Sallie Mae is one of the well-known names when it comes to student loans. They have a high application success rate and various plans you can choose from. They offer plans depending on your education level and have many options for those undergoing payments. One of the concerns people have is whether there is a Sallie Mae PSLF program.
Stating the Facts
Sallie Mae offers private loans as one of the top lenders in the U.S. These types of loans do not qualify for PSLF. A check of the National Student Loan Data system reveals that they’re not a part of the list that receives federal-backed loans. However, as a lender, they offer several other programs to help with repayment and other borrower problems.
Many choose Sallie Mae because they like the private student loan plans offered by the company. Their repayment plans may also be appealing compared to PSLF.
PSLF is a long-term commitment, and it may not be for everyone. Sallie Mae offers several other options borrowers can take if they feel like committing to the 10-year program may not fit with them. Some of these options include:
- Student loan deferment
- Repayment plans
- Income-driven programs
What If I Need to Apply for PSLF?
You’ll need to check if your lender supports PSLF programs. You’ll still need to fulfill the minimum requirements of the program. That means you should be under a Direct Loan (federal) and have made 120 qualifying payments. You’ll have to maintain consistent payments for these cycles spanning ten years.
Not only that but there are also other factors to consider. For one, you need to be under a Public Service employer recognized by the PSLF. These can be any of the following:
- Nonprofit organizations
- Government organizations
There are some exceptions to the rule. It’s best to consult your lender to get a better idea.
Applying and Completing PSLF
If you’re sure about undergoing a PSLF program, the best thing to do is apply for it as early as possible. That way, your lender knows your intent and can help you with any needed process. One of the most vital parts of the PSLF application is documentation. You’ll need different types of documents, including:
- Employment form
- Proof of loan payments
You’ll also be asked to complete forms and apply signatures if necessary. While this may seem standard, some applicants experience problems when changing jobs. PSLF has several rules in place to help an applicant with the documentation.
Sallie Mae Is an Option
Sallie Mae is an option if you’re not looking at federal loans. However, if your goal is to get student loan forgiveness in the future, then consider other lenders.