What\’s the difference between Nellie Mae and Sallie Mae?
Oct 31st, 2008 by admin
I’m applying for private student loans (not federal stafford loans) and I’m looking into different private well-known loan companies- not banks. Which loan companies are the best to choose from, with low interest rates? Also, what is the difference between the Nellie Mae Student Signature Loan and the Sallie Mae Student Signature Loan?
Thanks for you help,
Tiffany
Both started out as non-profit loan originators - Salle Mae was a federal GSE (government sponsored enterprise).
Sallie Mae is now completely private but still has a mission to provide students loans. Sallie Mae purchased Nellie Mae in 1999.
So chances are you are actually applying to the same company.
You should try and get a federal direct student loan - those will have the best rates and best payment options once you graduate.
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Sallie Mae owns several smaller companies, Nellie Mae being one of them. Sallie Mae also owns AMS. Both Sallie Mae and Nellie Mae offer private student loans, because they are both affiliated, their interest rates and credit criteria are the same.
Sallie Mae is a loan servicer and can service Federal Stafford Loans, however I do not believe Nellie Mae does that.
If you have exhausted all of your Federal Loan elig. either and private student loan is your only options, Sallie Mae is a good choice.
You may also want to check with Chase and PNC, they offer competive private loans, however all of them are still private loans and you are going to have to pay back a ton in interest.
Good luck