Sallie Mae Free Scholarships
Sallie Mae originally the Student Loan Marketing Association was setup as a federal body to administer student loans and Sallie Mae Free Scholarships, over the years the bodies remit has grown and it is now a publically traded company on the US stock exchange that provides all manner of consumer loans, credit cards and insurance products.
Sallie Mae don't actually offer free scholarships now, they offer student loans which you have to pay back, you can register on their website to see details of scholarships, but these scholarships that your see listed are not being offered by Sallie Mae, Sallie Mae is just displaying details of scholarships that other companies or institutions offer, the reason your asked to register to see a scholarship on Sallie Mae is so that the company (because Sallie Mae is now a publically traded company and not a government organisation like it was when it was first founded) can market loans, insurance and credit cards to you.
Student Loan Marketing Association
If you are looking to get a free scholarship from Sallie Mae realise that Sallie Mae is a very different type of student loan organisation than it was when it was first founded, rather than having to register to see vague details of other companies and institutions loans you can read all about scholarships like Harvard University, Brandman University, University of Michigan and Bradford University or if you're looking for a grant then consider applying for the federal Pell grant or minority scholarships like the UNCF or NAACP scholarships right here on Free Scholarships
Sallie Mae do offer a range of student loans which you will have to pay back, the loans are for undergraduate education where you are studying at college or university for a degree like a bachelors degree a Graduate student loan which is for when you are studying for a second degree like a masters of doctorate degree and a K12 loan is a loan to cover high school education for your children.
The student loans offered by Sallie Mae are available with several different payback options these are deferred payment or pay later loans where you study first then pay back the loan after you have completed your studies, your generally have these loans for longer so it will take longer to pay the loan back as your have loan repayment fees in the form of interest rates to pay back over a longer period increasing the amount you owe, the advantage though is that you can concentrate on studying without having to repay the loan immediately and then when you have gained employment start to pay the loan off, the concern will be if you think that you will be unable to get a job to repay your loan.
Fixed Payment Loans
Fixed Payment loans by Sallie Mae are loans where each payment period (usually a month) you pay back a fixed amount of money, this means you are paying your loan off immediately so you will have to have a part time job whilst you study to make the repayments, so you will have to juggle your studying with your job but you will have the loan for a shorter period of time because you are paying the loan off from the moment you have the loan, the shorter time you have the loan the less interest you will be charged (the cost of having the loan) so the loan will be cheaper than a loan where you study first and then pay back when your earning.
The third type of student loan Sallie Mae offer is a interest loan, with this loan you pay more over the lifetime of the loan, but there are advantages, whilst your studying you have to make loan repayments but those monthly loan repayments are much less than you would have to make with a repayment loan because with an interest loan each month you repay back the interest only, that's the price of having the loan charged for by Sallie Mae, you're not actually paying the loan amount back in small increments each month your just paying the cost of having that loan so whilst your studying your loan repayments will be very small but after you study and the balance of the loan (the amount you actually borrowed) becomes due you will have to find this money to repay the entire loan.
Now for the interest only loan you have a schedule of repayments when the loan becomes due if you are able to get a good job and make those repayments then this choice of loan may be a good choice for you (only a financial adviser can comment on that), however if you are unable to get a good job and make the loan repayments you would need to find some other way to make those repayments.
Of course not everyone is studying for an undergraduate or a postgraduate degree there are many training programmes for various fields of study where you don't need a degree but you need specific professional training, this type of training is eligible for a Career Training loan through Sallie Mae and again various options of repayment and interest only repayment loans are available to qualifying training programmes, the reason only qualifying training programmes are eligible is that Sallie Mae will want to make sure that any money loaned to you can be repaid by you after your study so quality training programmes which will give you a skill and the ability to earn will mean that your be able to pay back your loan because you will be able to gain employment with those skills or qualifications you earned on your training programme.
It's not only loans for undergraduate, postgraduate, high school, and training programmes that Sallie Mae offer but other types of loans for students who may have a state a loan, grant or scholarship but find that they need to top this up with a different type of loan, Sallie Mae offer Medical Residency and Relocation Loans where medical students incurring costs travelling across country to attend interviews and moving to a new city to take up a medical residency can apply for this very specific loan to cover these very specific type of costs.
Medical Residency Loans
You can defer payment of medical residency loans for up to three years after you have finished your medical training, this allows you to be in a better financial position earning money before you need to start to pay the loan off. Sallie Mae have a scheme where you can have a quarter percent lower interest rate on your loan if you agree to pay your loan back by direct debit from your bank account, this ensures that Sallie Mae get the money in a timely manner and lowers the cost of administration having to ensure repayment, so there's a saving for the bank (because Sallie Mae is now a bank even though it started off as a federal student loan organisation).
With a Medical Residency loan you can borrow up to $10,000 that money will of course have to be repaid back and there are a number of interest only, repayment and fixed term payment plans to choose from depending on your circumstances. Students can apply for medical residency loans online at Sallie Mae, the application process can be done completely online and will take about fifteen minutes (you are applying for a loan so think through the repayment options and whether you can afford it).
Dental Residency and Relocation Loans
As well as Medical Residency Loans Sallie Mae also offer very similar loans for Dental Residency and Relocation where if you are studying dentistry and need to find a residency and travel to interviews you can also borrow up to $10,000 on a interest only, fixed term and repayment loan option.
Bar Study Loan
If you are studying to be a lawyer then the Bar Study Loan might be of interest to you, here Sallie Mae will lend you up to $15,000 to finance your bar exam fees and living expenses whilst you are studying for the bar exam, with this loan you do not need to repay any of the loan until after you have finished studying, note that is not until after you have passed the bar exam, failing the bar exam will still require the loan to be repaid, indeed law students who fail the bar exam may need a bar study loan to provide additional finance now that there study term has been extended.
K12 Student Loans
K12 Student Loans are loans from Sallie Mae which can be used to send your children to Private School, with most of the high schools with the highest levels of academic achievement being private schools more and more parents are turning to private education to give their kids the best education, after all the education you receive determines the job that you will be able to get and how much money you will eventually be able to earn and it is a sad fact that state education performs badly next to private education in a great many countries around the world not just the United States.
If your thinking of sending your children to a private school you may have looked at using your savings or applying for state aid or grants or merit based free scholarships. Minority scholarships are a good option if you qualify, for the more prestigious scholarships like the Bill Gates Foundation scholarships or the Fulbright scholarship competition will be fierce and you might not be able to win a prestigious scholarship, for that reason parents turn to private education loans to fund the cost of the education as well as the cost of books, uniforms and extracurricular activities like trips that are required of a private education.
There are a range of different repayment options for private education loans which Sallie Mae calls K12 loans and you have the option of up to three years to repay the loan, Sallie Mae don't charge a loan application fee or a disbursement fee (cost for giving you the loan) but instead charge you up to 3% of the loan value for taking out the loan, note that your personal situation as described in your application form will determine the loan cost which could be significantly lower than the 3% quoted depending on your personal circumstances.
Student Loan Rewards
Sallie Mae offer a range of rewards for repaying your student loans on time, the reward is a Cash sum equal to 2% of your monthly loan repayment for paying your loan on time each month, note that it is 2% of the borrowed loan value that you will receive not 2% of the monthly repayment, as the repayment includes the repayment of the money you borrowed plus repaying the monthly cost of having that loan.
Borrow The Full Cost Of Your Education
You can borrow the full amount of your education but your need a certified statement from your college or university detailing how much your education is costing as Sallie Mae will only make a loan available for authorised student loans and not for additional spending. With Sallie Mae all types of student loan applications are managed online and the student can look online to see their current FICO score this score shows your credit rating, this tells any company wanting to lend you money if you are a good risk and likely to repay the loan that has been made to you or a bad risk and the company making the loan is going to have problems getting the repayments from you.
Each monthly repayment that you make if paid late can change your credit rating so being able to monitor your credit rating online is useful for students who may sometimes struggle with their repayments or want to know what their credit rating is for other types of finance like car finance or rent.
Scholarships More Popular Than Loans
It's interesting to note that whilst you may think that student loans are very popular only 16% of college costs are paid with a student loan whist 30% of college costs are paid with a scholarship or grant.