Sallie Mae, the nation’s No. 1 financial services company specializing
in education, today introduced new, lower rates on its post-graduate
loans for students studying for the bar exam or entering a health
profession’s residency program or internship.
“Sallie Mae’s Residency & Relocation Loan is an option for medical
students who need help covering the costs associated with finding a
residency,” said Tara Olsen, director of Financial Aid at Tufts
University School of Medicine. “Residency interview and relocation costs
can add up, but students can count on low loan rates from Sallie Mae.
That’s important as they focus on beginning their careers in medicine.”
The Bar Study Loan and the Residency & Relocation Loan can help finance
post-graduate training costs that are not covered by federal student
loan programs. The Bar Study Loan covers review course fees, bar exam
fees, as well as living expenses incurred while studying for and taking
the bar exam. The Residency & Relocation Loan covers residency match
programs, relocation and board exam review expenses.
“Health professions and law students don’t put their books away at
graduation,” said Charlie Rocha, senior vice president, Sallie Mae.
“They may still have months of studying and training ahead of them. With
new, lower rates, the post-graduate loans from Sallie Mae offer these
students an affordable option as they get started in their careers.”
For the Bar Study Loan, the variable rate range is 3.75 to 12 percent
(3.74 to 12.74% APR), based on today’s Libor. For the Residency &
Relocation Loan, the variable rate is 3.25 to 10 percent (3.21 to 9.62%
APR), based on today’s Libor. The lower rates are available on new
applications submitted today by qualified applicants.
Both loans also offer:
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No payments required while in school
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Post-graduation grace period that postpones the start of repayment
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Two repayment options: standard repayment of principal and interest or
interest-only payments for specified periods of time, followed by
payments of principal and interest necessary to repay the loan balance
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No prepayment penalty
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0.25 percentage point interest rate reduction while enrolled to make
scheduled monthly payments by automatic debit
For more information and specific terms for each product, visit www.salliemae.com/student-loans/graduate-student-loans/
or call 877-279-7172 to speak with a student loan specialist.
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. Celebrating 40 years of making a
difference, Sallie Mae continues to turn education dreams into reality
for American families, today serving 25 million customers. With products
and services that include Upromise rewards, scholarship search and
planning tools, education loans, 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.
Copyright Business Wire 2013