Archive for the ‘Sallie Mae Loans | Préstamos Sallie Mae’ Category


Sallie Mae® is now offering IE students more choice and flexibility on the Smart Option Student Loan. Beginning with applications initiated on or after Monday, May 21, students attending IE will be able to choose from either a fixed or variable interest rate, in addition to the repayment option that best fits their needs.

Keep in mind there are no origination fees and there is no prepayment penalty for early repayment of the loan.

The rate options are as follows:

Low Variable Interest Rates:

Interest Repayment Option: LIBOR+2.0% (2.25% APR) to LIBOR+8.875% (9.11% APR)
Fixed Repayment Option: LIBOR+2.5% (2.75% APR) to LIBOR+9.375% (9.09% APR)
Deferred Repayment Option: LIBOR+3.0% (3.17% APR) to LIBOR+9.875% (9.37% APR)
Competitive Fixed Interest Rates:

Interest Repayment Option: 5.75% (5.74% APR) to 11.875% (11.85% APR)
Fixed Repayment Option: 6.25% (6.08% APR) to 12.375% (11.43% APR)
Deferred Repayment Option: 6.75% (6.41% APR) to 12.875% (11.69% APR)

If you are a student coming to IE from the US and who is thinking of taking advantage of a Sallie Mae Smart Option student Loan® please note the following information:

Sallie Mae Smart Option Student Loan® Rates:

  • Based on LIBOR (London Interbank Offered Rate)
    – With a creditworthy cosigner: 1-Month LIBOR + 4% to 1-Month LIBOR + 12%
    – Without a creditworthy cosigner: 1-Month LIBOR + 4% to 1-Month LIBOR + 12.5%
  • There is a Zero or 3% disbursement fee; No repayment fee
  • A 0.25 percentage point interest rate reduction is available for automatic debit

More on the Sallie Mae Smart Option student loan…

Sallie Mae’s Smart Option Student Loan® is the private loan that helps students save money, build credit, and pay off their student loan debt faster.

The Sallie Mae Smart Option Student Loan is the ideal solution for students and their families who choose a private student loan to cover the full cost of attendance after they have maximized scholarships, grants, and federal loans. In today’s difficult economy, consumers are well aware of the risks of too much debt and oor credit habits. The Sallie Mae Smart Option Student Loan is designed to help students manage these isks by encouraging responsible repayment behavior while saving significant money over the life of their loan.

More information on the LIBOR rate at:


If you are a US student coming to IE, please note the following change in lending/credit assessment policy on the part of Sallie Mae:

“For credit checks completed from June 1st onward, they will only be valid for 120 days after the student submits the application. For the application to be successful, the loan needs to have the first disbursement scheduled within 120 days of the date of the students signature ( the date of our credit check).”

Please factor this in when applying for loans as if you apply more than 120 days before your program, than the application will in the end have to be cancelled and reapplied for closer to your program start date.

Please keep in mind as well that you may need to use other funds to make your place reservation well in advance of your start date, since Sallie Mae funds are never released to the institution more than 30 days before start date.  Place reservations paid by you the student guarantee your spot in a given program and intake. 

For more information contact the IE Offices in New York, Los Angeles or Miami (see: or IE Financial Aid at


A brief update for our US candidates: in April Sallie Mae will be offering a renewed approach to education loans for American students who wish to study in the United States or abroad.

Instead of applying for various different loan options depending on you program, now students can apply for a Smart Option Student Loan for their program at IE, be it the International MBA, a Master of Laws (LLM) or other program.  According to Sallie Mae, the new offer is:

“…a new private loan that enables students to save money, build good credit, and repay their student loan debt sooner. Students could save thousands of dollars over the life of the new loan and could pay off the balance nine years faster, compared to most other private student loan alternatives. In today’s difficult economy, families have become even more aware of the risks associated with too much debt and poor credit habits. Sallie Mae has developed the new Sallie Mae Smart Option Student LoanSM to help safeguard families from these risks.”

To learn more, click here.


Below are the guidelines that explain the different rules that apply when a student obtains a loan from Sallie Mae.  Please keep in mind that Sallie Mae currently is not accepting loan applications for the 2009-2010 academic year due to internal process reviews.  However, we expect Sallie Mae to resume accepting applications in 2Q09, once internal reviews have been completed.  More news will be posted on this blog as we receive it from Sallie Mae International.

(1) Students must obtain the loan directly from Sallie Mae.  Students only interact with Sallie Mae and IE never deals with Sallie Mae applicants directly during the application process.  This is because the Sallie Mae loans are applied for and decided by Sallie Mae alone.  All questions about how to apply and related to specific cases should be directed to Sallie Mae.  For complete information on the Signature Loan program and MBA Private Loans, visit

(2) If a student would like to apply for the loan, the student can do so via the online application at: and by following the steps listed below:

  • Click on “I am a student or parent borrower”
  • Select state: go to the bottom of the list – “outside the US”
  • Select the school: Instituto de Empresa (IE Business School) 000107-00
  • Register as a first time user
  • Begin the loan application process

(3) Once the student requests the loan, Sallie Mae sends a message directly to IE requesting verification that student applicant is actually attending our school and thus we certify the loan and specify the disbursement date of the loan.  Loans can only be disbursed up to 30 days before of the starting day of the loan period.  In case you want to use the Sallie Mae loan in order to pay the reservation fee of the program, you risk the possibility of the program being full and thus not being able to register.  We recommend all students to pay the reservation fee early on so they can guarantee a spot in the class and also begin the application for a student visa early on.  If you wait to use the Sallie Mae loan for place reservation you may not get a spot in the class and you may not have get a student visa in time for the start of the program.

(4) After the loan is certified by IE, Sallie Mae then makes the final decision of whether or not they will extend the loan to the students.  IE has no control over this decision, and the credit analysis and approval process is completed at the sole discretion of Sallie Mae.

(5) Although the loan is denominated in dollars, it is understood by the student that this money will be converted into Euros by the school. Funds are deposited in a school account in the US and subsequently these funds are transferred to the school in Madrid using the exchange rate quoted by the bank, in this case, JP Morgan Chase, on the day of the transaction. The student also bears the cost of the international wire fee applied to the transfer of money. All moneys have to pass through the school as these are education loans.

(6) If the student decides to cancel the loan after the money has been disbursed and transferred to IE in Madrid, the student will bear all the costs associated with returning the money back to Sallie Mae including bank fees and losses in the value of the transferred funds due to foreign exchange rate fluctuations. Therefore it is important that the student be sure that Sallie Mae is the source of financing they want to use to fund their IE program of study, before the student accepts the loan offer from Sallie Mae.

(7) Once the loan has been approved, Sallie Mae transfers the funds to an IE account in the US and immediately these are wired to Madrid. Once the funds are received in Madrid, IE automatically retains the amount owing by the student to IE, and then the remaining balance is transferred to a Caja Madrid account that we in Financial Aid help students open ahead of their arrival to Madrid. We do not transfer the remaining balance to other accounts, hedge currency exchange rates, cancel loans already processed, have any control over specific terms of loans granted by Sallie Mae to the student or advocate on behalf of the student with regards to communication with Sallie Mae.

(8) To open a Caja Madrid account students simply need to send 1) a copy of the first page of their passport and 2) a copy of their admissions letter to, and specify that they are requesting we open an account on their behalf. Students can also transfer non-Sallie Mae funds to this account ahead of their arrival to Madrid from the US.

(9) Finally, Sallie Mae loans are only to fund studies and living expenses while students are studying at IE. These loans are not meant to provide as bridge loans for students between when they finish their programs and when they start their first job after IE for example, or to provide excess spending money for other types of activities such as personal travel or other non-program related projects during their studies.

(10) Sallie Mae loans must be applied for before the student begins their program. This is a strict rule that IE applies to ensure the long term availability of Sallie Mae loans to current and future IE students.

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