NEWARK, Del. Nov. 9, 2012-As the country honors its military this Veterans Day, Sallie Mae, the nation's No. 1 financial services company specializing in education, offers appreciation and student loan assistance to those who serve or have served in the armed forces.
"These brave men and women perform an extraordinary service for our great nation," said Mike Maier, senior vice president, Sallie Mae, and U.S. Navy veteran. "I served multiple deployments as a member of the U.S. Navy. Today I run loan servicing for Sallie Mae. I understand firsthand the special burdens that members of the military may encounter trying to meet financial obligations while serving our country. We salute their service and are committed to ensuring they succeed."
Servicemembers may be far from home, incurring extra expenses due to deployment, or have infrequent access to a computer or phone. To help, Sallie Mae offers these reminders about the options that may be available to assist active duty servicemembers managing their student loan repayment.
If you enter military service and have an existing federal or private education loan, the Servicemember Civil Relief Act may qualify you for a reduction in your interest rate to 6 percent during qualifying military service. In addition, you may be eligible for an additional interest rate reduction if you schedule payments through automatic deduction.
You may request to postpone payments on your federal loans while serving on active duty during a war or other military operation, and for an additional 180 days following the completion of your military service.
You may also be able to postpone payments on non-federal, private education loans. For example, Sallie Mae offers active duty military personnel the option to defer payments during periods of eligible military duty.
Sallie Mae reminds customers that postponing payments on either federal or private loans may provide temporary relief, but may increase the amount paid over the life of the loan. Student loan customers are encouraged to consider any extra costs as they decide whether to delay payments.
To learn more about student loan repayment benefits, servicemembers should contact their loan servicer or visit ed.gov for more information. Sallie Mae's experienced customer care specialists are trained to assist military families and with the options available to them.
Sallie Mae (NASDAQ: SLM) is the nation's No. 1 financial services company specializing in education. Whether college is a long way off or just around the corner, Sallie Mae turns education dreams into reality for its 25 million customers. With products and services that include 529 college savings plans, Upromise rewards, scholarship search tools, education loans, insurance, and online banking, Sallie Mae offers solutions that help families save, plan, and pay for college. Sallie Mae also provides financial services to hundreds of college campuses as well as to federal and state governments. Learn more at SallieMae.com. Commonly known as Sallie Mae, SLM Corporation and its subsidiaries are not sponsored by or agencies of the United States of America.