WHAT WE DO:
Sallie Mae is the nation’s leading saving, planning and paying for education company. Sallie Mae’s saving programs, planning resources and financing options have helped more than 31 million people make the investment in higher education. Through its subsidiaries, the company manages $182 billion in education loans and serves 10 million student and parent customers. In addition, the company’s Upromise program has enabled 12 million members to earn more than $525 million in rewards to help pay for college. Its Upromise affiliates also manage more than $25 billion in 529 college-savings plans.
WHAT WE OFFER:
Sallie Mae is committed to promoting financial literacy and smart money management. Through a range of saving for college programs, free planning tools, interest-free tuition payment plans and responsible student loans, the company helps families make the investment in college wisely.
Helping Families Save for College
Sallie Mae offers 529 college savings plans, high-yield savings accounts, and its Upromise rewards program to help families save for college. Upromise members earn cash back every time they make an eligible purchase from hundreds of participating companies or use their Upromise credit card. Upromise members have earned $525 million in member rewards since 2001. Visit www.Upromise.com for more information.
Helping Families Borrow Responsibly
Sallie Mae is pioneering a new concept in student loans: paying interest while in school and shorter repayment terms. With Sallie Mae’s Smart Option Student Loan, students pay interest while in school, graduate with less debt, and pay off their loans faster, saving more than 50 percent in finance charges over the life of their loan. A typical freshman borrowing $10,000 makes payments of principal and interest for only seven years after graduation rather than 15 years. The customer saves approximately $8,800—compared to other private student loan alternatives in which no payments are made until after graduation.
Education Investment Planner
Sallie Mae’s free Education Investment Planner helps families plan their budgets for college. College-bound students and their parents can use this free tool to estimate the total cost of a college degree, build a plan to pay for college without going beyond their means, and, if loans are part of the plan, calculate the starting salary a graduate would need to keep payments manageable. Families of younger students can use the tool to determine how much they to set aside to meet their savings goal. Visit www.SallieMae.com/invest for more information.
Be Debt Savvy
Sallie Mae’s educational ‘Be Debt Savvy’ campaign, available at www.SallieMae.com/BeDebtSavvy, provides students with tools that encourage smart borrowing and recommend ways to establish and maintain good credit. Among the resources are tips to help students understand student loans, how interest accrues, what capitalization means, and how to save money when borrowing for college.
Research on Saving and Paying for College
As part of our commitment to financial literacy, Sallie Mae has teamed up with the Gallup organization to conduct annual surveys on “How America Saves for College” and “How America Pays for College.” The surveys provide critical insights into the attitudes, choices and real concerns of American families as they save, plan, and pay for college. These resources are available at www.SallieMae.com/research.
The Sallie Mae Fund
The Sallie Mae Fund is a charitable foundation sponsored by Sallie Mae that increases access to higher education and supports communities where Sallie Mae employees live and work. Since 2001, The Fund has contributed more than $123 million to address key barriers to college access and support the community. Among other resources, The Sallie Mae Fund offers free “Saving, Planning and Paying for College” seminars in local communities.
WHAT WE NEED:
Sallie Mae is seeking financial literacy organizations, financial planners and others to join in the effort to help reach college students with information, tips and tools to help them make informed choices about how to save and pay for college.
Sallie Mae calculates that its student customers who selected the Smart Option Student Loan over the last year and continue to make on-time payments are on track to save an estimated $1.1 billion in total over the life of their loans.
The Sallie Mae Fund’s “Mission: Possible!” Toolkit offers a free, 25-page step-by-step guide that helps families save, plan and pay for college. It provides students and families with college prep timelines for middle school and high school, a breakdown of higher education options, information on the admissions and financial aid processes, an overview of college costs and financial aid, and a glossary of terms. It is available for free download at www.SallieMaeFund.org.
Patricia Nash Christel
Jump$tart Coalition for Personal Financial Literacy