New Repayment Option: Sallie Mae
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A quote from the article states that the new program has restructured repayment to ensure students don’t fall into the trap of negative amortization:
“Under the new program, customers will make interest-only payments while in school, so students avoid negative amortization and graduate with substantially less student loan debt. A freshman borrowing the average loan size of $7,700 would cut the payment time in half and save approximately $8,700, compared to most other private student loan alternatives.”
–Sallie Mae
The article further details the availability of the “Smart Option Loan” program, as well as how its offering comes as many other lenders are reducing the opportunity for school loans to be acquired by students and their parents.
The article entitled, Sallie Mae Helps Students Repay Loans, can be read in full, here.
School loans provide students various options of repayment, however, Sallie Mae’s increased efforts to provide students with loan options that make paying for their education, is commendable.
If you’re looking for more opportunities to review school loans and how they affect your finances, feel free to review SchoolLoans.com, where helping you pick the right school loan is our top priority!