How do Sallie Mae payments work?

How do Sallie Mae payments work?

Choose how to make loan payments When you enroll, your payments are automatically withdrawn from your authorized bank account each month. Plus, enrolling in auto debit may also qualify you for a . 25 percentage point interest rate reduction.

When to make Sallie Mae student loan payments?

If you’re fresh out of school, or outside your student loan grace period, you could make interest-only payments on your Sallie Mae loans for up to one year. You’d just need to apply for the federal-like graduated repayment plan before your 12th postgraduate loan payment.

Do you have to pay Sallie Mae prepayment penalty?

And you don’t have to worry about a Sallie Mae prepayment penalty: The lender doesn’t charge one. If your Sallie Mae loan has a high interest rate, you could save a substantial amount of money by refinancing your student loans. With refinancing, you take out a new loan for some or all of your current ones.

What do you need to know about Sallie Mae parent?

The Sallie Mae Parent Loan℠ is for parents (or other creditworthy individuals) who want to financially support their student’s undergraduate, graduate, or certification education. It also comes with its own set of benefits, including:

What’s the deferred repayment plan for Sallie Mae?

Deferred Repayment Plan: No payments while enrolled full-time in school or during the 6 month grace period after graduation. This allows you to focus your attention on academics and performing well in school.

How to calculate your Sallie Mae student loan payments?

To calculate your student loan payments, enter the loan amount, anticipated interest rate, and length/term of the loan (how many years you have to pay it back). Knowing how much your monthly payments might be can help you figure out how much to borrow. Ready to apply? For existing Sallie Mae loans entering principal and interest repayment

When to apply for Sallie Mae Graduated Repayment?

You can apply for the benefit as early as six billing periods before and no later than the 12th billing period immediately after you begin principal and interest payments. Learn more about the Graduated Repayment Period.

When did Sallie Mae stop servicing student loans?

Before 2010, Sallie Mae acted as a loan servicer for federal student loans made under the Federal Family Education Loan Program (FFELP). FFEL Program loans were made by private banks and backed/insured by the federal government. When the program ended in 2010, Sallie Mae sent all the FFELP Loans it serviced to Navient.

How much did Sallie Mae pay in June 2011?

June 2011 balance: $144,586. I brought my account up to date on July 25, 2011 with a $1,493.38 payment, and set up a recurring payment every two weeks for $372.56. This was their “reduced interest plan”, where the interest rate dropped to 0.01%.