Sallie Mae announced a new loan that enables students to repay their student loan debt faster, according to a March 23 news release from Sallie Mae.
The loan, the Smart Option Student Loan, requires students to make interest-only payments while still enrolled in school. Students with the specific kind of loan will graduate with “substantially less student loan debt.”
For instance, a freshman borrowing $7,700 would save approximately $8,700 over the course of the loan.—-Contact Lindsey Meaux at [email protected]