Sallie Mae isn't a person. It's the nation's leading facilitator in education finance. Sallie Mae funds four out of 10 insured education loans and purchases student loans from Spokane Teachers Credit Union and other lender partners. This allows the Credit Union to generate more funds to have available for additional students and parents who need new loans.
With Sallie Mae, you can earn great discount rewards for repaying your loan on time and signing up for automatic payment:
Cash Back®. Get cash back-or a loan credit-on your original federal Stafford Loan when you make the first 33 month payments on time. Sallie Mae's Cash Back program is available for Stafford loans first disbursed from July 1, 2002, through June 30, 2005 and made through Spokane Teachers Credit Union or other Sallie Mae lender partners. (Not eligible for PLUS loans.)
Automatic debit: Sign up for automatic debit and receive a 0.25 percentage point interest-rate reduction on eligible loans. Your monthly education loan payment is automatically deducted from your checking or savings account, so there are no checks to write, no stamps to buy, and no late payments. It helps ensure that your payments are always on-time and makes it easier to qualify for the Cash Back program described above.
Great Rewards® for older Stafford loans. Stafford loans first disbursed between January 1, 1993, and June 30, 2002, continue to be eligible to receive the Great Rewards® benefit. Make your first 48 scheduled Stafford loan payments on time, and you'll get an interest rate reduction of two percentage points for the remaining term of all the eligible Stafford loans in your account. (Not eligible for PLUS loans.)
