How do I apply for Sallie Mae Student Loan Forgiveness? If you have been wondering how to apply for Sallie Mae Student Loan Forgiveness or you aren’t sure whether you are eligible for a Loan Forgiveness. In this review, we will be discussing Sallie Mae Student Loan Forgiveness as well as everything you need to know about the company. In the meantime, Student Loan Forgiveness simply means the release of borrowers from repaying part of their federal student loan debt. It is usually available in different types of loans but eligibility is limited to students in public service, professions, and more.
Sallie Mae on the other hand is a U.S based corporation that offers consumer banking as well as other financial services. It was first founded in the year 1973 but over the years the company has changed. At it inception, Salle Mae was sponsored by the government and they offered Federal Education Loans. However, the company started offering private student loans for undergraduate, career training, and graduate programs. Currently, some of its former Federal Loan lenders are wondering if they can get a Sallie Mae Student Loan Forgiveness. To answer the question if your Sallie Mae Older Student Loan might consider forgiven or not, check the outline below.
Can I Still Apply for Sallie Mae Federal Student Loan Forgiveness?
Sallie Mae started as a Federal Student Loan Lender when it was initially set up in the year 1973. In 2005, when the company was privatized it still continue providing Federal Education loans under the Federal Family Education Loan Program short for FFEL. However, in 2010, Sallie Mae transferred all its Federal loans to Navient. This means you cannot apply for any Federal Student Forgiveness with Sallie Mae.
Also, if you have an older loan with Sallie Mae before it started offering Private Student Loans; you can visit Navient to check if you can apply for a Loan Forgiveness. If they offer Loan Forgiveness, you will have to make your application to the government. In order to get started, you can contact your current servicer for help. But bear in mind that; Federal Student Loans are eligible for Loan Forgiveness
Does Sallie Mae offer Loan Forgiveness for Private Student Loans?
On the contrary, there is no such thing as Sallie Mae Loan Forgiveness for Private Student Loans. This means you cannot apply for loan forgiveness for a Private Loan. But research shows that the company offers loan cancellation for borrowers who have suffered a permanent or total disability.
However, different alternatives to check out or that can be used to reduce your loans. For instance, you can make use of refinancing or payment assistance options. You can only get access to refinancing from a different private lender. But you will need to have a good credit history as well as strong potential earnings to stand a greater chance. Note that; Sallie Mae doesn’t offer Loan consolidation or refinancing. So you will need to check out other private student loan lenders online to make use of.
Frequently Asked Questions?
How do I know my Sallie Mae Student Loan?
Although most Student Loans are usually federal Student Loans while a few are Private Student Loans. If you once applied for a Student Loan with Sallie Mae and you are not certain if your loan is either a Private or a Student Loan. The best way to find out if your Sallie Mae Student Loan is federal or private is by simply visiting www. Student aid. gov. Once you are at the official website, it will require to log in to your account using your FSA ID Username or email address, or Mobile Phone. Also, you will have to enter your password. If after checking the portal and you cannot access your loan information or details, then you have a private loan with Sallie Mae. But if your details are on the platform, that means you have a Federal Loan.
Is Sallie Mae a Federal or Private Loan?
Currently, Sallie Mae now provides a Private Student Loan while it public loans are now serviced by Navient. The company started offering private loans in 2014. So any loan you are applying for via the company’s official website is automatically a private student loan. As mentioned above in this write-up, you can check your Sallie Mae loan to be sure whether it is a federal or a private loan. By visiting the official website of studentaid.gov. If you, however, wish to apply for their private loans. Simply visit their official website at www.sallie mae.com to start.