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Frequently Asked Questions (FAQ) Regarding Sallie Mae Loans With TruBank

Where can I get a Free Application for Federal Student Aid (FAFSA®) form?

Use the Free Application for Federal Student Aid (FAFSA®) form on the FAFSA® website to apply for financial aid for college or graduate school. Many states and colleges have priority deadlines, and there is also a federal deadline each academic year.

Do I need to apply for financial aid each year?

Yes. Completing and submitting a FAFSA® each year is one of the most important steps students can take to qualify for financial aid. However, completing the FAFSA® is not required to obtain a private student loan.

Cosigner Questions

Do I need a cosigner for a private loan?

Private student loans are credit-based. While a cosigner is not required, applying with a creditworthy cosigner may improve the chances of approval. A cosigner shares responsibility for repaying the loan and is often a parent, but can be any creditworthy adult who is a U.S. citizen or permanent resident.

Who makes a good cosigner?

A parent is often the cosigner, but a relative, guardian, or friend may also qualify. The cosigner is equally responsible for repayment of the full loan amount and should be someone the student knows and trusts. Only one person may cosign a private student loan. For instance, if two parents are willing to be cosigners, only one will be allowed to do it.

Using the Loan

Can the money be used for more than tuition?

Yes. Eligible students may borrow up to 100% of school-certified costs.¹ Funds may be used for tuition, books, laptops, and other qualified education expenses.

Why should I borrow for the entire school year?

Students can apply once per year with a single credit check. Funds are disbursed directly to the school for each term, and future disbursements can be canceled without penalty if they are no longer needed.

Rates, Eligibility & Borrowing Limits

What's the difference between a fixed and variable interest rate?

A variable rate may increase or decrease as market conditions change, which can affect monthly payments. A fixed rate remains the same throughout the life of the loan, resulting in predictable monthly payments.

Do I need to be a full-time student?

Students may be eligible whether attending full-time, half-time, less than half-time, taking prerequisite courses, summer classes, studying abroad, or participating in eligible online coursework.

Other eligibility situations include:

• U.S. citizens and U.S. permanent residents
• Students who meet current credit and eligibility criteria
• Students who still need funds after maximizing grants, scholarships, and federal loans
• Students seeking professional certifications or continuing education
• Students who are not U.S. citizens or permanent residents

What is the minimum and maximum amount I can borrow?

The minimum loan amount is $1,000. Undergraduate students may borrow up to 100% of school-certified expenses, subject to cost-of-attendance limits.¹ Post-graduate loans, the maximum amounts range from $15,000 to $30,000 depending on the loan type.

Application & Disbursement Process

How long does it take to get a student loan?

Most applications take about 10 minutes to complete and receive a credit decision. If approved, the loan must be certified by the school before funds are disbursed.

What happens after my loan is approved?

A certification request is sent to the school. Certification timelines vary by institution. Sallie Mae® will provide updates throughout the process.

How are funds sent to my school?

After certification and the required right-to-cancel period, funds are disbursed directly to the school. Disbursements are often split between academic terms.

Who will service my loan?

Loans obtained through the partnership will be serviced by Sallie Mae®.

Repayment

When do I start paying back my student loan?

Students can generally choose from three repayment options²: monthly interest payments while in school, fixed monthly payments while in school, or deferred payments until after leaving school. Regardless of the option selected, students typically receive a grace period of at least six months after leaving school before full principal and interest payments begin.

Disclosures:

We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Evaluate all anticipated monthly loan payments, and how much the student expects to earn in the future, before considering a private student loan.

Loans for Undergraduate & Career Training Students are not intended for graduate students and are subject to credit approval, identity verification, signed loan documents, and school certification. Student must attend a participating school. Student or cosigner must meet the age of majority in their state of residence. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend school in the U.S., and apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident). Requested loan amount must be at least $1,000.

Graduate School Loan and Graduate School Loan for Health Professions are for graduate students at participating degree-granting schools and are subject to credit approval, identity verification, signed loan documents, and school certification. Student or cosigner must meet the age of majority in their state of residence. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend school in the U.S., and apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident). Requested loan amount must be at least $1,000.

MBA Loans are for graduate students in an M.B.A. program at participating degree-granting schools and are subject to credit approval, identity verification, signed loan documents, and school certification. Student or cosigner must meet the age of majority in their state of residence. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend school in the U.S., and apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident). Requested loan amount must be at least $1,000.

Medical School Loans are for graduate students in an M.D., D.O., D.V.M., V.M.D., or D.P.M. program at participating degree-granting schools and are subject to credit approval, identity verification, signed loan documents, and school certification. Graduate Certificate/Continuing Education coursework is not eligible. Student or cosigner must meet the age of majority in their state of residence. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend school in the U.S., and apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident). Requested loan amount must be at least $1,000.

Dental School Loans are for graduate students in a D.D.S. or D.M.D. program at participating degree-granting schools and are subject to credit approval, identity verification, signed loan documents, and school certification. Graduate Certificate/Continuing Education coursework is not eligible. Student or cosigner must meet the age of majority in their state of residence. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend school in the U.S., and apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident). Requested loan amount must be at least $1,000.

Law School Loans are for graduate students in a J.D. or L.L.M. program at participating degree-granting schools and are subject to credit approval, identity verification, signed loan documents, and school certification. Graduate Certificate/Continuing Education coursework is not eligible. Student or cosigner must meet the age of majority in their state of residence. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend school in the U.S., and apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident). Requested loan amount must be at least $1,000.

1 For applications submitted directly to Sallie Mae, loan amount cannot exceed the cost of attendance less financial aid received, as certified by the school. Applications submitted to Sallie Mae through a partner website will be subject to a lower maximum loan request amount.

Miscellaneous personal expenses (such as a laptop) may be included in the cost of attendance for students enrolled at least half-time.

2 Interest rates for variable rate loans may increase or decrease over the life of the loan based on changes to the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent. Advertised variable rates are the starting range of rates and may vary outside of that range over the life of the loan. Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. To receive a 0.25 percentage point interest rate discount, the borrower or cosigner must enroll in auto debit through Sallie Mae. The discount applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment.

FAFSA® is a registered service mark of U.S. Department of Education, Federal Student Aid.

SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE.

These loans are made by Sallie Mae Bank.

TruBank is not the creditor for these loans and is compensated by Sallie Mae for the referral of loan customers.

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