Three Ways Sallie Helps Students Pay for College — Without Loans
Minimizing student loan debt to maximize borrowers’ long-term success
Statistics behind student loans are sobering. Today’s higher education financing system has left 44.7 million borrowers with nearly $1.6 trillion in student loan debt. On average, students took out about $28,800 each to pay for college in the 2018-2019 school year.
Going to college should not burden students or their families with loans they are not able to repay. Preventing these situations requires empowering borrowers with the information, resources, and tools needed to make smart financial decisions about higher education.
From a free scholarship search tool to partnerships that yield greater access to finances and know-how, Sallie® aims to help ensure students don’t pay more for higher education than necessary, and graduate from college with only the debt they can reasonably afford to repay.
Here are three ways Sallie helps students and families pay for college — without loans:
Free scholarship search tool
Before applying for loans — whether federal or private — Sallie recommends every student first explore scholarships and grants. In the 2019-2020 academic year, 58% of families used scholarships to pay for college, the second largest source of funding after student loans.
Sallie offers a scholarship search tool to help students find free money for college. The search tool opens doors to a variety of scholarships based on majors, locations, and even unique interests.
Financial planning resources
One of the most important, and less addressed, steps to prepare for college is making a plan for how to save and pay for it. We know that smart financial planning is key to students’ future success before, during, and after college. That’s why Sallie’s mission emphasizes the value of financial literacy through its services and helps students prepare responsibly.
With this in mind, Sallie offers a variety of calculators at no cost to help students and their families build their personalized college financial plan, estimate their monthly student loan payments after college, predict future college costs, understand the impact of interest on their loans, and see how much they can potentially save for the future. Importantly, these services are available to everyone — whether they have loans with Sallie Mae or not.
The Sallie Mae Fund Bridging the Dream Scholarship Program
Since 2021, in partnership with the Thurgood Marshall College Fund, we’ve awarded scholarships to more than 1,100 students, collectively totaling $4 million.
The Sallie Mae Fund Bridging the Dream Scholarship Program is part of a $4.5 million commitment made to support educational programs for those who need it most.
At the end of the day, financing higher education comes down to smart planning and careful preparation. Sallie is committed to bridging the gap for students and their families by helping them better plan and pay for college.
