Nellie Mae Loan Solutions
Note: All first-time borrowers of a Federal Stafford Loan must be informed about their loan responsibilities before loan funds can be disbursed. This information process is called an Entrance Interview and it takes place on the campus of the Lyme Academy College during orientation prior to the beginning of Fall/Spring classes. All first-time borrowers are required to attend. We review necessary information, fill out forms, and a test is given to make certain that new borrwers understand the Stafford Loan process.
Once you have successfully completed the Entrance Interview, your loan funds will be credited to your account as they are received from the lender. If you do not complete the interview, your loan funds will be returned to the lender. Please contact the Lyme Academy Financial Aid Office at 860-434-5232 x. 114 if you have questions or e-mail jfalconer@lymeacademy.edu.
You will also need to complete an Exit Interview at the college before you leave.
Federal Stafford Loans
With a zero origination fee Stafford Loan from Nellie Mae®, you may be eligible for additional benefits that reduce your interest rate, and save you 3.3%! Here's how:
- Earn a 0.50 percentage point interest rate reduction when you choose to have your payments automatically debited from a checking or savings account*
- Earn a 3.3% check or credit—with Nellie Mae Cash Back®—after your first 33 on-time payments*
- Borrower benefits are effective for loans serviced by Sallie Mae and first disbursed July 1, 2007 through January 31, 2008. Check back soon for updated information for the remaining 2007/2008 academic year.
And, when you join Upromise®, you can use your Upromise rewards to help pay down balances automatically on your eligible Sallie Mae-serviced student loans by linking your Sallie Mae® account to your Upromise account with Upromise Loan LinkSM! To learn more, or to join Upromise now, go to www.salliemae.com/upromise.
Nellie Mae Debt Management Tools
Manage Your Loans
Once you get a Nellie Mae loan, it's easy to track. Simply click here to enroll or log in to your account to review account status, make payments, change your address or payment plan, reduce or postpone your payments or to contact customer service.
Nellie Mae Calculators
Monthly Payment Calculators
Get a better idea about your repayment options and what your monthly payments would be under a standard, income-sensitive or graduated repayment schedule.
Federal Stafford Loan
Benefits of Borrowing from Nellie Mae
With a zero origination fee Stafford Loan from Nellie Mae®, you may be eligible for additional benefits that reduce your interest rate, and save you 3.3%! Here's how:
- Earn a 0.50 percentage point interest rate reduction when you choose to have your payments automatically debited from a checking or savings account*
- Earn a 3.3% check or credit—with Nellie Mae Cash Back®—after your first 33 on-time payments*
- Borrower benefits are effective for loans serviced by Sallie Mae and first disbursed July 1, 2007 through January 31, 2008. Check back soon for updated information for the remaining 2007/2008 academic year.
And, when you join Upromise®, you can use your Upromise rewards to help pay down balances automatically on your eligible Sallie Mae-serviced student loans by linking your Sallie Mae® account to your Upromise account with Upromise Loan LinkSM! To learn more or to join Upromise now, go to www.salliemae.com/upromise.
*Terms and conditions apply. Nellie Mae will pay the 1.5% origination fee on the borrower's behalf on Stafford Loans for academic year 2007–2008. The automatic-debit benefit is available during active repayment for as long as the borrower's monthly payment is successfully deducted from his/her bank account. To qualify for the 3.3% Nellie Mae Cash Back, the borrower must sign up on Manage Your LoansSM, before entering repayment, to receive account information by e-mail and make the required number of payments by the due dates as initially scheduled. Loan credit borrower benefit is based on the original principal loan amount (less cancellations, refunds and returns). Borrower benefits are effective for loans owned and serviced by Sallie Mae and first disbursed July 1, 2007–June 30, 2008. Sallie Mae reserves the right to modify, continue, or discontinue loan and borrower benefit programs at any time without notice.
Borrower Eligibility
- Borrower must be a student enrolled at least half time
- Student must be a U.S. citizen or national, permanent resident, or eligible noncitizen
- Borrower must have submitted a FAFSA
- Borrower's school must participate in the Federal Family Education Loan Program
Loan Rates and Terms
Annual Loan Amount
| Y1 Limit | Y2 Limit | Other Years | Cumulative Limit | |
|---|---|---|---|---|
| Dependent Undergraduate Students | $3,500 | $4,500 | $5,500 | $23,000 |
| Independent Undergraduate Students | $7,500 | $8,500 | $10,500 | $46,000 |
| Per Year | Cumulative Limit | |
|---|---|---|
| Subsidized | $8,500 | $138,500* (subsidized and unsubsidized total) |
| Unsubsidized | $12,000 | $138,500* (subsidized and unsubsidized total) |
*Certain health professions students may borrow more than this limit
Interest Rate
- The interest rate for the 2007–2008 academic year for loans disbursed after July 1, 2006 is fixed at 6.8%.
- For Stafford Loans made before July 1, 2006, the variable rate formula previously assigned applies.
Fees
- No origination fee
- Default fee: 1%
Repayment Plans
After graduating (or dropping below half-time enrollment), there is a 6-month grace period before repayment on your Federal Stafford Loans begins. Repayment plans include:
- Standard Repayment: requires a fixed monthly amount for up to 10 years. The actual length of repayment depends on the total amount borrowed.
- Graduated Repayment: allows you to begin with lower monthly payments for either 2 or 4 years and then gradually increase your payment amount over the 10-year repayment term. Payments must at least equal the interest accrued on the loan.
- Income-Sensitive Repayment: allows you to increase or decrease your monthly payment amount based on your gross annual income and the loan amount. Payments must at least equal the interest accrued on the loan; you must submit income verification to your lender to qualify.
- Extended Repayment: allows new borrowers with federal student loans totaling $30,000 or more disbursed after 10/7/98 to make fixed or graduated monthly payments for up to 25 years.
If you don't select a repayment plan, you will automatically receive a standard repayment schedule. You may change repayment plans annually and prepay your student loans without penalty.
Postponing Repayment
If your grace period is ending and you meet certain conditions, you may be eligible to continue postponing repayment under deferment. These conditions include:
- Returning to school at least half time;
- Participating in an approved graduate fellowship or rehabilitation training for the disabled;
- Seeking but unable to find full-time employment (maximum three years); or
- Experiencing other types of economic hardship (maximum three years).
