Q:

What kinds of education loans does Sallie Mae offer?

A:

Quick Answer

SallieMae offers student loans for undergraduates and graduates, with either fixed or variable rates, according to SallieMae. It also offers loans for specialized training, such as the Bar Study Loan for law students, or the Medical Residency and Relocation Loan for medical students.

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Full Answer

SallieMae allows its student loan borrowers to choose between three repayment options, as stated on the company website. The Deferred Repayment Option has no payments due until after the student leaves school. The Fixed Repayment Option involves students paying $25 per month while they are in school. The Interest Repayment Option requires students to pay the interest on their loans while they are still in school. Graduates who are in good standing can also make 12 interest-only repayments, instead of paying the normal principal-plus-interest amounts.

In addition, SallieMae offers its borrowers benefits for on-time payments and for automatically debited payments, claims the company website. Students are allowed to borrow up to 100 percent of the cost of attendance. If students are enrolled in a certificate program or trade school, they can still borrow money from SallieMae with a Career Training Smart Option Loan, says Sallie Mae. There are no origination fees or prepayment penalties if students borrow SallieMae education loans.

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