A few friends of mine I came in touch with after
my graduating year at NYU, made me realize they all had one thing in
common-they all had taken student loans to fund their college education. Nothing
noteworthy ab out that I thought, but one of them was having a sour experience.
He told me about this megacorp called Sallie Mae, that was making his life hell
and wouldn’t cut him any slack on his repayment options, since he was going
through a rough patch. I told him that they were running a business and they
were only doing their job. I decided to dig deeper and find out how good a loan
sanctioning company they really were.




You file your entire application online in a
secured server that encrypts your personal sensitive credit information, so
only an authorized company representative can review it. The online interface
is very organized and easy to navigate,making it extremely simpe and quick to
send your application across in minutes,instead of all the pesky paperwork

2.The online space also lets you pre check
through the list of institutions that will accept a private loan from Sallie

3.Loan calculators

This allows you to  precheck how much your monthly outgoings
would be once you chose the amount you would require.This is a great tool as it
can help t preplan your academic finances and chose a suitable loan plan.

4.Competitive Plans

Under the “Smart Option Student Loan”
scheme,they have flexible repayment methods, the applicant has the option to
pay during school or after the entire course is complete.Needless to say
interest amounts would be higher if you shoes to defer the payment after
college. For reduced interest rates, they have a small scheme whereby the
student makes tiny payments of $25 a month towards the loan.

5.Margin Money-

One of the outstanding features of a Sallie
Mae loan is that they can oofer you a 100% loan that covers  almost your entire college costs.


Students that apply before October for a loan
will get free insurance that will giv them cover of about $5000,for
tuition,boarding and books.

7.Origination Fees

Origination Fees are relaxed for students that
are seeking a loan for a degree granting institution,Under this scheme,even
some repayment fees are not charged if they occur in the future.



1.Collection Calls

This has been the primary reason for people
not to opt for a Sallie Mae Loan.Consumer Forums are filled with complaints
about Sallie Mae’s aggressive collection strategies,so if somehow by chance yo
do miss your monthly payment your in for a shock.Firs the collection calls
start at your home,then your workplace and after that your co signers phone,so
be prepared.Also in line will be some threats to blacklist your credit and
report you to the credit bureau.


If you cannot afford to pay your monthly paymentsand
want to defer the payments for a few months,Sallie Mae gives you an option and
allows you some respite,but at a cost of $150 a month,and that is only a
forebearance fee,it does not go towards reducing your balance.


One of the many attributes a loan seeker looks
for in a student loan is to consolidate it at some point of time,in the event
that things might get tough and he.she may want to refinance through another
bank or financial institution.Sallie Mae does not give this privilege to
you,only gives you the option to combine you existing loans if you hav any.

4.Interest Rates

Private loan providers always have interest
rates about 2-2.5% more than federal government rates,which is quite a significant
amount in terms of dollars,and this too isn’t fixed, depending on your credit
rating and history,your interest rate could be altered further.


Federal government loans allow you a longer
period to defer loans in the event of
hardship,whereas Sallie mae only offers a 3 months deferment period.


Sallie Mae is not accredited by the BBB


So go ahead,make your choice after weighing the pros and cons of this sallie mae student loan review

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