New Sallie Mae partnership offers private education loan to NEA members

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Reston-based Sallie Mae formed a partnership with the National Education Association’s Member Benefits Corp. to offer its members and their families the Smart Option Student Loan, a private loan that helps families save money and pay off student loans faster.

“It is our mission to provide members access to programs and products that help make their personal and professional lives easier,” Gary Phoebus, president and CEO of NEA Member Benefits, said in a statement. “With the increasing costs of postsecondary education, it became very important to us to find a partner that can help our members pay for postsecondary education.”

The loan includes interest payments during school and shorter payment term to allow students to accumulate less debt, save money in interest charges and pay off loans five to eight years faster than the typical 15-year private, payment-deferred education loan.

NEA Member Benefits chose Sallie Mae to assist its members and their families who need supplemental funding for college or graduate school.

Sallie Mae announced last week that it will move its headquarters to Delaware.

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