What is a Sallie Mae Loan Program?

Sallie Mae Corporation offers both federal and private loans to students funding their educational expenses. It also offers both federal and private consolidation loans to students. Both graduate and undergraduate students and parents of those students are offered Sallie Mae Loans. In addition to offering loans they educate, inform and guide the students and their parents about the various options available thereby counseling them with the best of options.

Eligibility Qualifications for a Sallie Mae Loan Program

Federal Student Loan and Federal Consolidation Loan:

• Generally no credit checks are conducted for a federal loan issue.
• Federal loans are need based loans for which credit scores of students applying for are not relevant.
• These loans are normally guaranteed by the Federal Government, hence not a risky deal
• Defaulted loans will not be consolidated by Sallie Mae Corporation.
• A rate reduction is offered for consecutive payments and auto debit facilities.
• No application or processing fee for Federal Loans issues
• No premium fee charged irrespective of the credit status of the borrower.
• No minimum loan limit for federal loan consolidation
• Fixed interest rates and lock in facility of the borrower are additional features of Sallie Mae Loans.

Private Students Loan and Private Consolidation Loan:

• Loans beyond $275,000 are offered only with a cosigner
• The student should have a minimum of $5,000 in order to consolidate a private student loan.
• There is no maximum limit on the loan offered, if you have a credit worthy co signer
• Private Student Loans are offered at variable interest rates.
• Conducting credit check is a must and a positive credit score is preferred.
• Higher interest rates and premiums are charged for vulnerable credit scores.
• Any improvement in credit score will result in reduced interest rates.
• Interest rates are reset on a monthly basis.

Sallie Mae the Student Loan Counselor

Advice to students and parents detailing the procedures and practices in availing loans and their repayment is offered by the Sallie Mae Corporation

List Of Websites That Provide Information on Scholarships

Federal Loan Consolidation offered by Sallie Mae offers the customer a fixed interest rate option and a lower monthly repayment up to 50%. Fast online loan processing with no processing and credit verifications fees are additional benefits offered.

Private Loan Consolidation are offered upto a maximum of $257,000 without a cosigner and $400,000 with a cosigner. Repayment of loan in one easy installment every month, with no last date for application and prepayment penalties are the other benefits. A maximum repayment time extension of up to 30years is offered which comes with no application, processing or repayment fee. Maximum limit of $400,000 is relaxed where the cosigner is a credit worthy individual.