Today it is a privately owned company well known as a lender to students throughout the U. 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.
Sallie Mae loans are typically used by students who require additional funding once all other options have been exhausted.
This leaves a lot of graduates and undergraduates with even fewer choices for loan consolidation companies to choose from, especially with the fact that consolidated federal loans have a fixed rate that is much cheaper than the variable rates of consolidated private loans.
Sallie Mae still provides consolidation for private loans, however, which provide a longer time period of payment but at higher interest rates, at a minimum of five thousand dollars in private loans and there are not penalties for early repayment.
This means that once you finalize the consolidation process, the payments begin the very next month.
The typical loan is not due until six months after graduation or whenever enrollment falls below part-time status.
Sallie Mae private student loans allow borrowers to defer payments until after graduation, have no initiation fees, and can be obtained in amounts up to the entire cost of annual tuition plus expenses.Interest rates are variable instead of fixed, and are mostly based on the student's or cosigner's credit history.FLEXIBLE REPAYMENT OPTIONSSallie Mae offers flexible repayment options in the form of:ñ standard repayment plan: this is the cheapest option available to private loan holders, as it has the lowest total interest expense.These elements can cost you more over the life of the loan, however, since a longer payback period means more payments and more interest paid.In addition, there is no grace period associated with most loan consolidation programs including the Federal Direct Consolidation Loan.