One of the biggest companies in the United States that offer student loan services is Sallie Mae. A variety of loans are available, including federal, private, consolidation, parent, and study abroad loans. Additionally, Sallie Mae offers a customer care department that can respond to inquiries and help applicants with student loans. A Sallie Mae International Student Loan can be an excellent choice for you if you’re an international student in need of financial aid to pay for college in the United States. However, before choosing which loan is best for you, it’s crucial to check the rates and conditions offered by several lenders.
Types of Sallie Mae International Student Loan
Sallie Mae provides student loans to a range of borrowers, including Deferred Action for Childhood Arrivals (DACA) beneficiaries and overseas students. Sallie Mae offers the following private student loan programmes:
- Bar Exam
- Undergraduate
- Graduate
- Career training
- Residency
Also, Read: Types of Education Loan for Indian Students
Eligibility Requirement for an overseas student loan from Sallie Mae
If you want to be eligible for a Sallie Mae International Student Loan, you must:
- The Candidate should be a non-citizen of the United States
- Have a reliable co-signer who is a citizen or permanent resident of the United States
- Should be enrolled full-time in an undergraduate or graduate programme at an institution that qualifies
- Have a positive credit history (but you might be able to get the loan even if you don’t have one)
Interest Rate
The Sallie Mae International Student Loan has a variable interest rate that ranges from 5.99% to 16.45% at the moment. The market conditions at the time you take out the loan will decide the interest rate. The amount you borrow and the amount you must return are the same because there are no origination fees.
Repayment
A Sallie Mae international student loan has a maximum 15-year repayment period. You have the option of making variable or fixed monthly payments. Additionally, you have the option of delaying payments while enrolled in classes or for a grace period following graduation.
Exchange Rate
Loans from Sallie Mae are approved and paid out in US dollars. The University, however, only accepts New Zealand dollars as payment. The exchange rate in force on the day of delivery will be used to convert any disbursements into New Zealand dollars.
Also, Read: 5 Things to Keep in Mind to Apply for an Education Loan
Pros and Cons of Sallie Mae International Student Loan
It’s a good idea to be aware of the benefits and drawbacks before deciding whether to apply for a private student loan. Here are the Pros and Cons of the Sallie Mae International Student Loan.
Pros
- Affordable interest rates
- The fact that Sallie Mae provides its student loan programmes to international students is one of their main benefits. DACA students can apply for a Sallie Mae student loan in addition to international students.
- Plans for flexible repayment
- Online information and tools to assist borrowers in comprehending their alternatives
Cons
- Some loan providers may have tighter credit score requirements.
- Not offered in all US states or nations.
- A co-signer is required if you’re an overseas student: If you are an international student, you will need a co-signer in order to be approved for a loan. Later, you can build your own credit history in the United States.
How to Apply
Here are the few steps to apply for a Sallie Mae International Student loan to study abroad
- You can apply on the Sallie Mae website, by submitting an application for the proper student loan.
- Send an email to our financial administrator to confirm your loan eligibility once Sallie Mae has granted you a loan.
- We offer you an Award Letter that details your potential eligibility for funding, taking into account any other help or scholarships you may be receiving for the same study time.
- The award letter’s specified maximum allowed amount is not required of you. We advise you to just borrow what you actually need, not more than the total permitted.
- You will receive a letter from us including information on the certified loan. When you apply for a student visa, you should include this letter as proof of your ability to pay the costs.
Also, Read: How to Pay Off Student Loans?
FAQs
Ans. You must be a U.S. citizen, permanent resident, or a non-citizen borrower with the proper U.S. Citizenship and Immigration Service (USCIS) papers and a cosigner who is creditworthy and who is also a U.S. citizen or permanent resident.
Ans. The U.S. Department of Education does not offer federal student aid to the majority of foreign nationals. Non-citizens may occasionally, nonetheless, be qualified for financial aid from the U.S. federal government. Go to StudentAid.gov/understand-aid/eligibility/requirements/non-US-citizens for more information.
Ans. For loans up to Rs. 4 lakh collateral security is not required by the guidelines. Collateral and a third-party guarantee are only required when the loan exceeds a preset amount set by the bank.
This was all about Sallie Mae International Student Loan if you are also looking for a loan-related contact Fly. finance team, our expert will guide and help with the same our Toll-Free number is 1800572126.
