Are you having difficulty in paying your school fees? Are you considering dropping out of school because your parents just can’t pay your fees? Then worry no more as I provide you with guidelines on how to apply for a Sallie Mae Student loan.
It can be very frustrating thinking about how to pay your fees and the thought of possibly dropping out of school as a result of your inability to pay fees can be very demoralizing. Well, good thing you don’t have to necessarily drop out of school as it is possible for you to go for a student loan from a lender such as Sallie Mae.
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About Sallie Mae
Sallie Mae is a top financial institution in the U.S that provides consumer banking to millions of customers across the country. It was formerly known as the Student Loan Marketing Association and founded in 1973.
It is a top provider of private student loans and a servicer of federal loans as well. Sallie Mae offers private student loans that goes to cover the entire cost of fees at the best of rates. In April 2021, Sallie Mae went into a partnership with Mpower Financing in an attempt to expand access to higher education for international and DACA students.
It has offices in Newton, Massachusetts, Utah, Salt Lake City etc. and has its headquarters in Newark, Delaware.
Types of Sallie Mae Student Loan
There are different types of Sallie Mae student loans you can choose from depending on your needs. They include;
- Undergraduate student loans
- Graduate school loans
- MBA loans
- Bar study loans
- Medical school loans
- Career training student loans
- Medical residency loans
- Dental residency loans
- Dental school loans
- Health professions graduate loans
- Law school loans
- Applicants residential address
- Applicant’s Social Security number
- School enrolled in
- Enrollment status
- Loan amount applying for
- Scholarships or aid you are looking forward to
- Name of company and your gross income if you are employed
- Your monetary transactions which should include your bank accounts and monthly mortgage payments if any
- Two contact numbers of the applicant
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How the Sallie Mae Student Loan Works
Applying for a student loan at Sallie Mae is quite straightforward and less stressful and can be completed in a matter of minutes if you have all the necessary documents on you before applying.
Borrowers can apply for loans from Sallie Mae either alone or with a cosigner although it is advised to choose the latter option as it helps to approve your loan faster. Additionally, in order to go about the application process smoothly, do well to have all the necessary documents and information ready before beginning the process.
Once your loan application is received by Sallie Mae, they will do some background checks to determine whether you qualify for a loan or not. The checks include your credit worthiness and sometimes that of your cosigner as well.
Sallie Mae then makes a decision whether to approve or reject your application. If you are fortunate to receive approval from Sallie Mae, you can decide on which type of interest rate you want and your preferred repayment plan as well.
After that, you or your cosigner can go ahead and sign the loan contract electronically if you agree to the terms of the loan. Lastly, Sallie Mae will verify your enrollment and loan amount at your school as well as confirm your eligibility.
Note that the loan amount you intend to borrow should and cannot be more than the cost of your fees and applicants will also have to apply each till graduation or no longer want financial aid.
How To Apply For A Sallie Mae Student Loan
- Click Apply For Sallie Mae Student Loan
- Indicate who you are. Either a student or cosigner
- Click “Continue”
- Select the type of course you’re offering
- Click “Continue
- Select state your school is located
- Enter name of school. (depending on what school you attend, you could be offered the Smart Option Student Loan)
- Follow the prompts that follow to complete the loan application.
Benefits of the Sallie Mae Student Loan
The Sallie Mae Student Loan covers the following;