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!

Specializes in Geriatrics, Cardiac, ICU.
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.

The best thing to do is call them and ask because repayment depends on what plan you choose for repayment and the interest can change based on LIBOR or something like that.

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Specializes in Junior Year of BSN.
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.

Whoa! Kind of harsh, don't you think? I too am a black female and did not see what she was saying as wrong or bad..."people like you"...whoa thats a generalization. I thought you were trying to say not to generalize but you did...hmm...:uhoh21:

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Specializes in Junior Year of BSN.
The best thing to do is call them and ask because repayment depends on what plan you choose for repayment and the interest can change based on LIBOR or something like that.

Thanks for the information. I will call them and see if I can speak to a loan advisor.

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

I have a Teri loan and it was also all done online.

If you got the loans at different times the rates could vary for that reason alone so it's hard to compare the rates other people have. It looks like right now Sallie Mae and Teri are close with rates. It can also vary based on amount being financed and credit history too.

I pulled my loan last year and at the time my rate was 10.15% and it was based on Libor. If I got a loan today the rate would be about 2 points lower. I also didn't pay any fees for the loan.

For me the big thing was that I don't have to repay for 9 months where as others wanted me to start paying at 6 months. I will start making payments early on anyway but that longer grace period is a nice cushion just in case things after graduation are tight or I want to splurge on something rather then loans ;)

So in general compare the 2 and see what will work.

Look at their current interest rate (they are both going to be close).

Look at fees (they are both probably free).

Look at repayment time (might not even matter to you).

Make sure there's no fee for prepayment (there usually isn't but always make sure this isn't in the loan).

I think you are going to find they are very similar so it's probably going to come down to which one will give the lower interest rate (even though they will probably be similar) and if you want a longer repayment time.

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:yeahthat: I agree with you. I was just getting ready to post a similar message. Just point out, I am also a Married Black Female :yelclap: . I DO NOT qualify for a darn thing. I know many college students (regardless of ethnicity) who are fresh out of high school and they pretty much get "paid" to go to college. They get $1K's free money from the government to go to community college, make all C's, and get to pocket the rest; while WE are struggling to even get a private loan, let alone, Stafford Loans.

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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What about the Perkins Loan. Has anyone tried applying for that? If you are a returning student do you not qualify for the Perkins loan? I assumed it was available to all nursing students since you do not have to apy it back?

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Specializes in Med/Surg/Tele.

so you have to be employed to get a Sallie Mae loan? I'm a full time nursing student.

I just applied for a private bank loan and didn't get approved, I applied without a co-signer.

so I'm wondering if I should try the Sallie Mae.

My husband works, maybe I can put him down as my co-signer? I DO NOT want to ask my parents to co-sign.

Any suggestions or info would be much appreciated!

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Specializes in Pediatrics, High-Risk L&D, Antepartum, L.
so you have to be employed to get a Sallie Mae loan? I'm a full time nursing student.

I just applied for a private bank loan and didn't get approved, I applied without a co-signer.

so I'm wondering if I should try the Sallie Mae.

My husband works, maybe I can put him down as my co-signer? I DO NOT want to ask my parents to co-sign.

Any suggestions or info would be much appreciated!

I went through Teri. I do not work. I had my husband co-sign...he's the only one I would consider "asking". It went through just fine. I think it's their way of making sure there's some financial backing for repayment even if I don't graduate.

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so you have to be employed to get a Sallie Mae loan? I'm a full time nursing student.

I just applied for a private bank loan and didn't get approved, I applied without a co-signer.

so I'm wondering if I should try the Sallie Mae.

My husband works, maybe I can put him down as my co-signer? I DO NOT want to ask my parents to co-sign.

Any suggestions or info would be much appreciated!

Only if you do not want to have a co-signer.

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i got a sallie mae loan for my daughter's college. I am not employed, nor do I have a cosigner and my credit isn't that great.

To the posters who slammed on the person who wrote they could not find any scholarships that were not for minorities. I found nothing offensive in the original post whatsoever. I don't think it was meant to be hurtful or imply what you said it implied. Also I think the more constructive thing to do would have been to ask for info on the loans so maybe you could apply. Sharing resources is what this board is about.

There are TONS of scholarships out there and if you can't find at least one that you are eligible for you are not looking very hard.

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Specializes in Med/Surg/Tele.

thanks for the responses SAHstudent & Mustang Sally!!!!

I applied today online with my hubby as my co-signer...won't know anything until Monday....I'm crossing my fingers!

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Did anybody here get loans to "live on" while going to school? Presently I work fulltime w/a house, bills, etc. My thoughts are to sell my house, pay off some bills, will have some to contend with some bills still, get an apartment, go to nursing school and work parttime. I'm thinking a parttime job WILL NOT pay all my living expenses plus tuition, fees, books, etc. I won't quailfy for any of the government "freebies" because I already have a BS. Someone on a different thread suggested to apply for a Sallie Mae loan while I was still working FT but I'm not sure how much I will qualify for. I guess bottom line - is there any funding out there that will pay for tuition, books, fees and living expenses? I'm not against having loans for all because I see it as an investment in me....

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