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SLM Corporation (commonly known as Sallie Mae; originally the Student Loan Marketing Association) is a publicly traded U.S. corporation that provides consumer banking.Its nature has changed dramatically since it was set up in the early 1970s; initially a government entity that serviced federal education loans, it then became private and began offering private student loans.
Sallie Mae now exclusively offers private student loans to help college students pay for school. It has variable and fixed rates on loans. It has variable and fixed rates on loans.
What is Sallie Mae? Sallie Mae is a company that currently offers private student loans but it has gone through several shifts. In 1972, Congress created the Student Loan Marketing Association ...
The loan servicer calculates the monthly payment amount that will pay off the original loan amount plus all accrued interest after 120 equal payments. Payments cover interest and part of the principal. Some loan terms may be shorter than 10 years. The minimum monthly payment varies in amount, but is usually within the range of $50-100.
Note that the situation for student loans has changed due to the impact of the coronavirus outbreak and relief efforts from the government and many lenders. Your loan servicer plays a major role ...
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