Sallie Mae Student Loan

One of the aspects of the student loan industry that many students and parents do not realize is that many students loans are not in fact, originated by federal organizations, but are actually backed by them; such as the Sallie Mae Student Loan.  Although this is one of the most popular types of student loans available, the money from a Sallie Mae loan is not actually lent to the student or their parents by the government.

Instead Sallie Mae acts as a secondary market for student loans. This means that when a student or their parent applies for a loan from a financial institution, it is that lender that will provide the funds for the purpose of the loan. Once the loan has been completed, the lender will then sell the loan back to Sallie Mae in order to free up their funds to help additional students. This process ensures the liquidity of funds for student loan purposes.

Sallie Mae has been in operation since 1972 and at any one time may hold or manage 8 million or more student loans.

While many students are little skeptical when they learn that their Sallie Mae student loan is going to be sold by their lender, this is actually a very common practice and presents some solid benefits to students, such as: 

• Terms and conditions of the student loan do not chance, even when it is sold.
• Students may be eligible for repayment incentives, including principal rebates and interest rate reductions. 

These advantages can prove to be very beneficial as a student completes their education and enters the working world. Many of the incentives are available for simply signing up for direct debit payments or for making their payments on-time.

Sallie Mae handles a wide variety of loans, including the Federal Stafford and Perkins loan as well as graduate, MBA, law and medical school loans. Furthermore, parents of students will find that they are eligible to receive benefits available through a Sallie Mae Student loan with the Federal PLUS loan. Career training and continuing education loans are also part of the Sallie Mae program as well as student consolidation loans. Students can find out more about the Sallie Mae loan at www.salliemae.com. 

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