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Student Loan SOS

Posted by Lori on February 11, 2010

Spring is the time of year when college bound students should be seeking ways to fund their education. Nearly all colleges, universities, and technical schools require students to complete a FAFSA form before being admitted to a program of study. The FAFSA (Free Application for Federal Student Aid), is used to verify financial information with regard to the student to determine if he or she is eligible for grants, which do not need to be repaid, or loans which are repaid after graduation.

Many times, you will hear the name Sallie Mae uttered while you are standing in line in the Financial Aid Office awaiting information on your FAFSA. Just who is the elusive Sallie Mae, and what does she have to do with your college education? To answer this question, I consulted the online brain trust, wikipedia and discovered the following information:

SLM Corporation (NYSE: SLM), commonly known as Sallie Mae, is a publicly-traded U.S.[1] corporation whose operations are originating, servicing and collecting on student loans. Managing more than $180.4 billion in debt for more than 10 million borrowers, the company primarily provides federally guaranteed student loans originated under the Federal Family Education Loan Program (FFELP).[2] Sallie Mae employs 8,000 individuals at offices nationwide.

Whether you will need a loan from Sallie Mae or not, you should check out their website, http://www.salliemae.com/FAFSA. There are short videos to help you complete your form, as well as a handy tip sheet that you can download. You can also chat with a FAFSA advisor on Thursday, February 11 from 8:00pm – 9:00pm cst. The information is free, as is the completion of the FAFSA form.

There are many companies who claim they will complete the form for you and charge you a pretty penny for the service. Will a little patience, a diet Coke, and last year’s tax return, you can complete the process in the privacy of your own home at not cost.

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