Sallie Mae Offers Tips for Last-Minute Paying for College Success

NEWARK, Del.--(BUSINESS WIRE)--Freshman orientation is just around the corner, students are confirming class schedules and families are finalizing college finances. If summer end finds you with a financial gap, Sallie Mae offers interest-free tuition payment plans, responsible private education loans and other financial lifesavers for your educational plans—and your wallet.

“Sallie Mae recognizes the juggling act many families perform to make the investment in a college education for their children, to save simultaneously for retirement and to meet other financial goals”

“Sallie Mae recognizes the juggling act many families perform to make the investment in a college education for their children, to save simultaneously for retirement and to meet other financial goals,” said Charlie Rocha, senior vice president, Sallie Mae. “The good news is that there are a variety of resources and options available for families facing financial deadlines for college over the coming days.”

Sallie Mae, the nation’s No. 1 financial service company specializing in education, recommends families explore these last-minute tips if you need funds after tapping scholarships, grants and federal student loans:

• Use an interest-free tuition payment plan to make paying for college more manageable. Available at hundreds of college campuses, Sallie Mae administers interest-free tuition payment plans that let families spread tuition payments over a number of months instead of making a large lump-sum payment at the beginning of the semester. You can choose to pay all or a portion of your expected family contribution through a tuition payment plan. Visit www.SallieMae.com/tuitionpay for more information.
• Consider a responsible private loan with options that help you save money. Sallie Mae’s Smart Option Student Loan helps you fill the gap with interest rates among the lowest in the country, the most options and flexibility while in school to help you save money in the long run, and the most student-friendly consumer protections. With Sallie Mae, students can choose from three flexible payment plans, including plans with in-school payments designed to help you pay less interest over the life of the loan.
• Safeguard your tuition investment. Sallie Mae offers a new tuition insurance program to help you protect your family’s investment in college, in partnership with Next Generation Insurance Group. Available to any student attending any accredited school, the service reimburses 100 percent of the lost cost of attendance up to the selected policy limit when an illness, injury or mental health condition causes a student to leave school. In addition, Sallie Mae also offers at no cost to the student a tuition insurance benefit that provides up to $5,000 of annual coverage for withdrawals due to covered medical and mental health conditions on loans that first disburse between July 1 and Oct. 31, 2011.
• Earn extra money for college with Upromise by Sallie Mae. Upromise members can earn cash back for college every time they make an eligible purchase from hundreds of participating retailers or use their Upromise credit card. Upromise members have earned $625 million in member rewards since 2001. Rewards accumulate in a member’s Upromise account and can be used to pay down eligible student loans faster, deposit in an eligible 529 college savings plan, or transfer to a Sallie Mae high-yield savings account, or you can request a check. Visit www.Upromise.com for more information.
• Textbook ways to save money. Students can save hundreds of dollars a year on textbooks by buying used books or renting books online. In fact, Upromise members can earn 3 to 4 percent back in rewards through participating retailers such as Chegg.com and Textbooks.com and an extra reward from Barnes & Noble.com of 6 percent from Aug. 11 to 31. Tech savvy students can lighten their backpacks with ereaders from Barnes & Noble.com and ebooks at Textbooks.com. To find these extra college savings, start shopping on Upromise.com.

Sallie Mae reminds families that there is no one way to pay for college and the formula doesn’t have to be the same each year. In most families, the investment in college is a responsibility shared by both parents and students who tap their own savings and income, scholarships and grants, assistance from friends and family, and student loans.

Before the days of summer come to an end, Sallie Mae invites incoming college students to enter the Smart Summer Sweepstakes for a chance to win $10,000 for college, gift cards and concert tickets. Visit Sallie Mae’s Facebook page at Facebook.com/SallieMae to enter the contest or to post your last-minute paying for college tip or questions.

Note: To view the Official Rules and to enter the Sallie Mae Smart Summer Sweepstakes, visit www.facebook.com/SallieMae. No purchase necessary. Void where prohibited by law.

Sallie Mae (NYSE: SLM) is the nation’s No. 1 saving, planning and paying for college company. Serving 23 million customers, Sallie Mae offers innovative savings tools, tuition payment plans and education loans that promote responsible financial habits and reward success. Through its subsidiaries, the company manages or services $234 billion in education loans and administers $38 billion in 529 college savings plans. Members of its Upromise college savings rewards program have earned $625 million to help pay for college. Sallie Mae is also one of the leading financial service providers for universities and governments at all levels, including supporting $8 billion in ecommerce transactions annually at nearly 1,000 campuses. More information is available at www.SallieMae.com. SLM Corporation and its subsidiaries, commonly known as Sallie Mae, are not sponsored by or agencies of the United States of America.