You can choose between a fixed or variable interest rate, and the repayment length is 12 years.This 12-year repayment period is a shorter period of time than other lenders on our lineup offer, which means that you will have to pay more money per month to pay the loan off on time.Rates Sallie Mae offers annual percentage interest rates between 5.74% and 11.85%, for a fixed rate loan, and between 2.25% and 9.37% for a variable rate loan.As an incentive for prompt and consistent repayment, Sallie Mae also offers a 0.25 % interest rate deduction for those who use an automatic debit payment on their loan.You can, however, always pay the loan off faster with no penalties if you are able.
Recently, Sallie Mae selected Navient as the name for their new loan management, servicing and asset recovery company.
By 2004 the company cut all ties with the Federal government, and today Sallie Mae is a publicly held, private sector financial institution.
Sallie Mae specializes in providing affordable loans for college students at every stage of their development.
Loans that are not eligible for consolidation include state or private loans that are not federally guaranteed.
Although all of these different loans may be consolidated, you must have at least one outstanding FFEL or Direct Loan to obtain a Direct Consolidation Loan.
Sallie Mae has been involved in student loans for decades, and the high loan limit it offers should be enough for any student to afford an undergraduate degree.