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Sallie Mae |
Key Bank |
Regions Bank |
S.C. Student Loan |
SunTrust |
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802218 |
813760 |
810612 |
833128 |
820564 |
| Sell Borrower's name and addresses? |
No |
No |
No |
No |
No |
| Market credit cards or other products or services? |
Yes, it includes financial products and cellular and long distance |
Yes, it includes credit cards, checking, saving |
Yes, Consumer and Commercial Banking |
No |
Yes, consolidated loans private loans |
| Default rate |
2.7 (2005) |
3.0 (2005) |
1.0% (2005) |
1.5% (2005) |
1.9% (2005) |
| Application or origination fees |
No |
No |
Yes |
No |
Yes |
| Interest rate reductions and rebates |
Students receive loan credit of 4% for 12 payments made as scheduled 0.70% reduction rate for auto debits PLUS Loan |
1% rate reduction for on time payment .50% rate reduction for auto debit |
0.30% rate reduction for auto debit 1.00% principal credit for 12 on time payments |
.25% rate reduction for bank draft 2% rate reduction for 36 on time payments graduation benefit .50% rate reduction on consolidation with bank draft |
$300 principal reduction at graduation 1.5% principal reduction 12 on time payments |
| Repayment options |
Level, graduated, and income sensitive |
Standard |
Standard, extended Graduated and Income sensitive |
Standard, graduated, extended and consolidation |
Level, graduated, and income sensitive |
| Scholarships |
The Salle Mae Fund |
Yes |
Yes, Regions partners Regions partners with UNCF to provide scholarships |
$1000 monthly giveaway. Need based through 3rd party entities |
SunTrust Off to College Scholarship Sweepstakes |
| Guarantee Agency |
USA Funds |
TG |
USA Funds |
SC State Education Assistance Authority (administered thru SCSL) |
USA Funds |
| Sell loans or provide life of loan service? |
Life of Loan service |
General Rule is life of loan but will sell under some circumstances |
Yes, Relies on industry experts to service loans Sallie Mae |
Life of Loan service |
Current do not sell but reserves the right to do so |
| Call center hours |
8 am - 11 pm M-TH
8 am - 8 pm Fri |
8 am-11 pm M-F
for repayment |
8 am - 11 pm for borrowers
8 am - 5 pm for schools |
8 am - 5 pm Customer Service
8 am-9 pm Repayment
8 am - 7 pm Consolidation All Monday-Friday |
8:30 am - 6:30 pm M-TH
8:30 am-6:00pm F |
| Toll free number |
Yes, Students and Family 888 2 SALLIE |
Yes, Students and Family 800 539 5363 |
Yes, 800 858 7822 |
Yes, Students and Family 800 347 2752 |
Yes, 800 552 3006 |
| Online and Electronic Services |
Financial Aid Award
Bill Presentation
Payment and loan delivery
OpenNet |
FAA online for loan
processing, ELM,
Studentloan.com for
students, Media center |
Web site features articles
Info on FA and Debt Mgt |
Applications and Signatures
Repayment calculators
Informative website |
Comprehensive website dedicated to high school students. Provide electronic lender list |
| Support for Technology and online services |
In -house technical support unit |
In -house technical support unit |
In -house technical support unit |
local in state
Professional and loan counselors and technology staff |
Education Loan Specialist will assist students and parents with questions concerning loans, originations, servicing |
| Deferment and forbearance counseling |
Students can apply for forbearance on line at Manage Your Loans |
Counseling is done through web site BorrowSmart |
Counseling is done through web site Manage Your Loans.com |
Yes, local professional repayment and customer service representative |
Yes, Education Loan Specialist |
| Default prevention and collection practices |
Debt Management materials on Sallie Mae Manage your Loan website |
Work closely with schools. Education Unit calls every borrower entering repayment Student Assistance |
Manage your loans online.com. Borrower's single source for info to manage their loans |
Information exit sessions Contact prior to graduation Default prevention techniques with colleges and universities |
Debt management materials in person loan counseling |
| Tools & resources to determine best repayment solution |
Salliemae.com has all the major information regarding repayment options |
Tuition management systems |
Online calculators |
Online calculators Professional repayment counselors |
ELS is excellent resource ACS offers repayment calculator |
| Loan consolidation options |
Yes-online process and can call for assistance |
N/A |
N/A |
Yes-team of Customer Care Specialists advise |
Yes-offers a consultative approach .25% rate reduction for auto deduction |
| Debt management and default prevention counseling |
Yes-Making college Financing Count presented with monster.com Ultimate Money Skills program for college students |
Yes- extensive financial literacy campaign for students and parents BorrowSmart |
All Debt management counseling is done through Manage Your Loans.com |
Yes- fulfill mission on helping students and families, All borrowers are sent paperwork before graduation, Repayment dept. works to make repayment simple |
Yes-high quality easy readable material debt management borrower folder. Repayment Chart In- person loan counseling |
| Forgiveness programs |
None |
None |
None |
SC Teacher Loan program |
Some cases work in federal programs, military, teaching, medical , disability |
