Are you short of budget? Are you confused on where to find money to pay for your tuition fees and other school-related fees? If so, you are one of the millions of students who are on desperate need for money to pay your school fees.

During the onset of recession, not only companies are affected by the tough economic condition, but students and parents too are impacted by the situation. Parents experienced shortage of funds to pay for the tuition fees of their children, thus, some students halted their college studies.

To address the problem, there are several options which you can consider to pay your school dues, such as applying for personal financing from financial institutions or borrowing money from friends, relatives and colleagues.

However, there is one better solution worth consider, the Sallie Mae Student scheme.

Why choose Sallie Mae?

It is advantageous compared to other federal schemes, like Federal Perkins Loan and Federal Stafford Loan, because it has the best payback policies and interest rates. More so, it is better than applying financing from banks because the payment rates are also lower.

It has higher chances of getting your application approved. It has more than ten million borrowers in the United States alone and has more than 30 years experience of servicing different types of student financing in the country.

By using the scheme, you can reduce your debt payments by more than 60%. It is easy to apply because there are financial consultants willing to help you with the consolidation and application process.

History:

The program started as a government sponsored entity in 1972. It is a Fortune 500 company which has more than 12,000 employees in variety of locations and originated from the Federal Household Schooling Mortgage Program (FFELP).

It provides global scholarship solutions to students who pursue education in other countries. The scheme help hundreds of thousands of school students and is the biggest provider of student financing in the country, which manages more than 126 billion dollars worth of loans of more than 10 million debtors.

Benefits:
To qualify for the scheme, students must present proof of school expenses. Once debt is approved, funds are directly paid to the school, but there are also instances where the money is directly given to the student. Payments are made six months after students graduated from college and they have 20 years to pay your debts. They also have the option to file and to avail for multiple debt consolidation scheme. If ever the student fails to graduate, he still have the pay the amount with the same terms and conditions.

When applying for the debt program, students are given the option on what type of financing to apply, either federal or private. Unlike majority of moneylenders, Sallie Mae provides students both federally fund and private funded fundings.

Now that you know what the scheme is and how it can benefit you, for sure, you are enlightened and are happy to know that you can depend on it in helping you pay your school dues.

Author Bio: Willie Rhoades is a finance analyst who enjoys writing about fast loans and unsecured business loans as well as other related topics.

Category: Finances
Keywords: sallie mae,tuition fees,student loan,school fees,school-related fees