Sallie Mae Career Training Loan Terms and Conditions
The savings example uses approximated numbers, is for informational purposes only and is an example of loan terms available through the Sallie Mae Career Training Loan. Savings based on a total payment of $26,694.03 for a traditional private student loan where payments are deferred during school and grace period and $17,877.88 for the Career Training Loan which represents total potential savings of $8,816.15. Example of Sallie Mae Career Training Loan Student Loan terms: one loan of $10,000 with two disbursements and a 9.72% APR [Interest rate set at LIBOR+9.375% (LIBOR of 0.375% as of April 26, 2010) with no disbursement fee]. APR may increase after consummation. Repayment consists of 51 interest payments ranging from $40.63 to $81.25 per month (in-school period of 45 months plus separation period of 6 months), followed by 83 principal and interest payments of $165.80 per month and one principal and interest payment of $134.84. Compare against a traditional private student loan where payments are deferred during school and grace period in a similar amount with an estimated APR of 9.11% and repayment consisting of 179 principal and interest payments of $148.81 per month and one principal and interest payment of $57.43 (following a 45-month in-school period and 6-month grace period, after which accrued interest is capitalized).
The 2% reward benefit is available on the Career Training Loan during the borrower’s initial in-school and separation period only. If the borrower leaves school but returns later, the reward will not be available for any subsequent in-school period. The primary borrower must be of the age of majority in his or her state of residence (typically 18 years old) and must enroll in Upromise at the time he or she applies for the loan or already be a Upromise member at the time of loan application. If the primary borrower is already a Upromise member at the time of loan application, the borrower must indicate that when applying for the loan and provide the requested information to confirm enrollment. To be eligible to receive the 2% reward, the borrower may not have had two consecutive scheduled payments past due on the loan for which the benefit is available. If the borrower has two consecutive scheduled payments past due, he or she will no longer be eligible for the reward on that loan. If all conditions are met, the primary borrower will earn 2% of the scheduled payment amount in Upromise rewards into his or her Upromise account for each payment made by the scheduled due date. The 2% reward will be based only on the scheduled payment amount due and cannot be earned on payments that exceed the scheduled payment amount. The 2% reward benefit is subject to the terms and conditions of the Upromise service (as may be amended from time-to-time), including without limitation, restrictions on conversion, transfer and redemption of rewards, reward denomination, including whether and under what circumstances the rewards have independent cash value, and terms relating to fees and/or the forfeiture of rewards. Benefit available on eligible loans first disbursed on or after June 1, 2010.
The benefit for enrolling in monthly recurring automatic debit payments is available for as long as the monthly payment amount is successfully deducted from the designated bank account. Borrowers can elect to make payments via automatic debit through Sallie Mae’s online account management system. This benefit lowers your interest rate but does not change the amount of the monthly payment. This benefit is suspended during periods of forbearance and certain deferments.
Borrow up to the cost of attendance (minimum $1,000) as certified by your school and confirmed by Sallie Mae, less other financial aid received. Sallie Mae reserves the right to approve a lower loan amount than what the school has certified.
In order to qualify the borrower must have successfully completed school, made twelve consecutive on-time principal and interest payments, meet age of majority requirements, and meet the underwriting requirements when the request for cosigner release is processed. The borrower’s account must remain current until the request for cosigner release is processed and the borrower must be a U.S. citizen or permanent resident at the time the cosigner release is processed. For more information on cosigner release, please visit SallieMae.com/cosigner. 6 Upromise account balances of $25 or more can be transferred to help pay down eligible linked student loans on a quarterly basis. To view whether or not a loan is eligible to participate in the Upromise Loan Link program, please visit Upromise. com/LoanLink. Access to Upromise is not limited to Sallie Mae loan customers. Terms and conditions apply to the Upromise service. Participating companies, contribution levels and terms and conditions are subject to change at any time without notice. Visit Upromise.com for more information.
- Upromise account balances of $25 or more can be transferred to help pay down eligible linked student loans on a quarterly basis. To view whether or not a loan is eligible to participate in the Upromise Loan Link program, please visit Upromise. com/LoanLink. Access to Upromise is not limited to Sallie Mae loan customers. Terms and conditions apply to the Upromise service. Participating companies, contribution levels and terms and conditions are subject to change at any time without notice. Visit Upromise.com for more information.
Sallie Mae Career Training Loans are made by Sallie Mae Bank® or a Sallie Mae lender partner. Borrower benefit information valid as of May 10, 2010.
SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES AND BORROWER BENEFITS (INCLUDING INTEREST RATE REDUCTIONS) AT ANY TIME WITHOUT NOTICE. APPLICANTS SHOULD CHECK THE SALLIE MAE WEBSITE CLOSE TO THEIR LOAN APPLICATION DATE AND AGAIN PRIOR TO DISBURSEMENT TO OBTAIN THE MOST UP-TO-DATE INFORMATION REGARDING PRODUCTS, SERVICES AND BORROWER BENEFITS.