August + College = Last Minute Money Month

(BUSINESS WIRE)--Time flies and for 19 million college-bound students, it’s nearly time to head to campus. For those families still finalizing how they will pay the bill, Sallie Mae offers live presentations, daily smart money tips via Twitter and Facebook, and useful resources for college-bound students and their families for Last-Minute Money Month in August.

“Although most scholarship deadlines have already passed to help cover the fall tuition, now is the time to research scholarships for the future and consider other ways to meet this fall’s tuition bill”

Do you have questions about how to get free cash to pay for school, how to avoid the biggest mistakes students make in managing money or how to get a student loan? Experts from Sallie Mae will answer these and other commonly asked questions this Thursday, Aug. 5 from 2 to 8 p.m. during a free back-to-school online event offered by CollegeWeekLive, the world’s leading provider of college fairs and online admissions events.

“Although most scholarship deadlines have already passed to help cover the fall tuition, now is the time to research scholarships for the future and consider other ways to meet this fall’s tuition bill,” said Gen Tanabe, author with his wife, Kelly, of 12 books on college admissions and paying for college, the latest being “The Ultimate Scholarship Book 2011.” The Tanabes will offer a free presentation on “Getting Ready to Find Scholarships” during CollegeWeekLive’s event, sponsored by Sallie Mae.

Receive daily money tips throughout the month of August through Sallie Mae’s Facebook page at Facebook.com/SallieMae or Twitter handle @SallieMae.

Sallie Mae recommends families explore these last-minute tips if you still have a gap in your tuition after scholarships, grants, and federal financial aid:

* Still have a financial gap? Fill the gap with Sallie Mae’s Smart Option Student Loan to save money in the long run and pay it off faster. How’s it done? Students pay interest while in school and have a shorter repayment term after graduation, which, for the typical student, translates into saving 30 to 50 percent in interest charges over the life of the loan compared to the standard payment deferred 15-year term private loan. Customers may choose to pay either interest-only each month or a fixed payment of $25 each month.

“For those parents dealing with paying their kids’ college bills and saving for their own retirement, Sallie Mae’s private education loan can be an ideal family solution,” said Charlie Rocha, senior vice president, Sallie Mae. “Parents can help their students save hundreds or even thousands of dollars by making payments while the student is in school. We’re assisting parents as they balance their desire to help their students achieve a college education and encourage them to become financially independent.”

Parents who co-sign their student’s loan may be released from the loan by taking advantage of Sallie Mae’s new co-signer release option that allows graduates to apply to assume full responsibility for future loan payments after making 12 consecutive on-time principal and interest payments.

* Plan ahead. Wouldn’t it be nice if there was a tool that helped families build a budget to pay for college without going beyond their means? Well, the Education Investment Planner does just that. If loans are part of the plan, it helps families calculate the starting salary a graduate would need to keep payments manageable. Education Investment Planner is free, easy to use and available to anyone online at www.SallieMae.com/invest.
* Earn extra money for college through Upromise by Sallie Mae. Upromise members earn rewards every time they make an eligible purchase from hundreds of participating retailers or use their Upromise credit card. Upromise members have earned more than $550 million in member rewards since 2001. Rewards accumulate in a member’s Upromise account and can be transferred to pay down eligible student loans faster or into a Sallie Mae high-yield savings account or members can request a check. Visit www.Upromise.com for more information.
* Use an interest-free tuition payment plan to make paying for college more manageable. Available at hundreds of college campuses, Sallie Mae administers tuition payment plans that let families spread tuition payments over a number of months instead of making a large lump-sum payment at the beginning of the semester. Visit www.SallieMae.com/tuitionpay for more information.
* Hit the books…for less. Upromise members can save hundreds of dollars a year on textbooks by buying or renting books online and earning 3-4 percent back in rewards from Upromise participating retailers such as Chegg.com, Textbooks.com and Barnes & Noble.com. Digital students can save money on ebooks at Textbooks.com and lighten the weight of their backpacks. To find these extra savings, start shopping on Upromise.com.

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Sallie Mae Announces New Market-Leading Savings Account Interest Rates

(BUSINESS WIRE)--Whether you are saving money for college or other important goals, Sallie Mae now helps you achieve your goals with increased savings account interest rates among the highest nationwide. Saving for college is increasingly a priority for parents with 59 percent currently saving for college through a combination of savings, CDs and money market accounts according to national research from Sallie Mae and Gallup. Of these parents, 38 percent manually deposit funds when budget allows and 31 percent are habitual savers.

“The account was no trouble to open and the high rate combined with Upromise benefits will help us build our savings.”

“The Sallie Mae savings account earns more interest and helps our family save for college, for us it was a no brainer,” said Julie M., a mother of four from Cincinnati. “The account was no trouble to open and the high rate combined with Upromise benefits will help us build our savings.”

The High-Yield Savings Account by Sallie Mae is now offering a 1.4% Annual Percentage Yield (APY), among the best interest rates in the nation. There are no minimum balance requirements, no monthly fees, accounts are FDIC insured and starting an account takes just a few minutes online. Customers can save even more with a 10 percent annual match of their Upromise rewards earnings. Sallie Mae’s Upromise rewards program is free, and members earn rewards through everyday spending at online retailers, restaurants, gas stations and grocery stores.

High-Yield Savings Accounts are just one of the ways you can save with Sallie Mae. The company also offers Certificates of Deposit accounts and college savings plans. Certificate of Deposit accounts have no minimum balance, no monthly fees and terms of 12 months at an increased rate of 1.55% APY, 36 months increased to 2.40% APY or 60 months at 3.0% APY. Tax-advantaged 529 savings plans are available from Sallie Mae’s Upromise Investments. The High-Yield Savings Account and Certificates of Deposit by Sallie Mae are products of Sallie Mae Bank, member FDIC.

Sallie Mae recommends students follow a “1-2-3 approach” to paying for college: first, use free money by filling out the FAFSA to access need-based grants and research and apply for scholarships, supplemented with current income and savings, such as the High-Yield Savings Account, Certificates of Deposit and 529 plans by Sallie Mae. Second, explore federal loans. Third, fill any gap by using a pay-interest-as-you-go private education loan. For example, Sallie Mae’s Smart Option Student Loan helps reduce the total finance charges paid over the life of the loan and helps you pay off sooner.

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Coming up Short for Fall’s Tuition Bill? Sallie Mae Offers Last-Minute Options to Help Families Pay for College

(BUSINESS WIRE)--In these economic times, families of college students might find themselves with less money in their pockets to pay this fall’s college tuition. Sallie Mae, the nation’s leading saving, planning and paying for education company, offers several affordable options available in time to meet the cost of higher education.

“When times are tight, a college degree continues to pay long-lasting dividends,” said Albert L. Lord, vice chairman and CEO, Sallie Mae. “With unemployment for college graduates at half that of the population at large, a college degree remains one of the best investments a family can make. The good news is that there is a variety of options to help cover the cost.”

Sallie Mae’s free Education Investment Planner, available at www.SallieMae.com/invest, can help college-bound students and their families compare the costs of 5,500 colleges and universities, build a customized plan to pay for college, and explore various funding options.

After maximizing scholarships, grants and federal student loans, Sallie Mae advises families to consider these solutions to a last-minute college financing gap:

* Tuition Payment Plans

Tuition payment plans are available at hundreds of college campuses and offer families an alternative to making a large, lump-sum payment due at the start of the term. Sallie Mae’s TuitionPay is an interest-free, monthly installment option that saves families money by reducing the amount they need to borrow and allows families to more easily use their current income for education expenses. Visit www.SallieMae.com/tuitionpay for more information.

* Sallie Mae PLUS Loan

Federal PLUS loans allow parents of undergraduate, dependent college students, as well as graduate students, to finance their unmet financial need, up to the full cost of education, as certified by the student’s institution. Federal PLUS loans carry a fixed interest rate of 8.5%, regardless of the customer’s credit history, income or assets. Funds may be used to cover total education expenses, including room, board, books, supplies and travel to campus.

To qualify, applicants must not be more than 180 days delinquent on their mortgage or medical bills and no more than 90 days late on other bills. Sallie Mae assists parents and graduate students who do not immediately qualify for a PLUS loan in resolving outstanding or erroneous credit issues. Parents may postpone making payments until six months after their beneficiary student completes college or drops below half-time status. To learn more, visit www.SallieMae.com/plus.

* Sallie Mae Smart Option Student Loan

For students who have explored scholarships, grants and federal student loan programs but still have unmet financial need, Sallie Mae’s new Smart Option Student Loan will help students save money, build good credit and pay off their student loans faster. Featuring interest-only payments while in school, the Smart Option Student Loan enables the typical customer to pay off the balance nine years sooner and save an estimated nearly 60 percent in finance charges when compared to most other private education loan alternatives. To increase the likelihood of approval and to get the best rates, students are encouraged to apply with a creditworthy cosigner. For more information, visit www.SallieMae.com/smartoption.

* Upromise by Sallie Mae

Upromise by Sallie Mae is a free program that offers another way to earn extra money for college. Members can receive money back for college while making eligible purchases such as school supplies, a laptop, clothing and college dorm essentials. Upromise members have earned nearly $500 million in member rewards since 2001. Rewards accumulate in a member’s Upromise account and can be transferred into a 529 college savings plan account administered by Upromise Investments or used to pay down eligible Sallie Mae-serviced student loans. Visit www.Upromise.com for more information.

Sallie Mae also reminds students that it’s not too late to complete the Free Application for Federal Student Aid (FAFSA) to apply for federal grants and student loans. Families should talk to their campus financial aid office if their finances have changed. Colleges can adjust their award packages when a family encounters special circumstances, such as if a parent is laid off or takes a salary cut. In addition, if parents are turned down for a federal PLUS loan, a student may qualify for higher loan limits through federal Stafford loans.

Sallie Mae continues to recommend that families follow its “1-2-3 approach” to paying for college: first, tap “free money” such as grants and scholarships; second, fully explore federal loans; and third, if necessary, fill any gap with private student loans.

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