You can check your credit for free with each of these bureaus once a year to get a better understanding about what is impacting your score. For students new to credit, talk to your parents about opening a secured or student credit card and practice good credit habits like keeping your balance low and never missing a payment. They may have other suggestions to help you pay, like a tuition payment plan that allows you to pay your tuition bill in monthly installments.
How my family is sending 6 kids to college by using scholarships. Why you were denied Every lender has their own requirements for getting approved for a student loan. What you can do 1. Maximize scholarships, grants, and federal loans Before you even consider a private student loan, make sure you have utilized every option to pay for college that is out there. Get matched with college scholarships Our free Scholarship Search helps you find scholarships as unique as you are.
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Loan discharge if co-signer dies or becomes disabled: No. Allows greater-than-minimum payments via autopay: Yes. Allows biweekly payments via autopay: No. In-house customer service team: Yes. Process for escalating concerns: Yes. Borrowers get assigned a dedicated banker, advisor or representative: No.
Average time from application to approval: 15 minutes. Online tutoring: Borrowers can access Study Starter, which offers up to minutes of live, online tutoring or step-by-step textbook problem solutions from Chegg. Before taking out a Sallie Mae student loan or any other private student loan, exhaust your federal loan options first. If Sallie Mae denies your student loan application, the lender will let you know why.
NerdWallet believes the best student loan is one you can repay at the lowest interest rate you can get. Points are also awarded for soft credit checks, underwriting transparency and other consumer-friendly features.
Use these ratings as a guide, but we encourage you to shop around for the lowest interest rate you can qualify for. NerdWallet does not receive compensation for its reviews. Read our editorial guidelines. Sallie Mae is a four-star lender based on NerdWallet's student loan rating system.
Our ratings prioritize low interest rates and flexible repayment options that allow borrowers to repay loans faster and avoid default. The average credit score of approved borrowers was for undergraduate student loans. Only federal student loans qualify for student loan forgiveness programs.
Sallie Mae provides private students loans, so they don't qualify for student loan forgiveness. Our Take 4. The scoring formula for student loan products takes into account more than 50 data points across multiple categories, including repayment options, customer service, lender transparency, loan eligibility and underwriting criteria. Jump to: Full Review. Instead, it originates and services private student loans. Its spin-off company, Navient, has taken over the servicing of federal loans.
The lucky ones will have federal student loans, which come with fixed interest rates that are capped by Congress. Federal student loans also offer more flexibility in the form of income-based repayment plans. Sallie Mae now only offers private loans.
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