How to repay a debt?
There are no origination fees and repayments charges when you borrow from Sallie Mae. There are late fees, though. The company charges them if you fail to meet the repayment schedule. The maximum amount of the late fee is $25.
Sallie Mae has four repayment options:
Principal-and-interest payments. In this case, a borrower pays back both principal and the interest repayment simultaneously.
Deferred repayment. This option allows you not to pay back your private student loan while you are in school or during the grace period. Deferred repayment is available for undergraduate, graduate, medical school, dental school loans, MBA, and law school student loans. You can't get this type of repayment term if you are borrowing Parent PLUS loans or career training loans.
Fixed repayment. You will need to pay $25 while you are in school. As soon as you graduate and your grace period is over, you will start paying the interest and principal.
Interest-only payments. A borrower makes interest-only repayment monthly while still in school and on the grace period. Almost all Sallie Mae's loans qualify for this loan term.
Residency loans and bar exam loans don't require a borrower to make payments while they are enrolled at least half-time and during the grace period.
