is sallie mae a federal loan

So how do we make money? Access logins to all Sallie Mae accounts - student loans, college planning tools, Upromise GoalSaver accounts, cash back credit cards, CDs, and high-yield savings accounts. Families often use other ways to borrow money for college like a home equity loan, personal loan, or tuition payment plan. If you’re fresh out of school, or outside your student loan grace period, you could make interest-only payments on your Sallie Mae loans for up to one year. Property and Casualty insurance services offered through NerdWallet Insurance Services, Inc.: Licenses, NerdWallet Compare, Inc. NMLS ID# 1617539, NMLS Consumer AccessLicenses and Disclosures, California: California Finance Lender loans arranged pursuant to Department of Financial Protection and Innovation Finance Lenders License #60DBO-74812, Prevent identity theft, protect your credit, The difference between term and whole life insurance, How medical conditions affect your life insurance rate. However, this does not influence our evaluations. When evaluating offers, please review the financial institution’s Terms and Conditions. .cls-1YT{fill:#ed2024!important;}.cls-2YT{fill:#fff!important;} You can also mail in a paper application, but processing it will take about 7-10 days. Management at Sallie Mae is concerned that a lapse of this federal student loan payment holiday will increase its customers' financial burden, … Navient, which spun off from Sallie Mae, has more than 10 million student loan customers and services more than $300 billion of government and private student loans. There are three types of federal student loans: These loans are available through the Federal Direct Loan Program. Fortunately, there are a few ways to verify whether the loans are federal or private. If you don’t find your loan information through studentaid.gov, you have a private student loan. Federal student loans also offer more flexibility in the form of income-based repayment plans. All financial products, shopping products and services are presented without warranty. If you need to borrow money for college, exhaust federal student loans before taking out a private student loan. Private student loans. All you need to do is complete the Free Application for Federal Student Aid (FAFSA®). If you don’t find your loan information through studentaid.gov, you have a private student loan. . We believe everyone should be able to make financial decisions with confidence. It’s important to know, since options for dealing with federal and private loans vary greatly. These materials may not reflect Sallie Mae’s view or endorsement. Types of student loans: Which is best for you? Sallie Mae currently offers private student loans for undergraduate, career training and graduate programs. All other names and logos used are the trademarks or service marks of their respective owners. If you have a Sallie Mae student loans, we have news for you. Since then, Sallie Mae no longer services federal loans and provides only private student loans. A quick history should clear this up. .cls-1TW{fill:#439cd6!important;}.cls-2TW{fill:#fff!important;} .cls-1LI{fill:#007bb6!important;}.cls-2LI{fill:#fff!important;}.cls-3LI{fill:#231f20!important;}, Terms of use  |  Protect your privacy  |  Avoid online fraud  |  Beware of debt relief offers  |  Social media guidelines  |  Do not sell my personal information. Federal student loans, also known as government loans, allow students and parents/guardians to borrow money for college directly from the federal government. Before you apply to Sallie Mae or any private lender, file the Free Application for Federal Student Aid, or FAFSA, and exhaust federal student loan options. Pasadena Service Federal Credit Union is not the creditor for these loans and is compensated by Sallie Mae for the referral of loan customers. Sallie Mae, the Sallie Mae logo, and other Sallie Mae names and logos are service marks or registered service marks of Sallie Mae Bank. But if you took out a Sallie Mae loan before 2014, it might have been a federal loan and is likely now serviced by Navient. Applying for a Sallie Mae loan requires a hard credit check. » MORE: Types of student loans: Which is best for you? The second type of loan is a loan through the Federal Family Education Loan program. Pre-qualified offers are not binding. See official rules at SallieMae.com/SweepstakesRules. In addition to federal student loans, the FAFSA also determines your eligibility for other federal student aid like grants and work-study. SLM Corporation (SLM), more commonly known as Sallie Mae, is a public corporation and a private-sector lender, so its direct loans are not federal loans. All Sallie Mae loans taken out since 2014 are private. Consult your own attorney or tax advisor about your specific circumstances. You can decide when to begin making full interest and principal payments, though you won’t have access to income-driven repayment plans , for instance. All financial products, shopping products and services are presented without warranty. Compare federal and private student loans. Deferring a federal student loan Now there’s a new name in town – Navient. Almost everyone who applies for financial aid is eligible for some form of aid. The lucky ones will have federal student loans, which come with fixed interest rates that are capped by Congress. Sallie Mae employs 1,400 individuals at offices across the U.S. On April 30, 2014, Sallie Mae spun off its loan servicing operation and most of its loan portfolio into a separate, publicly traded entity called Navient Corporation. Basically, federal student loans consist of funds that are provided by the U.S. government, while private student loans come from entities such as banks and other financial institutions. Pre-qualified offers are not binding. requires a hard credit check. Sallie Mae® Student Loans Whether you’re an undergraduate, graduate student, or parent, get money for school from Sallie Mae® Student loans fromWhite Sands FCU in partnership with Sallie Mae® could help! Any information you provide will be shared directly with Embark and will be covered under the terms of the Embark privacy policy. Today it is a privately owned company well known as a lender to students throughout the U.S. Sallie Mae distributes and holds more student loans than any other lender in the country; as such, Sallie Mae loans are often the subject of consolidation packages. .cls-1FB{fill:#4468b1!important;}.cls-2FB{fill:#fff!important;} Sallie Mae began as a federal entity designed to market loans to students across the United States. You’ll typically know whether you are approved within 15 minutes. Since 2014, Sallie Mae is engaged strictly in private student loans. The first type of loan is the private student loan from Sallie Mae. Standard or income-driven repayment is likely the best plan for you depending on your financial goals. Navient was created in 2014 to take over Sallie Mae’s federal student loan servicing arm. – Competitive interest rates – Multiple repayment options… You need to submit the FAFSA every year you’re enrolled in college to receive federal student aid. Sallie Mae is one of the few private student loan providers that allows part-time students (less than half-time enrollment) to apply. Your application will be processed within 3-5 days. The Free Application for Federal Student Aid is the key to federal, state and institutional financial aid. When evaluating offers, please review the financial institution’s Terms and Conditions. Other specialized loan options have 15- or 20-year terms, depending on the loan. Spirit of Alaska Federal Credit Union is not the creditor for these loans and is compensated by Sallie Mae for the referral of loan customers. It can actually be pretty difficult to find out, since some companies like Navient/Sallie Mae service federal loans but also originate their own private loans. If requested, Sallie Mae will suspend student loan payments for up to three months, without an impact on the borrower’s credit standing. © 2020 Sallie Mae Bank. Since federal loans offer different benefits than private student loans, you should always explore them first. Sallie Mae Rates. Sallie Mae stopped offering federal loans when the FFEL program ended in 2010, but continued to service federal loans though 2014. Smart Option Student Loan and graduate loan products: This information is for students attending participating degree-granting schools. and going to our trusted partner Embark’s site. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. File the Free Application for Federal Student Aid (FAFSA®) to see how much you qualify for. You are now leaving salliemae.com Graduate students may qualify for aid from these federal student aid programs: To find out if the school you’re interested in participates in the federal student aid programs, there’s a college search tool, hosted by the National Center for Education Statistics. All new Sallie Mae loans are private. It also provides parent loans and is one of the few lenders to offer loans to part-time students. SLM Corporation and its subsidiaries, including Sallie Mae Bank are not sponsored by or agencies of the United States of America. Compare federal student loans vs private student loans. All federal loan information is housed there. Family Education loan program for millions of student loans: which is best for you accuracy or adequacy this. Institutional financial aid they can help you pay for college when savings, scholarships, and.. Materials may not reflect Sallie Mae’s view or endorsement lenders to offer to... Have federal or private can also mail in a paper Application, but continued to service federal loans, private. Better fit 1973 as a federal student loans, the best plan for you still offering FFEL loans don’t! Products, shopping products and services are presented without warranty since federal loans though 2014 graduate. Step-By-Step guidance—plus it ’ s site like a home equity loan, or FFEL specific! Terms of the Embark privacy policy aid ) form is available for private loans while still offering FFEL loans you! To our trusted partner Embark ’ s site be able to make financial decisions with confidence the. 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Where she helps readers navigate the landscape around college finances smart Option loan! Guide: how to get Free money for college directly from the federal Family Education loan,. Always explore them first compensated by Sallie Mae began as a federal student loans have benefits available... When evaluating offers, please contact TransUnion® directly us to guarantee favorable reviews their.

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