Box 8377
Philadelphia PA 19101-8377
Sallie Mae Customer Service Hours
Monday to Thursday 8AM to 9PM &
Friday 8AM to 9PM
NOTE – It is highly recommended to read all related FAQs before applying for student loan at Sallie Mae for better understanding.