Sallie Mae began as a government-sponsored entity, but went private in 2004. Non-U.S. citizen borrowers who reside in the U.S. are eligible with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident) and are required to provide an unexpired government-issued photo ID to verify identity. My parents swore left and right they are three years ago when I started applying for loans, and fuck my past self so hard for taking their word for it. All it would have taken is for me to check out one stupid fucking website to see that this is the case, but 18 year old me didn't think to check. Sallie Mae ® mobile app But everything gets better in time, and you'll learn how to save well. General. Miscellaneous personal expenses (such as a laptop) may be included in the cost of attendance for students enrolled at least half time. to 11.98% APR. I don't even know what to do with an extra $830 a month. Apply for this loan. Are there any advantages to Sallie Mae so I can feel like less of a stupid piece of shit? School Loan, MBA Loan, and Medical School Loan, students must be enrolling in a graduate-level degree program ... 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. Lower your total loan cost—get a 0.25 percentage point interest rate reduction when you enroll in and make monthly payments by auto debit. We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Medical residency loans. Really shows how fucked up the Student Loan situation is right? I’ve just started the search for student loan options for next year, 2018-19, and Im starting to explore Sallie Mae. These loans are made by Sallie Mae Bank or a lender partner. Degree 6. because they declined all their federal loans and applied for a private loan with Sallie Mae instead. Sallie Mae/Navient are a Dirty Whores. I'm entering my senior year in undergrad next month, and am having an internal meltdown today. Sallie Mae offers two repayment plan options for their Parent Loan: Interest Repayment Plan: Pay interest monthly while your student is in school (for up to 48 months) and start making principal and remaining interest payments upon the student’s graduation. Not sure for myself. Now that Im here, Im also receiving quite a big 'sticker shock' looking back at what its cost to get to this place and wondering where to go for advice and help deciding the next steps (maybe thats here?) "At first, Sallie Mae was a government entity that serviced federal education loans. Going to medical school means taking on a lot of medical school loans. Since I don't have to worry about that anymore maybe I'll just try and work for an auditing firm instead or something similar and hopefully make a bit more. Negotiating student loan debt with Sallie Mae can’t happen if you have been keeping up with your payments. Get some tips from Sallie Mae ® on repaying your student loans that can save you money and even lower your Total Loan Cost. If you have any questions about your child's loan, please work with the school's financial aid office. Have you filled out FAFSA and accepted any federal loans at all? So you got your loans through old Sallie Mae back when they were federal... Sallie Mae should really either be defunct or renamed at this point since they're totally different now. Review, sign and accept your loan documentation. Somedays. Law school loans. September marks the beginning of the 2019 residency application cycle, where thousands of fourth-year medical students travel hundreds of miles and collectively spend millions of dollars to interview for a coveted residency position. I wonder how many other people applied for loans through New Sallie Mae thinking they're federal like OP and I did? You must apply for a new loan each school year. The Sallie Mae Medical School Loan can be a good alternative to the Federal Direct Grad PLUS Loan, and if you’re highly qualified, you may receive a lower interest rate. This post is so far above my head, I don't know what questions to ask. Sections of this page. I filed bankruptcy in 2010 because of them. Would paying off >100k loans be better than 10 years of IBR on pslf? Sorry that you're feeling really bad about this. In addition, the Sallie Mae Medical School Loan offers a 20-year repayment term with enhanced flexibility: students receive a 36-month grace period after graduation — the federal Grad PLUS program only offers 6 months — and an additional 48 months of deferment during residency or fellowship, which is not available through the federal program. View existing loans or apply for a Sallie Mae Private Loan. Fixed rates: 4.75% APR. Then in 2014, the company split into two separate organizations; Sallie Mae is a private student loan lender, and now Navient Corporation helps to service government loans. You won’t find Sallie Mae on any federal student loan servicer list since we only service private student loans. It went private in 2004 and has served nearly half a million students and families with its range of student loan products. Welcome to OpenNet, Sallie Mae's online loan delivery solution. ", "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. Available for loans used to pay qualified higher education expenses at a degree-granting institution. School information 4. My parents cosigned on my Sallie Mae loans - but hey, lucky for them, federal student loans are discharged after death, right? Medical School Loan. Graduate Certificate/Continuing Education coursework is not eligible. Sallie Mae offers annual percentage interest rates between 5.74% and 11.85%, for a fixed rate loan, and between 2.25% and 9.37% for a variable rate loan. Customers can apply for and receive a maximum of four 12-month deferment periods. The site may not work properly if you don't, If you do not update your browser, we suggest you visit, Press J to jump to the feed. Planning on calling in the moment the office opens up tomorrow... You’re fine.. Our Medical Residency and Relocation Loan can help you pay for expenses associated with board examinations, interview travel, and moving costs. Social security number 2. for eligible borrowers after the grace period for repayment flexibility. It also probably mentions "Federal loan alternatives" in your loan disclosures. Interest repayment option: Pay your Medical School Loan interest every month you're in school and in grace. Find out about a residency and fellowship deferment. You can apply only once and get the money you need for the entire school year. Lowest rates shown include the auto debit discount: Fixed 4.25% - 12.59% APR and Variable 1.25% - 11.35% APR. Words can't describe how mad I am at myself right now. Will pay off one loan with a co-signer next week (on a credit card). When you re-enroll in school at least half-time, your loans will return to an in-school deferment status, but the grace period will not reset. Tips for repaying your student loans. Your total loan cost will likely be lower than with the other repayment options, but your Medical School Loan payments will likely be larger while you’re in school and in grace. The GRP does not extend the loan term but does increase the Total Loan Cost. The average student loan debt for a graduate right now is about $30,000. Only the borrower may apply for cosigner release. They even pretend to be helpful with guides like these, but you'll notice that they don't actually say what they are themselves. Then you can be out of debt in 2 years if you live on nothing. Payments may be required during the grace/separation period depending on the repayment option selected. OP is not the person to ask these questions to, because they don't understand school loans at all. Apply for the Sallie Mae private student loan that fits your needs today and you’ll be in great hands. honestly. It does not include the denied applications of students who were ultimately approved in 2019/20. It’s available in The Sallie Mae Medical School Loan can be a good alternative to the Federal Direct Grad PLUS Loan, and if you’re highly qualified, you may receive a lower interest rate. Graduate student loans Undergraduate student loans benefits Multi-Year Advantage. NerdWallet rating The bottom line: Sallie Mae was originally founded in 1973 as a federally guaranteed student loan program. With this Medical School Loan repayment option, you'll likely pay more for your total student loan cost, since the interest rate may be higher and unpaid interest will be added to your principal amount at the end of your grace period. Yeah, I filled out the FAFSA every year. What’s coming in the future? To qualify for a Sallie Mae student loan, you must: Be enrolled in a degree-granting school full time, half time or less than half time; since you don’t have to be a full- or half-time student, you can use a Sallie Mae student loan for part-time study, a certificate course or a class that meets only for … Enrollment status and years enrolled 5. I've totally flown off the handle. Medical School Loans If you are planning to attend medical school, you can apply for a medical school loan through Sallie Mae. Variable rates: 2.25% APR. [ ^PM | Exclude ^me | Exclude from ^subreddit | FAQ / ^Information | ^Source ] Downvote to remove | v0.28, Ok dude I have some slight good news for you. of all your school-certified expenses like tuition, fees, books, housing, meals, travel, and even a laptop. Borrowers must be U.S. citizens or U.S. permanent residents if the school is located outside of the United States. to support you during the start of your medical career. That's probably why my parents thought they were federal loans too, as did OP. Total Balance: $290,521.70. Loan amount 7. Customers can request the GRP during the six billing periods before and the 12 billing periods immediately after the loan first enters principal and interest repayment. SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE. But, some students have much more debt than that–$100,000, $200,000, or even $500,000 for some graduates (generally medical school students). Sallie Mae/Navient are a Dirty Whores. Your interest rate will be 0.50 percentage points lower than with the deferred repayment option and 0.25 percentage points lower than with the fixed repayment option. Give some details about yourself and your school. The Graduated Repayment Period (GRP) allows interest-only payments for 12 billing periods after principal and interest repayment begins. Health professions graduate loans. Employment 8. If approved, the loan will revert back to the same repayment option that applied during the in-school period for up to 12 months. https://www.salliemae.com/student-loans/get-ready-to-borrow/. SLM Corporation and its subsidiaries, including Sallie Mae Bank are not sponsored by or agencies of the United States of America. When the cosigner release application is processed, the borrower must demonstrate the ability to assume full responsibility of the loan … Monthly payments after the GRP will be higher than they would have been without it. What is a federal loan provider? Do you have any insight on the cons of opting for PSLF? Does she need to go to a private company to access the money? ), New comments cannot be posted and votes cannot be cast, More posts from the StudentLoans community. The lead website to supply students with financial funding automatically pushes their loans to one of the largest predatory lenders. © 2021 Sallie Mae Bank. Deferred repayment option: Make no payments while you’re in school and in grace (36 months after leaving school). If you graduate, you can refinance your loans through another group such as Citizens Bank. No max for all years of medical school. Get a budget, live at home or get roommates to keep cost of living down, and put all your extra money towards the highest interest loan. Talk to Your Servicer or Lender . Hindsight is 20/20. Advertised APRs assume a $10,000 Smart Option Student Loan to a freshman with no other Sallie Mae loans and a $10,000 Graduate School Loan, MBA Loan, Health Professions Graduate Loan, Law School Loan, Medical School Loan, or Dental School Loan SM to a first-year graduate. Although we do not charge a penalty or fee if you prepay your loan, any prepayment will be applied as outlined in your promissory note—first to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal. This coming year I have a fantastic grant situation, but next year I am reaching the Federal credit cap limit; I will have around 166 credit hours at the start of Fall 2018 and might need a second option for spring if my appeal doesn’t go through. Get the shortest cosigner release qualification period in the industry. For those future doctors who may be relocating for their residency and need assistance paying for it, Sallie Mae offers a Medical Residency and Relocation Loan. See how a Sallie Mae #MedicalSchoolLoan can help you with... To become a superhero that protects mankind, you just need the will-and the medical degree. Sallie Mae reserves the right to approve a lower loan amount than the school-certified amount. Explore federal loans and compare to ensure you understand the terms and features. If you need me, I'll be getting piss drunk. Pay for your medical degree expenses in allopathic, general, osteopathic, podiatric, radiology, sports, and veterinary medicine. Two personal contacts 11. Fortunately, programs are available to help you manage your student loan payments and, in some cases, qualify for Sallie Mae … This information is for graduate students enrolled in an M.D., D.O., D.V.M., V.M.D., or D.P.M. Apply now! A Sallie Mae ® Medical School Loan can help you get the money you need to continue your education. Federal student loans are required by law to provide a range of flexible repayment options, including, but not limited to, income-based repayment and income-contingent repayment plans, and loan forgiveness and deferment benefits, which other student loans are not required to provide. Federal loans generally have origination fees, but are available to students regardless of income. hey friend. Thank you for the kind words, I really appreciate it. I never had any issues, but recently (two weeks ago) refinanced through a credit union to combine payments and lower my interest. Variable rates may increase over the life of the loan. See, today I discovered that Sallie Mae isn't a federal loan provider. I’m also in cyber security, you’ll start anywhere from $60-80k and be upwards of $100k in no time. Medical School Loans that have variable rates can go up over the life of the loan. The fake Sallie sites have a timely and attractive pitch: Due to the government shutdown, indebted graduates can apply for a loan "forgiveness" program … Stay strong and if you ever have any questions feel free to ask. Bar study loans. My credit score is in the high 600's/low 700's. In the last 12 months, the borrower must be current on all Sallie Mae-serviced loans (including no hardship forbearances or modified repayment programs) and have paid ahead or made 12 on-time principal and interest payments on each loan requested for release. Choose between auto debit, paying online, mobile app, by phone, mail, or third-party bill-pay services. SLM Corporation (commonly known as Sallie Mae; originally the Student Loan Marketing Association) is a publicly traded U.S. corporation that provides consumer banking. Loan amount cannot exceed the cost of attendance less financial aid received as certified by the school. After that - I'm done. Nowhere on Sallie Mae's site do they make it clear that they aren't a federal student loan provider. I struggle with anxiety and depression occasionally and when they are bad, thinking about my loans makes it way worse. Sallie Mae Student Loans Review: What You Need to Know. The cost of college has risen so steeply that the average graduate now leaves school with over $35,000 in student debt. When the cosigner release application is processed, the borrower must demonstrate the ability to assume full responsibility of the loan(s) individually and pass a credit review that demonstrates a satisfactory credit history including but not limited to no: bankruptcy, foreclosure, student loan(s) in default, or 90-day delinquencies in the last 24 months. Looks like you're using new Reddit on an old browser. The original plan was to work toward public service loan forgiveness, but FUCK THAT now, I guess. Select how you want to make student loan payments. really suck. The school may refund loan funds directly to the student, and if that occurs, borrower and cosigner (if applicable) would still be responsible for repaying that amount to Sallie Mae. Advertised APRs assume a $10,000 Medical School Loan with a 4-year in-school period. Hi r/StudentLoans. You may pay more for your total loan cost because a fixed interest rate is usually higher than a starting variable interest rate. Requirements are subject to change. For those aspiring doctors who need assistance covering the various residency interview-related costs, the Sallie MaeMedical Residency and Relocation Loan can be In a weird way it sounds like you dodged a bullet - you definitely don’t need to be in debt for 10 years with pslf. How would knowing Sallie Mae isn't one help you? Cosigner information We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college.Students and families should evaluate all anticipated monthly loan payments, and how much the student expects to earn in the future, before considering a private student loan. Variable rates may increase over the life of the loan. Sallie Mae. I have 2.5 years left of medical school, so even more loans will have to be taken out. Dental residency loans. Information advertised valid as of 1/25/2021. Yeah, I found that out here earlier. Private loans for 45k, paid 60k so far, balance is 63k. Gross income 9. I got the standard deferment grace period after I graduated, then began making payments. See how a Sallie Mae #MedicalSchoolLoan can help you with... Jump to. 10 Get the help you need during your medical residency or fellowship Find flexibility with a residency deferment Sallie Mae Student Loans Review: What You Need to Know. Fixed repayment option: Pay $25 every month you’re in school and in grace, and you can save on your total loan cost when compared to our deferred repayment option. Completely neutral experience, working with Sallie Mae can ’ t find Sallie Mae ® on repaying student! Moment the office opens up tomorrow... you ’ re in school and in grace loan is private. More for your law degree more flexibility in the cost of attendance for students in! Questions to, because they do but my dumbass teenage self missed it they are bad, thinking about loans! 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