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A Sallie Mae college loan is one option in using a private college loan to help pay for any uncovered college expenses. It should only be used as a last resort.
This type of loan can help you in a pinch but it’s important to remember not to rely heavily on these loans and certainly don’t accumulate many of these which could become quite a burden on your future.
You first want to consider a Sallie Mae college loan or other similar types of private college loans only after you’ve exhausted all other alternatives.
If a private college loan is what it’s come down to, then Sallie Mae is a good option to keep in mind.
One great option that Sallie Mae provides students is the ability to choose between starting to pay back your loan while still in school or to defer payments until after your graduate.
Important Note…if you choose to defer payment until after graduation, you’ll still owe the interest that has accrued during the deferment period.
This means that all the interest that accumulated between the time the loan was issued to you until you start to pay back the loan after graduation, you will still owe to Sallie Mae.
These loans offer variable interest rates which means the rates are not fixed and can fluctuate based on certain market conditions.
Beware…of these types of rates. It’s important to know what your risks are such as how high the interest rate could increase during the life of the loan. This could greatly affect your ability to pay off the loan in a reasonable amount of time.
Adding a cosigner to your loan can help to lower your interest rate and increase your chance of getting your private college loan approved.
Be sure to learn everything you can about their variable rates.
The Sallie Mae college loan program offers you the option if you’re fortunate enough to be able to pay off the loan early without any early payment penalty fees.
They also offer the independent and responsible option to release your cosigner from the loan once you’ve graduated and made 12 consecutive monthly scheduled payments on time.
Because you’re not only making a choice that will affect your present, but one that could also drastically affect your future if not carefully considered.