Financial aid for college students is offered in the form of scholarships, grants and student loans. Keeping in mind the growing cost of education federal government has initiated several loan schemes with an intention to help students fund their college education. While some of the federal student loans are directly offered by the US Department of Education, the others are offered through private lenders, with a guarantee from the government.

Essentials of Sallie Mae Student Loan

Several private lenders offer student loan services and Sallie Mae offers both federal and private student loan options to students. Consolidation loan services are also offered to both federal and private student loans. Sallie Mae Loans are offered to students and their parents after explaining to them in detail the procedures related to loan application and offering advice regarding the choice of loans.

The Sallie Mae Student Loans are offered to graduate and undergraduate students and their parents. In addition to the loan, Sallie Mae counselors offer to explain the advantages and advice you on the kind of loan you should be availing.

When it comes to offering Federal Guaranteed Student Loans, no credit checks are conducted, as they are normally need based loans. Federal consolidation loans are offered to student with no minimum amount requirement. No processing fee or application fee is charged for federal loans. No premium fee is charged irrespective of the credit score of the borrower. Interest rates are reduced on consecutive loan repayments.

Private student loans offered by Sallie Mae come with no restriction on application deadlines and prepayment penalties. The loan amount offered is around $275,000 without a cosigner and $400,000 with a cosigner. In order to qualify for private student loan consolidations, the borrower should have a minimum of $5,000 loan. The repayment of these loans are allowed upto a maximum of 30 years. No application, processing or repayment fee is charged on Sallie Mae Private Student Loans.