Company Offers Competitive Interest Rates, No Origination Fees, and Extended Repayment Terms; All Graduate Loan Customers Receive Exclusive Study Starter SM Benefit
More than half of today’s students expect to pursue a graduate degree
and of those who do, many may need to borrow to make grad school happen.
Sallie Mae, the nation’s saving, planning, and paying for college
company, today announced new, competitively-priced, private
student loans for students pursuing graduate degrees in business,
dental and medical, and health professions.
Available to students attending degree-granting institutions, Sallie
Mae’s new graduate student loans offer fixed and variable interest rates
and no origination fees or prepayment penalties. Customers may borrow up
to 100 percent of the school-certified cost of attendance.
Specifically, Sallie Mae’s new MBA
graduate student loan offers fixed rates ranging from 5.74 to 8.56
percent APR and variable rates ranging from 3.12 to 8.09 percent APR.
For those students pursuing graduate degrees in more than 25
health professions, Sallie Mae’s new Health
Professions graduate student loan offers fixed rates ranging from
5.74 to 8.56 percent APR and variable rates ranging from 3.12 to 8.09
percent APR.
Sallie Mae’s Dental
and Medical School graduate student loan is available for students
pursuing dental and medical school studies in 14
different areas, including adult and pediatric dentistry, radiology,
sports medicine, and veterinary medicine. Fixed rates range from 5.75 to
8.36 percent APR and variable rates range from 3.12 to 7.90 percent APR.
In addition, Sallie Mae’s Dental and Medical School loan now offers a
20-year repayment term.
“Graduate school has become more of an expectation for students and
families and it’s clear they value choice, flexibility, and tailored
financing options,” said Charlie Rocha, executive vice president, Sallie
Mae. “Our new graduate student loans, including a new 20-year repayment
term for medical and dental school customers, are a direct response to
their requests for additional flexibility.”
Sallie Mae graduate student loan customers may choose to make monthly
interest-only or fixed payments while in school; or defer payments until
after school. More than half of Sallie Mae’s customers choose to make
in-school payments and that responsible choice means lower interest
rates. Sallie Mae graduate loan customers are eligible to receive an
interest rate 0.50 percentage points lower when they opt for an
in-school interest-only payment over the deferred payment option, and an
interest rate 0.25 percentage points lower if they choose an in-school
fixed payment over the deferred payment option. Customers can also
reduce their interest rate by 0.25 percentage points by enrolling in the automatic
debit option.
In addition, Sallie Mae offers a Graduated
Repayment Period, a transitional repayment plan that provides
greater budget flexibility. Students with an eligible loan who graduate
and maintain their Sallie Mae loans in good standing may request to make
12 interest-only payments before transitioning into full principal and
interest payments.
Sallie Mae graduate student loans also offer:
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Cosigner Release: After they graduate, and once they have made
12 on-time principal and interest payments and meet certain other
credit requirements, customers (primary borrowers) may apply to have
their cosigner
released from the loan.
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Study Starter Benefit: This new and exclusive
benefit gives Sallie Mae customers free access to 24/7 online
tutoring and study help from the experts at Chegg. Sallie Mae is the
first and only lender to offer this up-front, in-school benefit to its
customers.
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Free Access to Credit Scores: Customers have access to their FICO®
Credit Score on a quarterly basis, along with information about
factors that affect credit scores and why monitoring credit scores is
important. In addition, Sallie Mae partnered with FICO on a free "Guide
to Understanding Credit."
Sallie Mae recommends a 1-2-3 approach to paying for college: first,
maximize money that does not need to be repaid, such as scholarships and
grants; second, explore federal student loans; and, third, consider a
responsible private student loan.
For more information on Sallie Mae’s graduate student loans, or to
apply, visit SallieMae.com.
Sallie Mae (Nasdaq: SLM) is the nation’s saving, planning, and
paying for college company. Whether college is a long way off or just
around the corner, Sallie Mae offers products that promote responsible
personal finance, including private education loans, Upromise rewards,
scholarship search, college financial planning tools, and online retail
banking. Learn more at SallieMae.com.
Commonly known as Sallie Mae, SLM Corporation and its subsidiaries are
not sponsored by or agencies of the United States of America.
