I got approved for enough money to finish school. The rate is fixed for me because it was the option I picked and I just have to pay $88 a month till I finish school at which point It raises to $250 a month until it is paied back. You get a small break on the fair intrest rate when you sign up for auto bill pay 0.5% I think. It helps and you don't have to do much for it.
You pick the the loan terms. You can choose to pay nothing until you finish school, I decided to pay the interest each month, it saves you money by the time your done paying them back. Federal loans are a way better deal, but I used that all up. Sallie Mae even says that when you are applying. I think it is in bold print..They say, "Do not to get this loan unless you have been denied federal aid." They do not benifit by tellling you that. They make money by loaning it out not sending you to the better deal.
Private loans are a for profit thing, so they cost more. This is not a bad deal though. At least I got money for school now. It is worth the loan. It will not be to hard to pay back when I am done with school. Engineers make like 15 times more a year then I do now. I am glad that Sallie Mae helped. I can deal with the loan terms I selected and agreed to. It is a way better deal then many other loans. It helps a lot. I appreciate it. I even messed up with the options I wanted, customer sevice helped me alter the application to my satisfaction after it had been submitted to them for review.
I am glad Sallie Mae was there to loan me some cash when I needed it for school.