Learn more about the three types of federal student loans: Applying for a federal student loan is free. The best way to determine if you have federal or private student loans is to check studentaid.gov. Pre-qualified offers are not binding. Our partners cannot pay us to guarantee favorable reviews of their products or services. If you’re asked to pay, that means you’re in the wrong place. The colleges you included on your FAFSA will have access to this information, and they’ll use it to determine the amount of federal grants, work-study, and loans you may qualify for. not available for private loans and often come with lower interest rates. The easiest and fastest way to file the FAFSA is online. There are three types of federal student loans: These loans are available through the Federal Direct Loan Program. Student Loan Repayment Options: Find the Best Plan For You. In general, federal student loans provide additional flexibility in several areas than private student loans: and exhaust federal student loan options. Federal student loans, also known as government loans, allow students and parents/guardians to borrow money for college directly from the federal government. Sallie Mae, the Sallie Mae logo, and other Sallie Mae names and logos are service marks or registered service marks of Sallie Mae Bank. Sallie Mae stopped offering federal loans when the FFEL program ended in 2010, but continued to service federal loans though 2014. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. All federal loan information is housed there. A private student loan can help you pay for college when savings, scholarships, and federal aid aren’t enough. You won’t find Sallie Mae on any federal student loan servicer list since we only service private student loans. In addition to federal student loans, the FAFSA also determines your eligibility for other federal student aid like grants and work-study. If requested, Sallie Mae will suspend student loan payments for up to three months, without an impact on the borrower’s credit standing. However, this does not influence our evaluations. You’ll typically know whether you are approved within 15 minutes. File the Free Application for Federal Student Aid (FAFSA®) to see how much you qualify for. Management at Sallie Mae is concerned that a lapse of this federal student loan payment holiday will increase its customers' financial burden, … Today it is a privately owned company well known as a lender to students throughout the U.S. Sallie Mae distributes and holds more student loans than any other lender in the country; as such, Sallie Mae loans are often the subject of consolidation packages. The FAFSA® (Free Application for Federal Student Aid) form is available for free at studentaid.gov. Sallie Mae repayment options are more limited than what federal student loans offer. If your application is rejected, check other private student loan lenders to find a better fit. Consult your own attorney or tax advisor about your specific circumstances. A quick history should clear this up. Basically, federal student loans consist of funds that are provided by the U.S. government, while private student loans come from entities such as banks and other financial institutions. But we’re here to assist with questions about your Sallie Mae private student loan, so if you have questions, call us at 855-429-9755. Now there’s a new name in town – Navient. .cls-1FB{fill:#4468b1!important;}.cls-2FB{fill:#fff!important;} Sallie Mae began as a federal entity designed to market loans to students across the United States. Sallie Mae Loans the Money What Sallie Mae is and what role they play in granting and managing student loans can be confusing. Federal student loans have benefits not available for private loans and often come with lower interest rates. Since 2014, Sallie Mae is engaged strictly in private student loans. You’ll typically know whether you are approved within 15 minutes. Learn what federal loans and private loans are and how they can help you borrow money for college. When evaluating offers, please review the financial institution’s Terms and Conditions. If your application is rejected, check other, Before you apply to Sallie Mae or any private lender, file the Free Application for Federal Student Aid, orÂ. Most student loans are federal. All Sallie Mae loans taken out since 2014 are private. These loans are made by Sallie Mae Bank or a lender partner. Types of student loans: Which is best for you? Any information you provide will be shared directly with Embark and will be covered under the terms of the Embark privacy policy. .cls-1YT{fill:#ed2024!important;}.cls-2YT{fill:#fff!important;} .cls-1LI{fill:#007bb6!important;}.cls-2LI{fill:#fff!important;}.cls-3LI{fill:#231f20!important;}, Terms of use  |  Protect your privacy  |  Avoid online fraud  |  Beware of debt relief offers  |  Social media guidelines  |  Do not sell my personal information. Graduate students may qualify for aid from these federal student aid programs: To find out if the school you’re interested in participates in the federal student aid programs, there’s a college search tool, hosted by the National Center for Education Statistics. Navient, which spun off from Sallie Mae, has more than 10 million student loan customers and services more than $300 billion of government and private student loans. If you need to borrow money for college, exhaust federal student loans before taking out a private student loan. It can actually be pretty difficult to find out, since some companies like Navient/Sallie Mae service federal loans but also originate their own private loans. Remember, it's important to consider federal student loans before you take out a private student loan because there are differences … Sallie Mae, or the Student Loan Marketing Association, was founded in the … .cls-1TW{fill:#439cd6!important;}.cls-2TW{fill:#fff!important;} The second type of loan is a loan through the Federal Family Education Loan program. If you have a Sallie Mae student loans, we have news for you. Since federal loans offer different benefits than private student loans, you should always explore them first. NerdWallet’s 2021-22 FAFSA Guide: How to Get Free Money for College. Sallie Mae employs 1,400 individuals at offices across the U.S. On April 30, 2014, Sallie Mae spun off its loan servicing operation and most of its loan portfolio into a separate, publicly traded entity called Navient Corporation. This completion service is not affiliated with or endorsed by the US Department of Education. If you have been impacted by the coronavirus and need help with your Sallie Mae account, they have assistance options available to help borrowers keep their account in good standing during this health emergency. Fortunately, there are a few ways to verify whether the loans are federal or private. After you submit the FAFSA, the government will send you a Student Aid Report (SAR), which gives you basic information about your eligibility for federal student aid. – Competitive interest rates – Multiple repayment options… After exploring federal loans, a private student loan can help if you still need more money to cover college expenses. If you don’t find your loan information through studentaid.gov, you have a private student loan. But Sallie Mae doesn’t disclose its minimum qualifying credit scores or income, so you’ll need to fill out an application to see if you qualify. 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