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Sallie Mae Expands Loan Repayment Plans

0 Comments | Wireless News, Nov 10, 2009

As the date approaches for thousands of new college graduates to begin repaying their student loans, Sallie Mae said it offers a full range of repayment plans to help customers manage their higher education bill.

Sallie Mae said that, new for this year’s income-based repayment (IBR) which enables federal student loan customers experiencing financial challenges to cap their monthly student loan payment at 15 percent of their discretionary income. IBR may be particularly helpful to new college graduates unable to find employment at a level they expected or for those who have accumulated higher-than- average federal loan balances through their undergraduate and graduate programs.

In a release, the Company noted:

After 25 years, customers who qualify for IBR and who have not repaid their entire loan balance may be eligible for loan forgiveness, which would discharge the remaining loan balance. To find out more information about eligibility, customers can visit www.SallieMae.com/IBR and watch a video as well as download Sallie Mae’s IBR worksheet. Customers may apply online by logging in to their Sallie Mae online account and downloading a personalized application.

The company offers several other payment plans including fixed monthly payments of principal and interest over a 10-year repayment term, graduated repayment and extended repayment, which lowers the monthly payment amount by extending the repayment term.

Customers may change repayment plans at any time, and they may prepay at any time without penalty. Sallie Mae’s repayment calculator, available at SallieMae.com/RepaymentCalculator, enables customers to compare programs, including IBR, by calculating estimated monthly payment amount, length of time to pay off, and total finance charges paid over the life of the loan. This tool helps customers select the payment option that is best for their circumstance.

Automatic debit helps customers stay on improve credit score track with payments and maintain a healthy post-college credit history

This entry was posted on Tuesday, November 10th, 2009 at 9:20 am and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.