Does Sallie Mae have interest?

Both decisions will affect your monthly payments and the total cost of your Sallie Mae® Smart Option Student Loan®.

Does Sallie Mae reduce interest rates?

Sallie Mae has a Rate Reduction Program that can help you get a lower Sallie Mae interest rate and, as a result, lower your monthly payments. The following eight steps provide a framework for enrolling in this program.

Can I pay off Sallie Mae loan early?

There’s no penalty for paying early or paying extra. Each month, we’ll automatically withdraw your payment from the authorized bank account.

How high can Sallie Mae interest rates go?

Interest rates add to the cost of borrowing money A 6.5 percent interest rate would add $650. Private student loans can have variable interest rates that vary from about 4 percent to 12 percent, and fixed rates that can range from about 5 percent to 13 percent, depending on the lender.

How does Sallie Mae determine interest rate?

The starting interest rate you pay will be determined after you apply. It will be based upon the borrower’s credit history and other factors (cosigner credit, repayment option, etc). If approved, we will notify you of the rate you qualify for within the stated range. Your rate is variable.

What is a good interest rate on a student loan?

With interest rates on private student loans ranging anywhere between 1% and 13%, a 4.75% interest rate is not too bad. But, when it comes to federal average student loan interest rates, you can expect to pay more than 4% for undergraduate direct subsidized loans and direct unsubsidized loans.

How long do you have to pay off Sallie Mae student loans?

Your student loan repayment term Federal loans generally have a standard repayment schedule of 10 years. For private student loans, the repayment term can range anywhere from 5-20 years, depending on the loan. You’ll be given a definite term for your loan when you apply.

Can you pay off Sallie Mae loan early?