3/22/2023
Today, SLMA or Sallie Mae is perhaps the most important bank in terms of private student loans. We can say that for 50 years it has been playing a social role in the academic context, which has had a great impact on the communities.
In this time, Sallie Mae has become a banking institution that goes beyond financial aid for students. It is a publicly traded company that offers a wide variety of products to help people achieve their goals.
Sallie Mae Student Loans
In Busconómico we have analyzed Sallie Mae's student loans and some student loans from other banks that, in collaboration with Sallie Mae, offer very advantageous conditions for those who apply for them:
- Amount: From $ 1,000
- Term: between 1 year and 0 months
- Interest: 5.25%
- APR: 5.25%
- Amount: Ask
- Term: 0 months
- Interest: 4.50%
- APR: 4.50%
- Amount: Ask
- Term: 0 months
- Interest: Ask
- APR: Ask
- Amount: From $ 1,000
- Term: between 1 year and 0 months
- Interest: 4.50%
- APR: 4.50%
- Amount: From $ 1,000
- Term: between 1 year and 0 months
- Interest: 4.12%
- APR: 4.12%
- Amount: From $ 1,000
- Term: between 1 year and 0 months
- Interest: 5.93%
- APR: 5.93%
- Amount: From $ 1,000
- Term: between 1 year and 0 months
- Interest: 5.25%
- APR: 5.25%
- Amount: between $ 1,000 and $ 30,000
- Term: between 1 year and 0 months
- Interest: 5.93%
- APR: 5.93%
- Amount: From $ 1,000
- Term: between 1 year and 0 months
- Interest: 5.25%
- APR: 5.25%
How did Sallie Mae (SLMA) come about?
Founded in 1972, the Student Loan Marketing Association (SLMA), which we now know as Sallie Mae, was created by the US Congress as a GSE (government-sponsored enterprise). This means that it had the status of a private corporation, had to follow federal guidelines and was a for-profit organization.
Although SLMA was to act as a secondary market to provide access to education, it was listed on the New York Stock Exchange in 1983. In 1996 it would go on to become a company independent of the government whose new name would be the SLMA Corporation and by 2005, it was owned by the private sector under its colloquial name.
During 2014, the organization was split into 2 companies: Navient and Sallie Mae. The former became a servicer for private student loans, such as FFEL and other options that SLMA was administering. It also took over the origination of new federal loans that are allocated by the U.S. Department of Education.
Sallie Mae Features
The basic purpose of this bank is still to provide private student loans and other financial products. However, despite the FFELs it still has, it no longer offers what are known as federal academic loans. As a private lender, Sallie Mae has more varied financing compared to the government.
Among its most commonly used options, we find:
- Private tuition loans for children under 12.
- Academic loans for graduates and high school graduates.
- Loans to study law, medicine, dentistry or residencies.
- Loans for parents who want to finance their undergraduate and graduate children.
Private student loans offered by this financial institution require applicants to pass a credit check to determine if they are eligible or not. If they do not qualify, they need a cosigner who has established credibility to increase their chances of approval.
The biggest advantage of SLMA is that it gives any student the opportunity to get financing, especially if they do not qualify for government aid. For example, students with less than half-time enrollment status are not considered by the government, but Sallie Mae accepts them.
Another point in favor of this financial institution is related to the fees it applies. You can get a fixed or variable rate student loan with no origination fee.
Likewise, you have the possibility of deferment while you study, opt for a plan with which you only pay interest or select another alternative to repay the money.
SLMA's product catalog
Along with the above, Sallie Mae also makes other banking products available to the public. One example is the SmartyPig, an online savings account that is designed to help you meet your goals. There are also high-yield accounts, money market accounts and certificates of deposit or CDs.
SLMA also offers credit cards to help students pay for their expenses, earn rewards and start their credit history. In 2019 they launched 3 new plastics:
- The Ignite Card. It is a secured card for college students to start building their credit score.
- The Accelerate Card. This credit card gives you 25% bonus when you use cashback rewards to pay off a student loan.
- The Evolve Card. It also gives you a 25% bonus on the rewards you accumulate each month and in 2 categories of preference.
How to access Sallie Mae products?
If you want to learn more about what this financial institution offers, we suggest you visit its official website. There you will find a menu with the most popular banking products and all the relevant information about them. In addition, they give you the indications on how to make the application according to the instrument you need.
And if you have doubts that you want to clarify, there are several ways to contact them. There is the form on their website, which helps you locate the specific number or email for your inquiry. You can also call 855-756-5626 if you want a new loan or 800-472-5543 if you are an existing customer.
Español: ¿Qué es Sallie Mae y qué función tiene?