To better inform customers and help them make responsible financial
decisions, Sallie Mae today announced it will offer student borrowers
free access to their FICO® Scores. Sallie Mae Smart Option
student loan borrowers with loans disbursed in the 2014-15
academic year are eligible and will automatically receive their scores
quarterly. The company is the first national private education lender to
provide this benefit as part of FICO®
Score Open Access.
"By providing our student borrowers with their FICO Scores, we're
empowering them to take greater control of their financial wellness,"
says Charlie Rocha, senior vice president, Sallie Mae. "This is the
latest in a series of new tools we're providing our customers to enhance
their financial knowledge and empower them to make educated financial
The FICO® Score is the most commonly used credit score in the
United States. Over 90 percent of lending decisions - for everything
from a private student loan, to buying a home or car, and opening a
credit card - rely on the FICO® Score. The FICO®
Score helps lenders assess a person's creditworthiness objectively and
Eligible Sallie Mae private student loan customers will receive:
"We applaud Sallie Mae for its commitment to helping young people become
better captains of their financial ship," said Jim Wehmann, executive
vice president, Scores at FICO. "It's critical that everyone understands
how FICO Scores work and how to demonstrate responsible credit behavior,
so they can enjoy all the benefits of having good credit. Just as
students learn good study habits early on to be successful, learning
good financial habits at this early stage will benefit them for the rest
of their lives."
For the upcoming 2014-15 academic year, Sallie Mae will continue to
offer the sam highly competitive fixed and variable interest rates,
flexible repayment options, and no origination fees or prepayment
penalty on its Smart Option Student Loans. New college graduates who
maintain their Sallie Mae loan(s) in good standing after graduation may
request a one-year interest-only payment period, after a six-month grace
period, to help with the transition to full principal and interest
payments without extending the length of repayment.
Sallie Mae's Smart Option Student Loan also includes benefits of on-time
payment rewards and tuition insurance. Customers taking advantage of the Smart
Reward benefit may earn 2 percent of their scheduled monthly
payments that are made on time while in school with the Interest or
Fixed Repayment Options and have earned more than $5 million cash back
into their Upromise by Sallie Mae accounts. Additionally, built-in
tuition insurance covers up to $5,000 of tuition, room, board and other
fees not refunded by the school if the student is forced to withdraw for
eligible medical reasons.
Sallie Mae recently launched Plan for College, a new online college
planning resource at SallieMae.com/planforcollege.
Plan for College includes interactive tools, calculators and content to
help families map out a plan to save and pay for higher education,
including the new College
Planning Calculator that creates a financial plan for college and
the Sallie Mae Scholarship Search that features more than 3 million
scholarships offering up to $18 billion in free money.
For more information on the new FICO® Score benefit offered
by Sallie Mae, please visit SallieMae.com/FICO.
Sallie Mae (NASDAQ: SLM) is the nation's No. 1 financial services
company specializing in education. Whether college is a long way off or
just around the corner, Sallie Mae turns education dreams into reality
for American families. With products and services that include Upromise
rewards, scholarship search and planning tools, private education loans,
insurance, and online banking, Sallie Mae offers solutions that help
families save, plan, and pay for college. Learn more at SallieMae.com.
Commonly known as Sallie Mae, SLM Corporation and its subsidiaries are
not sponsored by or agencies of the United States of America.
FICO (NYSE: FICO) is a leading analytics software company, helping
businesses in 90+ countries make better decisions that drive higher
levels of growth, profitability and customer satisfaction. The company's
groundbreaking use of Big Data and mathematical algorithms to predict
consumer behavior has transformed entire industries. FICO provides
analytics software and tools used across multiple industries to manage
risk, fight fraud, build more profitable customer relationships,
optimize operations and meet strict government regulations. Many of our
products reach industry-wide adoption. These include the FICO® Score,
the standard measure of consumer credit risk in the United States. FICO
solutions leverage open-source standards and cloud computing to maximize
flexibility, speed deployment and reduce costs. The company also helps
millions of people manage their personal credit health. FICO: Make every
decision count™. Learn more at www.fico.com.
FICO and "Make every decision count" are trademarks or registered
trademarks of Fair Isaac Corporation in the United States and in other
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