Nellie Mae is a subsidiary of the widely known SLM Corporation, also known as Sallie Mae. Started in 1982, this agency has provided millions of students funding for their college education, both undergraduate and graduate, since inception. They find both federal loans as well as private loans to ensure the student has the best possible choices in funding. Not only does Nellie Mae find the best funding sources to enable students to get a wonderful college education but they also have many helpful tools and will provide advice and feedback during the course of the loan. There are also cash back incentives to assist students in paying off their loans in a timely manner. This gives the student a great incentive and allows them to continue having a good credit store as well as having a bit of cash back for simply taking care of their responsibilities in paying back Nellie Mae student loans.
Nellie Mae has a quick turnaround time for private loan applications. It only takes between three to five business days to get a response back regarding available lenders for your loan. This means that you will be able to get an answer quickly and start making plans instead of waiting around wondering when you will have an answer. This is especially important if there is a declination so you can make other arrangements. Nellie Mae student loans have regular disbursements for loans to colleges. The funding will go directly to the college so that there will not be a need for additional paperwork and red tape in having to pay the school. This also helps reduce the amount of fraud that can be found that increases the tuition costs in schools.
There are three basic categories for borrowers of Nellie Mae student loans. Undergraduate students are people who are just entering or returning to college in order to pursue a bachelor’s degree. Graduate students are people who have earned a bachelor’s degree and who are returning to college in order to get an advanced degree such as a Master’s or Doctorate. Parents are also able to get a loan for the student. Within each category there is a loan that is designed for the type of funding needed. Federal loans provide money for tuition but they are often not enough to cover the complete costs of the schooling. Therefore, private loans can also be utilized to subsidize the federal loans.