Paying On Time + In School = $1 Million in Rewards for Sallie Mae Private Education Loan Customers
March 15 2012 - 10:21AM
Business Wire
Good habits can pay off, and Sallie Mae’s Smart Option Student
Loan customers proved it. These students earned $1 million back in
Smart Rewards for making payments on time while in school. The
Smart Reward, introduced in 2010 by the nation’s No. 1 financial
services company specializing in education, allows Smart Option
Student Loan customers to earn back 2 percent of their scheduled
in-school payments simply for making their payments on time.
“A borrower making in-school payments on a Smart Option Student
Loan is a sensible way for today's students to establish a good
credit history while managing their student loan debt," said Cheryl
Williard, associate director of financial aid at Baldwin-Wallace
College in Berea, Ohio.
Sallie Mae’s Smart Option Student Loan, designed to supplement
federal student loans, assists students to save money, build
credit, and repay their student loan faster. Customers are
encouraged to make payments while in school to help minimize
finance charges and the overall cost of the loan.
When Smart Option Student Loan customers choose to make payments
on their student loans while in school, they can earn 2 percent of
that scheduled on-time payment. They can choose either monthly
interest payments or fixed, low monthly payments. That reward goes
into their Upromise by Sallie Mae account and can be used to pay
down their eligible Sallie Mae loan, transferred into a Sallie Mae
High-Yield Savings Account or turned into a check for expenses like
books.
“With the Smart Reward, good habits can turn into cash. By
getting into the routine of successful loan repayment early in
life, students can build a credit history and are better able to
achieve other financial goals such as home ownership,” said Joe
DePaulo, executive vice president of Sallie Mae. “We’re very proud
of these customers who are making responsible financial choices and
we’re happy to help them along the way.”
Sallie Mae advises families to follow its 1-2-3 approach to
paying for college: first, tap college savings and maximize
scholarships and grants. Second, explore federal student loans.
Third, fill the gap with a responsible private education loan with
your choice of in-school payment options to help you save
money.
***
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. Whether college is a
long way off or just around the corner, Sallie Mae turns education
dreams into reality for its 25 million customers. With products and
services that include college savings programs, scholarship search
tools, education loans, tuition 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.
SLM (NASDAQ:SLM)
Historical Stock Chart
From Jun 2024 to Jul 2024
SLM (NASDAQ:SLM)
Historical Stock Chart
From Jul 2023 to Jul 2024