Sallie Mae Terms And Conditions

Primary Terms and Conditions of the Sallie Mae Tuition Loan

Sallie Mae (SLM Financial) has made it easy to apply for your tuition loan, directly through the Entertainment Connection, and receive a quick decisions about your loan application.  The primary terms and conditions of the program are explained
below.

• Loan limits - The minimum loan amount is $1,000. You may borrow up to the total cost of the education, less any other financial aid you have received, for tuition and education-related expenses such as books, fees, a computer, and living expenses. Up to 60% of the tuition amount is allowable for these education-related expenses, not to exceed $6,000. A portion of the tuition must be financed to be eligible to apply for expenses. 
• Interest rates and fees - Interest rates are variable (monthly) and are based on the Prime Rate plus a spread. Your interest rate spread is determined by your and your co-borrower's (if you use a co-borrower) credit history. The interest rates start at Prime +0% with fees as low as 0% for borrowers with excellent credit.
  
• Repayment term - Repayment begins 30 days after disbursement. With the 15-year repayment option, you can keep your monthly payments low and affordable. You can also prepay your loan, either in part or in full, at any time to lower your total loan cost, with no prepayment penalty. Minimum monthly payment is $30.
• Deferment option available - Balancing work and education while you are in school can be difficult. For this reason, a 36-month deferment repayment option is available for qualified borrowers. During the deferment period, you will be required to pay only $10 per month. This $10 payment will be applied toward the interest that accrues on your account during the deferment period. Unpaid interest will be added to your loan amount (capitalized) at the end of the deferment period. You will then pay interest on this higher amount. The deferment option lets you focus on your studies rather than your loan payment while you are attending school. And afterwards, you may still have up to 15 years to repay.
  

Requirements to qualify for an Sallie Mae Tuition Loan

You may be eligible for the loan based on your own credit if you meet all of the following criteria:

• You are a U.S. citizen or a permanent resident.
• You are at least 18 years of age.
• You have a good credit history, which includes at least 12 months of borrowing, charging and repaying. At least 4 years of substantial credit history is preferable which includes, but is not limited to a mortgage payment, an automobile loan and high-balance credit card payments.
• You have no prior student loan defaults.
  

Do I need a Co-Borrower?

If the answer to any of the following questions is YES, you should consider applying with a creditworthy  co-borrower (co-signer).

• Are you currently unemployed?
• Do you have a limited or no credit history?
• Do you have a poor credit history (i.e. several delinquencies on open lines of credit or accounts that have been placed in collection)?
• Do you have a high debt-to-income ratio?
• Have you filed for bankruptcy?
  

Note: These are not the only factors to consider when determining whether or not to apply with a co-borrower, and this is not the only criterion used in determining the approval of a Sallie Mae Tuition Loan.  Get the advantage…Here’s why we recommend that you apply for the Sallie Mae Tuition Loan with a qualified Co-Borrower:

• Lower interest rate and loan fee. You may receive a lower interest rate and loan fee if the co-borrower has a significantly better credit rating than yourself. This would result in lower monthly payments and less accrual of interest over the term of the loan.
• Loan approval. Adding a creditworthy co-borrower may not only assist with a loan approval, but it may also allow the applicant to begin establishing a solid credit history.
• Co-Borrower Release. You may request a co-borrower release after making 24 consecutive, on-time monthly payments of principal and interest.* When SLM Financial receives the application for release of your co-borrower, your creditworthiness will be re-reviewed as in the initial application process. If approved, the co-borrower will be removed from the loan. You may request a co-borrower removal application form by calling Entertainment Connection at 1.800.755.7597 or Sallie Mae at 1.888.2.SALLIE.
• Interest only or $10 deferred payments do not count towards the 24 consecutive, on-time monthly payments of principal and interest.
  

How do I apply?

Applying for a Sallie Mae Tuition Loan is quick and easy! To get started, follow the steps below:

1. Go to the Radio Connection Application Form and fill it out.
2. Check the box that you've read the financial terms and click on the Sallie Mae financing option.
3. Wait for us to contact you, usually within 48 hours at which time we'll go over your financial requirements and fill out your Sallie Mae Loan application with you.
4. Allow 2 to 3 days for processing.
5. Entertainment Connection will notify you whether or not you are approved. You will also receive a written notification from Sallie Mae via U.S. Mail.
   

Still have questions about the Sallie Mae Tuition Loan?

For questions about how to apply, call the Entertainment Connection at 1.800.755.7597 and ask for a Sallie Mae Financial Aid Counseler. For more information about the terms and conditions of the loan, contact SLM Financial at 888-2-SALLIE (888-272-5543). When you speak with the customer service representative, please be sure to mention the SLM Financial Career Training Loan to get the information you need.

What do I do if I don't qualify for a Sallie Mae Loan?

• You may need a co-signer to qualify.  This could be a parent, a spouse, a brother, or a friend.
• If you can't get a co-signer, or if your co-signer's credit doesn't qualify you for a Sallie Mae loan, Entertainment Connection offers several other financial aid packages designed to fit your budget.  Please call the Entertainment Connection at 1.800.755.7597 so we may assist you.  Office hours are Monday-Friday from 9:00AM to 5:00PM Pacific Standard Time.