Sallie Mae’s Private Student Loans Help Students and Families Cover University Fees

NEWARK, Dela .– (COMMERCIAL THREAD) – Although the scenery may look different this fall, over 80% of families are planning to go to college this year. Inevitably, the conversation turns to how families will pay for this education. After scholarships, grants, and federal financial aid, private student loans like those offered by Sallie Mae can be a smart and responsible option to cover the remaining costs. And with variable interest rates near historic lows, now is the time for families to explore their options.

“As colleges and universities assess and adjust plans for the fall semester, one thing is clear, families don’t want to let coronavirus disruptions take them off course,” said Jennifer O’Donald, vice – Senior Chair, Sallie Mae. “Sallie Mae is well capitalized and committed to providing competitively priced private student loans that students and families have come to expect and trust from the market leader. While college may look different than planned for this fall, Sallie Mae is ready to help families take the next step with confidence and peace of mind.

With competitive variable and fixed rates, Sallie Mae Private Student Loans for College have no set-up fees or prepayment penalties. Whether attending school online or on campus, Sallie Mae’s Smart Option student loan is available to undergraduate students attending degree-granting institutions and can cover all expenses certified by the school for the school year, including tuition, fees, books, supplies, accommodation, meals, travel and other expenses. Sallie Mae also offers a private Parents loan, a Career Training Loan, and a series of Graduate loans with competitive variable and fixed interest rates, no upfront costs and a choice of repayment options.

Smart Option student loan clients can choose to make monthly payments with interest only or a fixed payment of $ 25 while in school or defer payments until after school. Customers can reduce their interest rate by up to 1.25 percentage points when they enroll in the program automatic debit option and choose the option of paying interest at school. Plus, students are nearly four times more likely to be approved when applying to a creditworthy co-signer, and that can help them get a better interest rate as well.

The Sallie Mae Smart Option student loan also offers:

Full year loan: A full year loan means students can apply for and receive the funds they need for an entire school year, securing a single loan to be managed for the entire year, rather than per semester.

Chegg Study Advantage: All Sallie Mae Private Undergraduate Student Loans clients receive four months of free access to study tools and thousands of tutors, available 24/7 through Chegg.

Repayment flexibility: Students have 18 months after leaving school to apply for a Gradual repayment period providing greater budget flexibility by allowing customers to make 12 interest-only payments before moving on to full principal and interest payments.

Co-signer press release: Customers can request that their co-signer released loans after graduation, meet certain credit requirements and make 12 on-time principal and interest payments – the shortest qualifying period among private student lenders.

For more information or to apply, visit


Sallie Mae (Nasdaq: SLM): Believes that education and lifelong learning, in all its forms, help people achieve great things. As a leader in private student loans, we provide funding and expertise to facilitate access to university and offer products and resources to help clients achieve new goals and experiences, as well as beyond university. Learn more at Commonly known as Sallie Mae, SLM Corporation and its subsidiaries are not sponsored by or by any agencies in the United States of America.