Sallie Mae offers a choice of repayment options. It's easy to find one that fits into your budget. Read about them and log in to Manage Your LoansSM to sign up.
Standard repayment
Principal and interest payments are due each month throughout the loan repayment term.
Graduated repayment
Payments are lower at the beginning of repayment and step up at specified periods and in specified amounts over the term of the loan.
Income-sensitive repayment
Monthly payments are based on a percentage of the borrower's monthly income for Stafford, PLUS, and SMART Loan® (federal consolidation) account borrowers.
Extended repayment
Eligible borrowers receive payment relief through a lengthened repayment term of up to 25
years.
Consolidation
Federal consolidation loans allow borrowers to refinance one or more federal education loans
and significantly lower their monthly payment by extending the payback period. The original
loans are paid-in-full, and a new loan for the combined balances is issued with new terms,
including a new, low interest rate that is fixed for the life of the loan. With Sallie Mae's
SMART LOAN® consolidation plan,
borrowers can choose several different repayment options, including standard (level), graduated,
and income-sensitive repayment.
Serialization
Sallie Mae purchases a borrower's loans held by other Federal Family
Education Loan Program (FFELP) lenders or institutions and services
them in one account with the borrower's other Sallie Mae-owned loans.
Borrowers make one monthly payment and retain the original terms
and interest rates on their loans.
