Sallie Mae Unsubsidized Student Loan

Sallie Mae is perhaps the most well-known and established education finance company in existence, having helped more than 10 million borrowers receive approval for student loans worldwide. The company has been specializing in student financing since 1972, and currently employs more than 8000 employees. One type of loan offered by Sallie Mae that has recently become extremely popular is the unsubsidized student loan, which provides a number of advantages over subsidized loans. First and foremost, since unsubsidized student loans require the student to responsible for repayments as soon as loan is granted, it is usually easier to be approved for this type of loan than a subsidized loan, which requires the government to provide subsidy to the student in order to cover interest initially. If you're interested in applying for a Sallie Mae unsubsidized student loan, consider the following information.

The Flexibility of a Sallie Mae Unsubsidized Student Loan
Although a Sallie Mae unsubsidized student loan offers several repayment options, the loan is automatically set up with the deferred repayment option, which allows students to pay as little or as much as they'd like while they are in school(for example they may choose not to pay interest at all until they are done attending school) for maximum flexibility. Alternatively, students can choose the interest repayment option, which requires them to pay an undefined amount interest towards the loan each month while in school to decrease the repayment period and save more than 20% of the total loan cost, or they may choose the fixed repayment option to pay only $25 per month while in school to save more than 10% of the total loan cost (in comparison to the deferred repayment option).

The Advantages of a Sallie Mae Unsubsidized Student Loan
A Sallie Mae unsubsidized student loan also provides competitive interest rates, rewards for timely payments, and a new tuition insurance benefit plan. A Sallie Mae unsubsidized student loan covers the entirety of your school certified expenses, and the minimum loan amount is $1000. Students also receive a 2% reward that is automatically credited to their Salli Mae Upromise college savings account when they set up scheduled monthly payments online from their Upromise account (as long as they choose the interest repayment or fixed repayment option). It is also possible to receive a 0.25% interest rate reduction that is applied to the loan while the student is in school, as long as they continue to make monthly payments via automatic debit.

The Rates and Terms of a Sallie Mae Unsubsidized Student Loan
A Sallie Mae unsubsidized student loan carries an interest rate that ranges from the current LIBOR (London Inter-bank Borrowing Rates) + 2.00% (2.25% APR) to the current LIBOR + 9.88% (9.37% APR). It should be noted that it is possible to receive a lower interest rate than the aforementioned rates by applying with the help of a cosigner that has exceptional credit. In addition, there are no origination fees charged as long as the loan is being granted to pay for the educational costs of a degree-granting institution, and students do not have to pay prepayment penalties if they decide to pay off the loan prematurely. Full interest and principal payments start six months after the student has left school, regardless of the repayment plan chosen. In order to be eligible for a Sallie Mae unsubsidized student loan you must attend a degree-granting school that is eligible, and you must be enrolled in a program that is eligible. International students are only eligible if they have a creditworthy cosigner that is a U.S. citizen or permanent resident.