Sallie Mae - Private Loans

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Has anyone used Sallie Mae to finance their education. I do not qualify for Financial Aid and will need to take out a private loan. I am just a bit overwhelmed by all the ones to choose from. Sallie Mae seems to have good rates and a speciality loans for non-traditional (changing careers) students like myself. Even a specialized one for Community College degrees...

http://www.salliemae.com/get_student_loan/find_student_loan/undergrad_student_loan/private_student_loans/community_college_loan/

Any input would be helpful, thanks!

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Specializes in Med/Surg <1; Epic Certified <1.

I took out a Tuition Answer loan to help pay for this past year's tuition and expenses. I don't remember seeing this Signature loan being available (but that's not to say it wasn't). I believe some of my student loans for my first degree were done through Sallie Mae, so I knew they were reputable and thus felt comfortable using them again. So far, so good! I may look at that loan to help get me through my last year of my ADN program!!

I, too, didn't qualify for any kind of government or other financial aid due to my previous education.

Best wishes!!

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Specializes in Case mgmt., rehab, (CRRN), LTC & psych.

I, too, am a nontraditional student with material acquisitions, and needed to change careers rapidly, as I was working at a well-paying (but unstable) manufacturing job. I attended a private, expensive LVN program in 2004 and 2005. I financed the entire $20,000 tuition with a Sallie Mae private student loan. The process was painless, and I have no regrets for this decision.

I didn't qualify for any need-based financial aid, because I was a single person who earned in the $40,000 to $50,000 range yearly.

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Specializes in Pediatrics, High-Risk L&D, Antepartum, L.

I went through www.teri.org

I was able to get a loan that will give me 12 months before I start repaying!

My loan ended up coming from Citizens Bank...through Teri.

I was very happy with them. I applied and got a decision very quickly. I got a loan that lasts 1 year. Each semester they send a check to my school. If there is an overpayment my school then gives me a check for the difference.

One I know what the government is giving me I will apply for another load through Teri and pick Citizens bank again.

I was told about Teri by my school. They financial aid people highly recommended them.

Now both companies claim to be...

"Sallie Mae is the nation's leading provider of student loans, helping millions of Americans achieve their dream of a higher education."

"TERI, The Education Resources Institute, Inc., is the most experienced and largest nonprofit sponsor of private loans for education."

It looks like the difference is TERI comes out and says they are nonprofit. So I wonder if Sallie Mae has some fees? I don't recall paying fees with Teri. If Teri did have fees maybe they are lower? I don't know.

Just looked at your link...I believe I was able to take out more then $15,000. What I could take out was based on the cost of school. Now it wasn't cost of tuition but total cost as provided by my school...so they take into account transportation and all sorts of things which makes the amount much higher. I didn't take that much though.

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I just finished paying off a Sallie Mae loan I took a while ago when attending business school for my Certificate in Health Claims Analyst (my Government Loans that had to be paid back). The payments were really low and I had no problems with Sallie Mae.

I just took out another personal loan (I didn't qualify for any "free money" from the Government). I start paying it back 6 mths after I complete school. They also hold my pay-back government Staffords I have to pay back.

All in all, I've had good experiences with Sallie Mae. I have no regrets of using them with my first loans (I really had no choice in the matter, the school put the Staffords through SM) and I have no regrets on using them for my personal loan to finance school now.

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Specializes in ER, Medicine.

I chose Sallie Mae because I had heard of them before. I didn't want to get a loan through some random bank or association. I did the signature loan for about $4 or 5 thousand. Just needed that for my last semester.

If you are really unsure, you should call their 1-800 number and speak with a loan counselor/advisor. They can help you to make the best choice for you.

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Specializes in Junior Year of BSN.

Does TERI have a lower interest rate than Sallie? What is everyones current interest rate if you don't mind me asking. I am looking at loans but really want a loan that has a low interest and fees.

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Specializes in Postpartum/Nursery.

Between my husband and I, we've done 2 sallie mae tuition answer loans. The process is easy and the money comed directly to you! We didn't receive in financial aid because we got married during the summer and we had to include our parents on our fafsa's (6 incomes!) Needless to say, we didn't qualify at all! We also did private loans through campusdoor.com, which is an awesome company as well. The downside is that they go through your school, so if you attend a community college, you won't qualify and there is a cap on how much you can receive at each university.

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Specializes in Geriatrics, Cardiac, ICU.

I have Teri and Sallie Mae loans and Sallie Mae had no loan fees and lower rates.

Sallie Mae is also entirely online even the signing.

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I have several Tuition Answer Loans from Sallie Mae and I have been extremely pleased. Just beware to get a Tuition Answer Loan you have to have a job otherwise you have to get just a regular student loan with a co-signer. They're both easy to get, though. And everything is done electronically (and one fax) so the only postal waiting time is your check...and the funds come directly to YOU...not the school!

I went this route b/c I'm a returning adult and cannot find scholarships for returning adults who is not a minority.

Good Luck!

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Specializes in Junior Year of BSN.
I have Teri and Sallie Mae loans and Sallie Mae had no loan fees and lower rates.

Sallie Mae is also entirely online even the signing.

Thanks for answering. So in your eyes Sallie Mae (for you) is a better loan when it comes to paying back the loan (interest, payments, etc.). Thanks I will be looking at both and comparing to see which one I will choose.

Another question, I have only taken out federal loans, but will need private loans too just in case (just got my award letter but its being readjusted since they actually said I can get more money for being unemployed). When they give the private loans do they give you an exact amount as in a letter stating what you interest will be, loan amount, fees, payment monthly, etc. For example you borrow 10,000 but at the end will have to pay back 13,678. Like when you buy a car and it tells you exactly the amount you pay back.

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Specializes in Case mgmt., rehab, (CRRN), LTC & psych.
I went this route b/c I'm a returning adult and cannot find scholarships for returning adults who is not a minority.

I am fully aware that I am digressing somewhat, but I still could not resist the temptation to point a few things out.

The majority of nontraditional, returning adult students have difficulty qualifying for scholarships. This has nothing to do with racial-ethnic minority status. If you browse through the various scholarship offerings, most are being offered to high school seniors who are college-bound.

My situation is strikingly similar to yours, as I am a returning adult who had to use private student loans to finance my return to school. I could not find any scholarships, even though I am a double-minority (black female). I know I digressed, but I remain sick and tired of people like you, who continually imply that minorities are readily handed free money. Please stop perpetuating these inaccurate myths.

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