When shopping for private student loans, you probably know to compare annual percentage rates, fees and other basic loan terms. However, it can also be worth it to explore unique perks that may benefit your unique situation and help serve as a tiebreaker.
Sallie is one of the most well-known private student loan lenders, originally founded back in the 1970s. It used to be called Sallie Mae, but now it offers Sallie Mae products as part of a larger company helping students through the higher education process. In addition to offering a range of typical student loan programs, there are some features that stand out.
A Graduated Repayment Period
One of the top benefits of federal student loans is that they offer income-based repayment options that private lenders typically do not. However, Sallie Mae’s Graduated Repayment Period is an exception. Borrowers have the opportunity to make interest-only payments for 12 months after leaving school or the grace period ends. You must enroll in the GRP during the 6 billing periods before and the 12 billing periods immediately after you enter principal and interest repayment.
Loan Options for Students Attending School Less Than Half Time
Many private student loan lenders require that you attend school at least half-time. Half-time is typically defined as taking at least six credits in a semester; full-time is at least 12 credits.
However, Sallie offers Sallie Mae student loans to help cover school costs, even for students who attend less than half-time. In other words, you can take one or two courses for less than six credits and still qualify for a student loan.
A Variety of Specialized Loans
Students who are studying to become doctors can get loan help during residency and law students can borrow for bar exam preparation. If you’re in a non-degree career training program, such as a trade school or working toward a technical certification, or if you’re in an aviation program or coding bootcamp, Sallie also has loan options for those situations.
Other Things to Know About Sallie
Besides its unusual perks, Sallie’s popularity as a student loan provider also comes down to some basic advantages. One big plus is that Sallie does not charge origination fees on its loans. Like some other lenders, Sallie offers a loan rate discount for borrowers who enroll in autopay. There is also a cosoigner release option that the student can apply to after a year of payment and meeting credit and other eligibility requirements.
On the cautionary side, Sallie’s customer reviews are negative, and the company does not offer student loan refinancing.
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3 Unique Perks of Sallie originally appeared on usnews.com
