The Nellie Mae student loan offers financial assistance to three different types of borrowers; parents of college students, undergraduate students or graduate students. A subsidiary of the widely known SLM Corporation, sometimes referred to as Sallie Mae, the Nellie Mae student loan has funded millions of dollars for college students since the inception of the corporation back in 1982.
To understand if you may qualify for a Nellie Mae student loan, you must first learn what constitutes an eligible borrower. Undergraduates are those students who are entering college for the very first time, often right after graduating from high school, or who are returning to complete their bachelor’s degree. Graduate students are those that are returning to college to obtain a higher degree such as Master’s or a Doctorate. Both of these types of students are able to apply for a Nellie Mae student loan.
Parents of college students are the final category of eligible borrowers of the Nellie Mae student loan. This is important to know simply because there are many loans that require a decent or at least an established credit rating in order to be approved, which is something the majority of college students don’t yet have.
Nellie Mae enables people to better themselves by attending college when it would have been otherwise impossible. By finding federal as well as private loans that are best suited for the borrower and their circumstances, students can get a higher education without worrying about how they’re going to pay for it.
Federal loans are available in a variety of types and provide funding for college students, but many times they aren’t enough to meet the growing costs of tuition. If this is the case, Nellie Mae will then utilize their knowledge and attempt to locate the best privatized loan for the borrower.
One of the reasons the Nellie Mae student loan is so popular and well-known is due to the fast turnaround times of their private loan applications. Most potential borrowers will receive an answer regarding available lenders in as little as three to five business days. This is especially helpful in the case of a loan denial so that there is time to make other arrangements or apply to other lenders.
Another benefit to the Nellie Mae student loan is the fact that the payments or funding will go directly to the college eliminating the need for complicated paperwork. This method also helps decrease cases of fraud, which in turn help keep tuition costs down.
Nellie Mae also offers cash back incentives to borrowers, which is another feature that attracts students and parents alike. By offering incentives, Nellie Mae enables students to repay their loans on time, or even early, and start them out with a good credit rating, another huge benefit.
PLUS loans, the Stafford loan and consolidated loans are just a few of the loans offered through Nellie Mae, who even has programs for those who don’t qualify for federal funding. Under Nellie Mae’s EXCEL name, borrowers may be eligible for privately funded loans as opposed to those from the US government.
Regardless of your circumstances or how much you owe for tuition costs, the Nellie Mae student loan program will be able to meet just about anyone’s needs. A visit to your school’s financial aid office will be highly beneficial as well as conducting some simple research on the internet to answer your questions regarding the world of student loans.
For lots of information on loans and related topics, visit The Loans Guide at http://loans.77sites.com
Source: www.articlecity.com
