Sallie Mae and Chegg Partner on New Student Loan Benefit to Support Student Success
May 09 2017 - 9:37AM
Business Wire
Study Starter is a Unique and Exclusive
Benefit for Sallie Mae Student Loan Customers That Gives Students
Free Access to Online Tutoring and Studying Help from the Experts
at Chegg
Sallie Mae, the nation’s saving, planning, and paying for
college company, and Chegg (NYSE: CHGG), the Smarter Way to
Student, today announced a new and exclusive benefit available to
every student who takes out a new Sallie Mae Smart Option Student
Loan or Sallie Mae Smart Option Graduate Student Loan. Study
Starter gives Sallie Mae customers free access to online tutoring
and studying help from the experts at Chegg. Sallie Mae is the
first and only lender to offer this up-front, in-school benefit to
its customers.
This Smart News Release features multimedia.
View the full release here:
http://www.businesswire.com/news/home/20170509005327/en/
Study Starter from Sallie Mae: an
exclusive new benefit focused on student success. (Graphic:
Business Wire)
Recent research from Chegg shows that more than half of students
entering college — 52 percent — are worried that difficult courses
and subjects could affect their ability to graduate. Even more — 74
percent — say they could benefit from extra help to get them
through challenging coursework.
Study Starter helps students jump-start their studies, expand
their learnings, and improve their grades —and it’s easy and
convenient to use. Students can get help answering study questions,
solving textbook problems, finishing homework, and prepping for
exams. The services are available online 24/7, so students can get
help quickly when they need it most.
Students can choose which Study Starter option best meets their
needs:
- The Chegg Tutors option features 120
minutes of free online access to tutors with expertise in more than
175 subjects who have been recruited from top universities and
vetted by Chegg.
- The Chegg Study option features four
months of free online access to step-by-step solutions to problems
in more than 26,000 college textbooks, and a database of more than
9 million study questions and answers.
- The combination option gives students
60 minutes of access to Chegg Tutors and two months of access to
Chegg Study.
“This partnership brings together two companies dedicated to
improving student outcomes, in and out of the classroom,” said
Nathan Schultz, chief learning officer, Chegg. “More than 1.5
million people subscribed to Chegg’s learning services last year,
and students credit Chegg Study and Chegg Tutors with actively
helping them to improve grades and comprehension. By making these
tools more accessible to their student customers, Sallie Mae is
taking a big step towards helping those students improve their
academic performance.”
Millions of students already take advantage of Chegg’s tutoring
and study services. In fact, 91 percent of Chegg Study users report
better grades on assignments or exams and 90 percent say Chegg
Tutors makes it easier to understand difficult material.
Additionally, nearly all — 94 percent — of Chegg Study users say it
helped them get homework done with less stress, a particularly
important factor for incoming freshmen who are just getting
acclimated to college coursework.
“Study Starter is a commitment to and investment in students’
success and helping them reach their potential and, frankly, that’s
what we are all about at Sallie Mae,” said Charlie Rocha, executive
vice president, Sallie Mae. “Our mission has always been to help
students and families save, plan, and pay for college, but that
also means helping students succeed at and ultimately complete
college. Study Starter will help them do just that, and with Chegg,
we’ve partnered with an industry leader who has a track record of
positive student outcomes.”
Study Starter is the latest benefit available for Sallie Mae
Smart Option Student Loan and Sallie Mae Smart Option Graduate
Student Loan customers. Customers who sign up to make monthly
payments via auto debit are also eligible to receive a 0.25
percentage-point interest rate reduction. Customers receive free
access to their FICO® Credit Score on a quarterly basis as well.
Additionally, Sallie Mae offers customers a Graduated Repayment
Period feature, a transitional repayment plan that offers customers
greater budget flexibility upon graduation and cosigner
release.
Sallie Mae recommends a 1-2-3 approach to paying for college:
first, maximize money that does not need to be repaid, such as
scholarships and grants; second, explore federal student loans;
and, third, consider a responsible private student loan.
As a result of this partnership, Chegg does not anticipate a
change to the 2017 annual guidance provided on its Q1 earnings
conference call on May 1, 2017.
For more information, visit SallieMae.com/StudyStarter.
About Sallie Mae
Sallie Mae (Nasdaq: SLM) is the nation’s saving,
planning, and paying for college company. Whether college is a long
way off or just around the corner, Sallie Mae offers products that
promote responsible personal finance, including private education
loans, Upromise rewards, scholarship search, college financial
planning tools, and online retail banking. 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.
About Chegg
Chegg puts students first. As the leading student-first
connected learning platform, Chegg strives to improve the overall
return on investment in education by helping students learn more in
less time and at a lower cost. Chegg is a publicly-held company
based in Santa Clara, California, and trades on the NYSE under the
symbol CHGG. For more information, visit www.chegg.com.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170509005327/en/
Sallie Mae:Rick Castellano,
302-451-2541Rick.Castellano@salliemae.comorChegg:Usher
Lieberman, 408-785-2028usher@chegg.com
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