Latest news with #SallieMae
Forbes
8 hours ago
- Business
- Forbes
Private Student Loan Rates: June 10, 2025 - Loan Rates Start To Increase
Rates on 10-year fixed-rate private student loans moved up last week. If you're interested in picking up a private student loan, you can still get a relatively low rate. Featured Partner Offers College Ave 4.24% to 17.99%¹ 3.24% to 17.99%¹ College Ave Via College Ave's Website Sallie Mae 4.37% to 15.99% 3.45% to 16.49% Sallie Mae Via Sallie Mae's Website Ascent 4.70% to 15.26%* 3.39% to 15.86%* Ascent Via Ascent's Website The average fixed interest rate on a 10-year private student loan was 7.31% from June 2 to June 7. That's for borrowers with a credit score of 720 or higher who prequalified on student loan marketplace. The average interest rate on a five-year variable-rate loan was 10.00% among the same population, according to These rates are accurate as of the week of June 2, 2025. Related: Best Private Student Loans The average fixed rate on 10-year loans last week jumped by 0.50 percentage point to 7.31%. The week prior, the average stood at 6.81%. Borrowers currently in the market for a private student loan will receive a lower rate than they would have at this time last year. At this time last year, the average fixed rate on a 10-year loan was 7.66%, 0.35 percentage point higher than today's rate. A borrower who finances $20,000 in private student loans at today's average fixed rate would pay around $235 per month and approximately $8,251 in total interest over 10 years, according to Forbes Advisor's student loan calculator. Average variable rates on five-year loans moved up last week, from 8.63% on average to 10.00%. In contrast to fixed rates, variable interest rates fluctuate over the course of a loan term. Variable rates may start lower than fixed rates, especially during periods when rates are low overall, but they can rise over time. Private lenders often offer borrowers the option to choose between fixed and variable interest rates. Fixed rates may be the safer bet for the average student, but if your income is stable and you plan to pay off your loan quickly, it could be beneficial to choose a variable loan. If you were to finance a $20,000 five-year loan at a variable interest rate of 10.00%, you'd pay approximately $425 on average per month. In total interest over the life of the loan, you'd pay around $5,496. Of course, since the interest rate is variable, it could fluctuate up or down from month to month. If you reach the annual borrowing limits for federal student loans or if you're otherwise ineligible for them, private student loans may be a good choice. But consider a federal student loan as your first option since the interest rates are typically lower. You'll also receive more liberal repayment and forgiveness options with federal student loans. When shopping for a private student loan, you'll generally need to apply directly through a non-federal lender. This includes banks, credit unions, nonprofit organizations, state agencies, colleges and online entities. It's important to note that you'll need a qualified co-signer if you have limited credit history, as undergraduates often do. Here's what to consider when applying for a private student loan: When looking for the best private student loan option, take a close look at the overall cost of the loan, including the interest rate and fees. It's also important to consider the type of help the lender offers if you can't afford your payments. Remember, those with good or excellent credit typically get the best rates. Experts generally recommend that you borrow no more than what you'll earn in your first year out of college. While some lenders cap the amount of money you can borrow each year, others don't. When comparing loans, figure out how the loan will be disbursed and what costs it covers. If you need to borrow for school, federal student loans are generally the best option. This is because federal loans offer various borrower protections, such as access to income-driven repayment plans and student loan forgiveness programs. Additionally, most federal loans don't require a credit check or co-signer. The rate you receive depends on whether you're getting a fixed or variable loan. Rates, in part, are based on your credit profile. Those with higher credit scores often get the lowest rates. But your rate is based on other factors as well. Income and even the degree you're working on and your career can play a part. It's generally a good idea to max out your eligibility for federal financial aid before borrowing private student loans, but private loans have some benefits. For one thing, they don't have the same annual borrowing limits as federal loans. Many lenders let you borrow up to your cost of attendance minus any other financial aid you've already received. Plus, you can usually apply throughout the year with a fast, easy online application. For instance, you can apply for a private loan if you need funds halfway through the semester. Some lenders can fund your loan in a week or two, though others take longer. Private lenders can also offer competitive interest rates, especially to borrowers with excellent credit. Some private loans don't have any fees, so you don't have to worry about origination fees, administrative fees or even late fees in some cases. You also may not have to make payments on your private student loan while you're in school or for six to nine months after you graduate, depending on the lender. Some lenders offer additional perks to borrowers, such as forbearance and deferment, the option to skip a payment or career counseling services. Some private lenders offer loans to international students. International students are not eligible for federal student loans from the U.S. Department of Education, so a private student loan can provide the funds they need for college or graduate school in the U.S.
Business Wire
7 days ago
- Business
- Business Wire
Sallie Mae CFO to Speak at Morgan Stanley U.S. Financials Conference
NEWARK, Del.--(BUSINESS WIRE)--Sallie Mae® (Nasdaq: SLM), formally SLM Corporation, today announced Chief Financial Officer Pete Graham will speak at the Morgan Stanley U.S. Financials Conference on Tuesday, June 10, at 9:45 a.m. ET. A live audio webcast and replay will be available at Sallie Mae (Nasdaq: SLM) believes education and life-long learning, in all forms, help people achieve great things. As the leader in private student lending, we provide financing and know-how to support access to college and offer products and resources to help customers make new goals and experiences, beyond college, happen. Learn more at Commonly known as Sallie Mae, SLM Corporation and its subsidiaries are not sponsored by or agencies of the United States of America. Category: Corporate and Financial
Business Wire
03-06-2025
- Business
- Business Wire
Sallie Mae Now Accepting Applications for Its Completing the Dream Scholarship Program
NEWARK, Del.--(BUSINESS WIRE)-- Sallie Mae is again partnering with Thurgood Marshall College Fund to offer scholarships to students who encounter unexpected costs that can be obstacles to college completion. The company, through The Sallie Mae Fund, will award 170 Completing the Dream Scholarships worth up to $425,000 to help students complete their higher education. Applications will remain open until all funds are awarded or until December 1, 2025. The Completing the Dream Scholarship Program offers up to $2,500 to eligible students on track to complete their program during the academic year 2025-2026 at a two- or four-year college, career training, or other post-secondary education program. Since 2021, the program has awarded nearly 1,000 scholarships totaling $2.5 million, helping students navigate unplanned expenses and complete their higher education. 'The Completing the Dream Scholarship was a crucial resource that helped me overcome the final financial hurdles on my journey,' said Savanah Johnson, one of last year's Completing the Dream Scholarship recipients and a recent Bennett College graduate. 'With my degree in hand, I am excited to use what I have learned to give back and make a positive impact in the lives of others.' Research confirms nearly half (48%) of students who did not complete their program of study indicated financial challenges played a role in their decision to leave school. Often, it's a small debt or expense that can stand in the way of a student graduating. 'For many students, the final stretch of college can be the hardest — not because of academics, but because of finances,' said Dr. Harry L. Williams, president and chief executive officer, Thurgood Marshall College Fund. 'The Completing the Dream Scholarship provides that last boost of support to help students reach the milestone of graduation. We're honored to continue this work with The Sallie Mae Fund and invest in the success of the next generation.' 'The great promise of higher education comes from earning a degree, yet nearly four in 10 students don't complete college within six years. That's not just a statistic — it's a wake-up call,' said Nic Jafarieh, executive vice president, Sallie Mae. 'Programs like our Completing the Dream Scholarship help remove barriers so students stay enrolled, stay focused, and get to graduation.' In addition to the Completing the Dream Scholarship, Sallie Mae also offers scholarships to help students access and continue higher education. The company also connects students to scholarships through its free resource Scholly Scholarships. Learn more and apply today at Sallie Mae (Nasdaq: SLM) believes education and life-long learning, in all forms, help people achieve great things. As the leader in private student lending, we provide financing and know-how to support access to college and offer products and resources to help customers make new goals and experiences, beyond college, happen. Learn more at Commonly known as Sallie Mae, SLM Corporation and its subsidiaries are not sponsored by or agencies of the United States of America. No purchase necessary. Void where prohibited. Ends 12/1/2025 or when all scholarship funds are awarded, whichever occurs first. For official Completing the Dream Scholarship Rules for the academic year 2025-2026, visit: Completing the Dream Rules
Newsweek
23-05-2025
- Business
- Newsweek
Gen Z Men Who Live at Home Feel Less Ready to Move Out Than Women
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. While many Gen Z-ers are opting to continue living at home as the price of rent and homes skyrocket, the way men and women view their living situations appears remarkably different, according to a new Sallie Mae report. While 47 percent of young adults who graduated college within the past five years are living with parents or relatives, men were far more likely to say they were "not ready to move out" compared to women. While 45 percent of male graduates who live at home said they weren't ready, only 28 percent of female graduates said the same in the survey of more than 1,000 recent graduates. Why It Matters Women are far outpacing men when it comes to higher education. The Pew Research Center discovered a large drop in male Hispanic high school graduates turning away from four-year colleges. While 42 percent were in attendance in 2011, the number fell to 33 percent in 2022. White males had a substantial drop, as well. While 49 percent attended college in 2011, the number moved to 40 percent in 2022. The gap was significant for white high school graduates, as female white graduates were the most likely to enroll in college, at 50 percent. The inclination to not feel "ready" to move out of their family's home may signify larger shifts happening as it concerns gender dynamics amongst young people. Students look on a wait for the start of the Commencement Ceremony at Columbia University in New York on May 21, 2025. Students look on a wait for the start of the Commencement Ceremony at Columbia University in New York on May 21, 2025. CHARLY TRIBALLEAU/POOL/AFP via Getty Image What To Know Across the board, a significant portion, 47 percent, of young adults who graduated college within the past five years are still living with parents or relatives. However, their reasons for staying at home may vary significantly for men and women. While rent costs can take up a hefty chunk of a college graduate's first salary, not all of those staying at home are doing it solely to avoid higher costs of living. While 45 percent of men who stayed living at home said they didn't feel "ready," only 28 percent of female graduates said the same. They were more likely to say they were staying with family to save money or that they like living with their family. Altogether, 66 percent said they are staying at home to save money, and 33 percent said they liked living with their family. HR consultant Bryan Driscoll said the gap reflects the differing ways Gen Z men and women were raised. "Gen Z women have been raised in a society that undervalues them so they've had to be over-prepared just to be seen as competent," Driscoll told Newsweek. "Men on the other hand, haven't faced the same pressure. Ever. The result is a generation of young women who are scrappy and self-reliant, and a cohort of young men who've been told they have time. But they don't." What People Are Saying HR consultant Bryan Driscoll told Newsweek: "The gender gap here isn't just about rent money. It's about responsibility, expectations, and how we've coddled young men while demanding resilience from young women." Alex Beene, a financial literacy instructor for the University of Tennessee at Martin, told Newsweek: "We've seen a growing trend in recent years of young men wanting to live at home with family members for longer periods of time. Some of this is financial, as job opportunities in their area may not have pay adequate enough to be able to live on their own. The other component - which has been highly discussed - is the social aspect. Whereas some Gen Z women are ready to get their adult lives on track, some of their male counterparts may be fine having more years to develop before leaving the nest, and those years can form new habits others may or may not gravitate to." What Happens Next Driscoll said there could be far reaching impacts for outdated gender norms and the greater gap that exists between men and women today. "Parents often expect daughters to help with chores and caregiving, while sons get a pass. It's no surprise who feels more ready to take on adult life," Driscoll said. "If we don't shift these dynamics, we'll keep seeing delayed independence, stalled careers, and a generation of men emotionally and professionally outpaced by their female peers. The gender gap isn't closing. Women are sprinting forward while too many young men are still tying their shoes."
Associated Press
20-05-2025
- Business
- Associated Press
Flight Schedule Pro Announces Partnership with Sallie Mae® to Redefine Student Financing for Flight Training
Trusted Lending Meets Trusted Data—Bringing Higher Ed Rigor to Aviation Education KANSAS CITY, Mo., May 20, 2025 /PRNewswire/ -- Flight Schedule Pro, the aviation industry's most widely used platform for training operations, has partnered with Sallie Mae® to offer students responsible financing options as they track their training milestones on their path to becoming pilots. This exclusive partnership offers approved schools in all 50 states a trusted private student lending option for qualified students. In addition to using Flight Schedule Pro for scheduling, training, and billing, students will be able to track their Sallie Mae® private student loan disbursements throughout their program, providing a fully integrated student experience—from loan to logbook. The partnership also enhances analytics for flight schools and instructors, improving coaching, graduation rates, and operations. 'Flight schools are the backbone of our industry, and their work is nothing short of heroic,' said Nick Wegner, CEO of Flight Schedule Pro. 'As pilots ourselves, we know what it takes to chase the dream of flight—and we build every solution with that journey in mind. By partnering with Sallie Mae, a trusted and well-capitalized lender, we ensure students have the opportunity to reach their first destination: the left seat of a professional cockpit.' For decades, aspiring pilots have faced financial hurdles, with little transparency or predictability in how funds were used. Now, Flight Schedule Pro and Sallie Mae® are partnering to deliver a new model—one that mirrors the standards and structure of modern higher education. 'This collaboration brings responsible, career-focused lending and new levels of transparency to flight training at a critical moment for the industry,' said Patrick Freeman, senior vice president and general manager of private student lending and deposits at Sallie Mae. 'We're proud to play a role in helping aspiring aviators access the tools they need to stay on track and complete their programs with confidence.' Running a flight school today means juggling far more than aircraft and airspace—it's about maximizing fleet utilization, ensuring CFI performance, increasing student throughput, and delivering on career outcomes. Yet without a consistent benchmark for training success, schools have lacked the data to grow efficiently. Flight Schedule Pro is changing that. By working hand-in-hand with our flight school partners, we're creating a new performance framework for aviation training—one that helps schools track outcomes, optimize resources, and build sustainable, student-first operations. Together, we are setting a new standard in aviation training and financing -- mirroring the accessibility and structure of traditional higher education. 'This is a milestone moment,' said Nick Wegner, CEO of Flight Schedule Pro. 'Student pilots deserve more than a loan—they deserve a flight plan for their career. By embedding loan tracking into the heart of the training journey, we're not only making it easier to access flight training, we're creating accountability for both students and schools.' Flight Schedule Pro is the only platform that tracks student progress at scale, and with the trust of the nation's top flight schools. In Q1 2025 alone, over 70 new schools joined the platform. The integration and student progress dashboards were built and tested in collaboration with the needs of Part 141 flight schools. Flight schools already using the new integration are seeing the impact firsthand—both operationally and financially: 'We used to spend hours every month chasing down student loan details across multiple portals. Now, having everything in one place—with a clear view of each student's financial standing—not only saves time but gives us confidence in the accuracy of our data. This is a transformative improvement to our accounting process.' — Keara Neifach, Director of Operations, ATD Flight Systems 'This is the first solution that truly connects the dots between student training and financing. It's a whole new level of visibility and control.' — Robert Ferree, CEO, High Flight Academy The program's staged rollout is already underway, with early adopters beginning implementation. Interested flight schools ready to transform how they support career-focused students are encouraged to complete this form to express interest and secure a spot in the rollout. About Flight Schedule Pro Flight Schedule Pro is the leading platform for flight training operations, trusted by more than 1,400 flight schools and academies around the world—including institutions that train pilots for major airlines like United, American, Delta, and British Airways. The platform supports over 60,000 student pilots and 16,000 instructors annually, helping them manage scheduling, progress tracking, and operations across 12,000+ aircraft. Now part of the Flight Schedule Pro ecosystem, LogTen Pilot Logbook is the most downloaded and awarded digital logbook in aviation, with more than 300,000 pilots relying on it to manage their careers. Flight Schedule Pro is the most complete, scalable, and trusted ecosystem in aviation education. Learn more at Flight Schedule Pro is a technology company, not a lender. Loans are provided by partner banks and licensed lenders. Media Contact: Bryan Landaburu, Chief Marketing Officer, Flight Schedule Pro [email protected] View original content to download multimedia: SOURCE Flight Schedule Pro
