College is a great adventure. Figuring out how to pay for it responsibly can feel overwhelming, but it doesn’t have to! That’s why we support Sallie Mae’s one-two-three approach to paying for college.
1. Start with money you won’t have to repay. Begin with money that’s been set aside in a simple savings account or dedicated college savings account as well as any current income you can use. Then include scholarships, grants, and work-study. You’ll want to find as much as you can. Look for scholarships; they’re a great way to get free money! There are free websites that can help you get matched opportunities. Grants and work-studies are generally funded by the government. You’ll need to submit the Free Application for Federal Student Aid, or FAFSA, to apply for them.
2. Explore federal student loans. They’re issued by the government. Again, you apply by completing the FAFSA. Generally, a federal loan for undergraduate students is taken out by the student who is responsible for paying it back. There are also loans for parents and graduate students.
3. Fill any gap with a responsible private education loan. It can make the difference. We’ve partnered with Sallie Mae because they have more than 40 years of experience helping students achieve the dream of higher education. Their smart option student loans offer competitive rates and flexible features including valuable benefits that let you save money on your loan.
You also have the freedom to choose from three repayment options. With the deferred repayment option, make no payments during school or pay as much as you’d like for maximum flexibility. With the fixed repayment option, you pay a small fixed amount each month you’re in school. With the interest repayment option, you pay interest while you’re in school. With the fixed and interest repayment options you pay less overall for your loan when compared to the deferred repayment option. A cosigner like a parent guardian or other adult with good credit may help your loan get approved. Let us help you cover the cost of college with a smart option student loan. It only takes about 15 minutes to apply and get a credit result.