Sallie Mae

Overview

Sallie Mae (NASDAQ: SLM) is the nation’s saving, planning, and paying for college company. At Sallie Mae, we’re proud to have helped more than 30 million Americans save, plan, and pay for the education that can offer them that key. It’s a responsibility that we do not take lightly. In our 40 years we have developed responsible education loans and innovative programs to help families start saving for college.

For those who need help paying for college, we encourage responsible borrowing. Use grants and scholarships as well as savings and income before taking out loans to pay for college. If families need to borrow, we recommend they explore federal student loans and then consider a responsible private education loan to fill the gap.

As a company, we uphold strict standards of corporate governance and believe that transparency and ethical conduct best serve our customers and investors. Above all, we are committed to helping turn our customers’ dreams of education into reality.

Loan Features

Sallie Mae services operate cohesively to offer solutions that help families save, plan, and pay for college.

Private education loans
We offer education loan options for undergraduates, graduate students, and professional students, as well as families with children in private K–12 schools. Our loans are designed to help bridge the gap between personal resources and financial aid. The popular Sallie Mae Smart Option Student Loan® helps students graduate with less debt, offers repayment choices, and rewards on-time payment habits.

Banking
Our banking products — including Money Market Accounts, Savings Accounts, and CDs — feature competitive interest rates, low fees, and mobile access. (Deposit products are offered through Sallie Mae Bank, Member FDIC.)

College savings
We are committed to helping families save for college. Upromise by Sallie Mae® provides an opportunity for members to earn cash back for college on everyday purchases.

Application Process

Here’s what you’ll need to start your application
1. Your address; if you’ve lived at your address less than one year, you’ll need to provide your previous address
2. Your Social Security number
3. School information including enrollment status, degree, and course of study
4. Academic period of enrollment and year in school
5. Loan amount you’re requesting and other financial aid you expect to receive (Get help deciding how much to borrow)
6. Your employment information (company name and gross income)
7. Financial information, including your bank accounts, and your monthly mortgage or rent payments
8. Two personal contacts (other than your cosigner)
9. If you’re applying with a cosigner, we’ll ask your cosigner to provide some information about themselves

After you submit your application:
We’ll review your credit. We usually provide a credit result when you and your cosigner (if applicable) submit your application. But there might be cases where our credit specialists will ask you for additional information or documentation before they can make a decision.
If we approve your application, you’ll choose your type of interest rate and your repayment option. Then you or your cosigner will accept the terms of your loan and sign it electronically.
Next, we’ll ask your school to certify your eligibility, including enrollment verification and loan amount.

Repayment Terms

We offer several ways to make your loan payments. Auto debit is the most convenient way. When you enroll, your payments are automatically withdrawn from your authorized bank account each month. Plus, enrolling in auto debit may also qualify you for a .25 percentage point interest rate reduction.

Fixed:
5.74% to 12.872
Variable:
3.62% to 12.98%2

Customer Support

+1 800-472-5543

P.O. Box 3319
Wilmington DE 19804-4319

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