Press release from Business Wire
Sallie Mae Offers Lower Rates on Post-Graduate Loans
Monday, December 09, 2013
Sallie Mae Offers Lower Rates on Post-Graduate Loans09:16 EST Monday, December 09, 2013
NEWARK, Del. (Business Wire) -- Sallie Mae, the nation's No. 1 financial services company specializing in education, today introduced new, lower rates on its post-graduate loans for students studying for the bar exam or entering a health profession's residency program or internship.
“Sallie Mae's Residency & Relocation Loan is an option for medical students who need help covering the costs associated with finding a residency,” said Tara Olsen, director of Financial Aid at Tufts University School of Medicine. “Residency interview and relocation costs can add up, but students can count on low loan rates from Sallie Mae. That's important as they focus on beginning their careers in medicine.”
The Bar Study Loan and the Residency & Relocation Loan can help finance post-graduate training costs that are not covered by federal student loan programs. The Bar Study Loan covers review course fees, bar exam fees, as well as living expenses incurred while studying for and taking the bar exam. The Residency & Relocation Loan covers residency match programs, relocation and board exam review expenses.
“Health professions and law students don't put their books away at graduation,” said Charlie Rocha, senior vice president, Sallie Mae. “They may still have months of studying and training ahead of them. With new, lower rates, the post-graduate loans from Sallie Mae offer these students an affordable option as they get started in their careers.”
For the Bar Study Loan, the variable rate range is 3.75 to 12 percent (3.74 to 12.74% APR), based on today's Libor. For the Residency & Relocation Loan, the variable rate is 3.25 to 10 percent (3.21 to 9.62% APR), based on today's Libor. The lower rates are available on new applications submitted today by qualified applicants.
Both loans also offer:
- No payments required while in school
- Post-graduation grace period that postpones the start of repayment
- Two repayment options: standard repayment of principal and interest or interest-only payments for specified periods of time, followed by payments of principal and interest necessary to repay the loan balance
- No prepayment penalty
- 0.25 percentage point interest rate reduction while enrolled to make scheduled monthly payments by automatic debit
For more information and specific terms for each product, visit www.salliemae.com/student-loans/graduate-student-loans/ or call 877-279-7172 to speak with a student loan specialist.
Join the conversation on how to save, plan and pay for college at Facebook.com/SallieMae.
Sallie Mae (NASDAQ: SLM) is the nation's No. 1 financial services company specializing in education. Celebrating 40 years of making a difference, Sallie Mae continues to turn education dreams into reality for American families, today serving 25 million customers. With products and services that include Upromise rewards, scholarship search and planning tools, education loans, insurance, and online banking, Sallie Mae offers solutions that help families save, plan, and pay for college. Sallie Mae also provides financial services to hundreds of college campuses as well as to federal and state governments. Learn more at SallieMae.com. Commonly known as Sallie Mae, SLM Corporation and its subsidiaries are not sponsored by or agencies of the United States of America.
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