Is the Sallie Mae scholarship legit?

In conclusion, the Sallie Mae scholarship is a legitimate and reputable source of financial aid for students looking to pursue higher education.

What is Sallie Mae scholarship?

How does the Sallie Mae Scholarship work? Our scholarship programs help students from historically underserved communities reach their higher education goals. We offer scholarships for high school students, current college students, and graduate students.

Do you have to pay back Sallie Mae scholarships?

Start your search for free with Sallie Mae® Scholarship Search. Why apply for scholarships? The answer to that question is simple! You don't need to pay back the funds you receive from college scholarships.

How do I know if a scholarship is legitimate?

Guarantees: If there is any guarantee of winning a scholarship, it is a scam. Unsolicited offers: If you did not request information from a provider giving you an offer via phone, email, or mail, be very careful. Scholarships are often awarded through an application process — they aren't given out randomly.

Is Sallie Mae trustable?

Is Sallie Mae trustworthy for loans? Sallie Mae earned an A+ from the Better Business Bureau, and the company has been offering student loans since the mid-20th century. It has FDIC insurance for the other financial products it offers customers including credit cards, personal loans and savings accounts.

Scholarship Search by Sallie Mae

What is the Sallie Mae controversy?

A False Claims suit was filed against Sallie Mae by former U.S. Department of Education researcher, Dr. Oberg, in 2009. The suit alleges that Sallie Mae and other lenders deliberately overcharged the U.S. government. The findings by Oberg were labeled among higher education policy analysts as the 9.5 scandal.

Can Sallie Mae hurt your credit score?

Typically, prequalifying for a student loan includes a soft credit check, which does not affect your credit score. Thus, if you apply for a loan with Sallie Mae, a hard credit check will be done, which could temporarily hurt your credit score.

Why did I get a scholarship I didn't apply for?

If someone says you've won a prize and you don't remember entering the contest or submitting an application, be suspicious. In a common variation the sponsor sends the student a check for the scholarship but requires the recipient to send back a check for the taxes or some other fees.

Do scholarships ask for Social Security number?

Scholarship applications may ask for a lot of information depending on the type of award, but typically scholarship applications will not request your Social Security number (SSN).

Is it safe to apply for scholarships online?

Many scholarships are available online, but not all are legitimate, experts warn. Students should look out for red flags in a scholarship application, including requests for payment, personal information such as a Social Security number, or guaranteed money.

Does fafsa use Sallie Mae?

Sallie Mae stopped offering federal loans when the FFEL Program ended in 2010, but continued to service federal loans though 2014. Since then, Sallie Mae no longer services federal loans and provides only private student loans. » MORE: Types of student loans: Which is best for you? Most student loans are federal.

What credit score do you need for Sallie Mae?

The average credit score for approved Sallie Mae borrowers is around 748 for undergraduate student loans. That's pretty high – but don't panic if your credit score is much lower than that. You'll need a minimum credit score (or have a cosigner with a minimum credit score) that is somewhere in the mid-600s.

How does Sallie Mae give you money?

After you've signed your loan

Your school will certify your loan (verify that you're attending the school and the money you are borrowing doesn't exceed the cost of attendance). Once all requirements are met, the lender will disburse (send) the funds directly to your school.

How many people apply to Sallie Mae scholarship?

This year's 27 deserving high school students were awarded up to $10,000 each to access higher education. The diverse and impressive Bridging the Dream scholarship recipients were selected from more than 1,100 applicants nationwide and a majority are attending Historically Black Colleges and Universities.

Is Sallie Mae a scholarship or loan?

In 2021, The Sallie Mae Fund, our charitable foundation, launched scholarship programs to further promote diversity in higher education for under-resourced and underrepresented students and those from historically underserved communities.

How much money does Sallie Mae give?

Sallie Mae does not have a maximum amount that you can borrow. Sallie Mae permits students to borrow up to the full cost of attending a qualified school, minus any financial aid they may have received.

What not to say in a scholarship application?

Don't tell the reader explicitly, “I am a unique and interesting person.” Instead, let the reader glean this from your unique and interesting essay. Don't be a dummy by dabbling in dumb alliterations. Don't use technical, scientific or obscure “SAT-style” words.

What should scholarships not ask for?

Gathering Very Personal Information

During the application process, scholarship providers should not be asking for private information, like your bank account, credit card info, or social security number. Applications will very likely ask for your contact info, like your email address or phone number.

Should you ever pay for scholarship information?

[ ] Talk with a guidance counselor (if you're in high school) or the financial aid office (if you're in college) about your financial aid and scholarship options. [ ] Never pay at a seminar on how to get financial aid or scholarships. Especially if they pressure you to pay. That's probably a scam.

How rare is it to get a scholarship?

Over 1.7 million scholarships are awarded annually; however, only 7% of college students will receive a scholarship.

What happens if you accept a scholarship and then decline?

They may give it to another student or put it back in the general fund. Third party scholarships will transfer with you to another university. If you don't attend college anywhere, they get the money back from school #1. Again, they can award it to another candidate or keep it for the following year's scholarship.

What happens if you get more scholarships than you need?

If the awards were handed to your college and can be used for more than your tuition and fees, your school may be able to return the extra money to you. You will have to contact your financial aid office and the scholarship provider to see how this will be handled.

What are the disadvantages of Sallie Mae?

Cons Explained

No refinancing option available: Certain lenders offer student loan refinancing, but Sallie Mae does not. Limited repayment terms: Sallie Mae only offers repayment terms of 120 to 180 months.

Which is better College Ave or Sallie Mae?

College Ave offers more flexible payment options than Sallie Mae, allowing you to check your rate without affecting your credit score. Sallie Mae offers a faster co-signer release period and more resources, such as a scholarship search tool and free quarterly FICO scores.

How long does Sallie Mae take to approve?

When you (and your cosigner, if you have one) pass the credit review, you'll be notified that you're approved. It can take as few as 15 minutes to find out whether you've met their credit requirements. If the lender needs more information, the approval can take a few business days.