Sallie Mae Smart Option Student Loan
|Due to the rising college expenses it has become very difficult to afford education now a days, but with Sallie Mae Smart Option Student Loan getting a student loan is easier as well as hassle free then ever before. The benefit of opting for the Smart Option Student Loan is that you can get the loan at variable rate of interest. Moreover you also do not have to pay any type of loan origination fees. Another important reason why you should apply for the Sallie Mae Smart Option Student Loan is that you can also add a cosigner to your loan. You can apply for the loan online by following some simple steps as it takes less than 15 minutes to complete the application form. Under this Sallie Mae Student loan option, one can take a minimum loan of $1000 and a maximum of full amount of the loan.
Sallie Mae Smart Option Student Loan Repayment Options
There are three types of loan repayment options that is provided by Sallie Mae. They are given as follows:
Interest Repayment Option: This repayment option is for those school students who can build credit and at the same time stay away from the interest capitalization. The most important benefit of the loan is that one can save more than 20% on their total loan amount in comparison to the deferred repayment option.
Fixed Repayment Option: One has to make a monthly payment of $25 if he or she chooses this repayment option. There is no prepayment charge that is charged by the bank. The repayment tenure varies from 5 to 15 years. Students can save more than 10% of their total cost of the loan.
Deferred Repayment Option: This repayment option offers the students to pay the amount in order to reduce the cost of the loan. The repayment tenure of the loan varies from 6 to 15 years.
Sallie Mae Smart Option Student Loan Cosigner Release
If the students do not qualify the eligibility requirements of the Sallie Mae Smart Option Student loan then they can apply for the loan along with a credit worthy cosigner who has the ability to pay off the loan. The benefit of applying with a cosigner is that the loan will be approved quickly. However, you may release the cosigner after you have completed your graduation and have made twelve principal as well as interest payments. The cosigner release form is available in the website of the Sallie Mae Bank which the loan borrower can download.
Sallie Mae Smart Option Student Loan Calculator
Sallie Mae Smart Option Student Loan Calculator helps the loan borrower helps to decide which is the best loan repayment option. By using this calculator one can also calculate the amount of payment that one has to make towards the loan. The calculator is available on the website of the bank and is very easy to use as one has to enter some figures like school name, school location, amount of the loan taken, select the type of interest rate that is whether fixed or variable and click on “calculate now”.
Sallie Mae Smart Option Student Loan Forbearance
Sometimes due to financial difficulty it becomes difficult for the students to pay off the loan amount with thin the prescribed time and hence the Sallie Mae Bank has come out with the Hardship Forbearance program under which the students can temporarily postpone the principal and the interest payments. Previously, Sallie Mae used to charge forbearance fees of $50 every three months for delaying the loan payments but recently it has announced that the students will not be required to pay any type of forbearance fees until and unless they resume regular payments.
Sallie Mae Smart Option Student Loan Contact Number
If you hhave any query related to the Sallie Mae Smart Option Student Loan like the deferment process, loan disbursement or requirements then you can dial the below mentioned phone numbers of the Sallie Mae student loan activity center and contact with the customer service officials.
Schools: 1-888-2-SCHOOL (1-888-272-4665)
Students: 1-888-2-SALLIE (1-888-272-5543)
Customer Service Department: (877) 279-7172
For any further information on the Sallie MAE Student Smart Option Loan like bad credit, promissory note you can write a mail to the below mentioned address:
Sallie Mae, Inc
PO Box 9500
Wilkes-Barre, PA 18773-9500
You can also visit the website of the bank and read the reviews of the customers carefully.