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P.O. Box 3319Wilmington, DE 19804-4319 SallieMae.com
BORROWER/COSIGNER NAME STREET ADDRESS LINE 1 / LINE 2
CITY, STATE ZIP+4 Loan Number: XXXX XXXX XXXX XXXX
Date
Dear BORROWER/COSIGNER NAME:
Thank you for your interest in our automatic debit program. Enrolling in auto debit is smart.
It’s the easiest, most convenient way to make your payments. You could also receive a 0.25 percentage point interest rate reduction on your eligible loan(s).*
By enrolling in auto debit, you can help ensure that your payments will be made on time. Each month, we’ll automatically deduct the monthly payment from the designated bank account on the due date. Please note that the scheduled monthly payment will be withdrawn from the designated bank account every month, even if other payments toward the loan(s) have been made and/or a monthly payment amount has been otherwise satisfied in full.
During authorized periods of deferment and forbearance, if no monthly payment is required, we will not deduct a payment. However, as soon as the deferment or forbearance ends, we’ll resume automatic payments (unless you contact us beforehand to cancel your enrollment).
Enrolling in auto debit is easy.
To sign up for auto debit, simply complete and return the enclosed authorization form to the address listed on the form. Or, for your convenience, you can complete the process online by logging into your account at SallieMae.com. We recommend that you keep both this letter and the enclosed customer copy of the Automatic Debit Authorization Form for your records.
Important Notes
The loan(s) must be current to enroll in auto debit. Log in to your account at SallieMae.com and check the loan status. If the loan(s) is past due, please either make a payment to bring the loan current or complete Section III of the enclosed form to authorize us to cover the past due amount with available forbearance time.
It may take up to 2 full billing cycles for your auto debit enrollment to be effective. Please continue to make any payments that are due until your monthly billing statement reflects your enrollment.
Questions? Visit us online at SallieMae.com, or call us at 800-4-SALLIE (800-472-5543). We’re here to help you Monday – Thursday 8 a.m. to 9 p.m., and Friday 8 a.m. to 8 p.m., ET.
Sincerely,
Sallie Mae Customer Service
* Borrower or cosigner (not both) must enroll in auto debit through Sallie Mae. The rate reduction benefit applies only during active repayment for as long as the borrower's monthly payment amount is successfully deducted from the designated bank account, and is suspended during forbearances and certain deferments.
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P.O. Box 3319 Borrower’s Account Number:Wilmington, DE 19804-4319 (Without this information your form may not be processed.)
Automatic Debit Authorization Form Please Retain a Copy for Your Records Agreement:
• I, the bank account holder, authorize Sallie Mae and its successors and assigns (collectively “Sallie Mae”) to debit
(from the bank account listed below) the monthly payment amount for the borrower’s loans associated with the
10-digit account number listed above. However, I understand thatthis authorization will not cover any future
loans.
Note: If you are the cosigner and bank account holder, you will only be enrolled in auto debit for the loan(s) that you cosigned that is included in the borrower’s account number you reference above. If the borrower has additional loans with Sallie Mae that you have not cosigned, those other loans will be placed in a different loan group. To obtain the borrower’s account number, ask the primary borrower for the information.
• If I want the electronic withdrawals from my bank account to cover only specific loans, other than those
referenced in the first bullet above, I will provide Sallie Mae with separate written instructions that clearly specify the loan number(s) that I want to be included/excluded from my authorization to the address listed above.
• I authorize Sallie Mae to debit the account on or after the borrower’s scheduled monthly payment due date (or
next business day in the event of a weekend or holiday), or in accordance with any future instructions that I provide, including verbal or electronic instructions.
• I understand that if a payment is returned or unpaid on the borrower’s loan(s), there may be a fee charged for the
returned payment in addition to any fee I may be charged by my bank. I authorize Sallie Mae to make a one-time electronic fund transfer from my bank account to collect the fee.
• I acknowledge and agree that I’m responsible for overdraft, insufficient funds, and other service charges that my
bank may impose in connection with the bank account listed below.
• I understand that any changes to the amount deducted from my account via automatic debit will not be
implemented until after Sallie Mae has sent me 10-days’ advance notice.
• I understand that the borrower’s scheduled monthly payments will be withdrawn from my bank account every
month, even if other payments toward the borrower’s loan(s) have been made and/or a monthly payment amount has been otherwise satisfied in full. If an additional payment is to be made, the borrower or cosigner can log in to their account at SallieMae.com, call, or mail a check to make a one-time payment.
• I authorize Sallie Mae to debit or credit my bank account to correct any error Sallie Mae makes in processing a
payment.
•
This authority shall remain in effect until Sallie Mae receives notification from me (the bank account holder) of itstermination or until the loan(s) is paid in full. I may terminate this authorization by calling Sallie Mae at 800-4-SALLIE (800-472-5543), or by writing Sallie Mae at the address listed above. Sallie Mae will cancel an automatic withdrawal if it receives my telephone request to do so at least three business days before the date of the next scheduled automatic withdrawal. I may also mail a written request to the address listed above, allowing enough time so that it is received by Sallie Mae at least three business days before the date of the next scheduled automatic withdrawal. If my request to terminate is not received in time to cancel the next scheduled automatic withdrawal, Sallie Mae will terminate automatic debits beginning with the immediately following withdrawal.
•
Sallie Mae may terminate automatic debit without warning if payments are returned unpaid or in its solediscretion, and I will be notified if that occurs.
• Any termination of this authorization will not relieve the borrower or any cosigner of his or her obligation to make
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Section I: Bank Account Holder Information:
Name (as it appears on the bank account): _____________________________________________________________
Address: City/State: ______________________ Zip: _________
Please check the appropriate box:
Phone Number: ______
I am the borrower for the loan(s) being paid.
I am the cosigner for the loan(s) being paid.
By providing my telephone number, I authorize Sallie Mae Bank, and its subsidiaries, affiliates, and agents, to contact me at such number using any means of communication, including, but not limited to, calls placed to my cellular phone using an automated dialing device, calls using pre-recorded messages and/or SMS text messages, regarding this Automatic Debit Authorization Form or any current or future loans owned or serviced by Sallie Mae Bank or its subsidiaries, affiliates, and agents, even if I will be charged by my service provider(s) for receiving such communications.
Section II: Bank Account Information and Authorization:
Type of Bank Account (check one):
Bank Account Number:
( ) Checking ( ) Saving
ABA Bank Routing Number*:
*Nine–digit number usually preceding bank account number.
Bank Account Holder Signature:
Section III*: Authorization for Forbearance (Borrower and/or Cosigner): * If the account is current, you do not need to complete this section.
* If the account is past due, you can bring it current by making a payment or by signing this forbearance authorization section. Note: If you have a loan(s) more than 60 days delinquent, you should not fill out this form. Instead, you should call us at 800-4-SALLIE (800-472-5543). We’re available Monday – Thursday 8 a.m. to 9 p.m., and Friday 8 a.m. to 8 p.m., ET.
Important Information When Considering Using Forbearance:
• If the loan(s) is owned and serviced by Sallie Mae and has a borrower benefit or repayment incentive that includes an on-time payment requirement to either obtain and/or retain the benefit after qualifying, using forbearance may forfeit the loan’s eligibility for the borrower benefit or repayment incentive. Call us at 800-4-SALLIE (800-472-5543), to find out the impact of forbearance on the borrower benefit or repayment incentive.
• If the loan(s) is serviced by Sallie Mae and has an interest rate reduction(s), the reduction(s) will be suspended during the forbearance, resulting in interest accrual during the period of the forbearance at a higher interest rate. Such interest rate reduction(s) will not resume until required payments are again made.
• By signing below, I certify that I’m past due on my loan payments due to financial circumstances and request forbearance to cover all of my past due payments before automatic debit begins. Interest will accrue during the
forbearance period, and unpaid interest will be capitalized, meaning added to the principal balance, as often as quarterly, and at the end of the forbearance, even if my Promissory Note(s) indicates otherwise. This will increase both the principal balance and total loan cost. If delinquency has been reported to the consumer reporting agencies, please note that information reported and any late fees assessed before this forbearance is processed will not be removed. If I do not wish to have past due amounts covered by forbearance, I must make a payment to Sallie Mae to bring the account current prior to submitting this form. I intend to repay the loan(s) after this forbearance expires in accordance with the terms of my Promissory Note(s).
Customer Name: Account Number:
Customer Signature: Date:
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P.O. Box 3319 Borrower’s Account Number:Wilmington, DE 19804-4319 (Without this information your form may not be processed.)
Automatic Debit Authorization Form Please Retain a Copy for Your Records Agreement:
• I, the bank account holder, authorize Sallie Mae and its successors and assigns (collectively “Sallie Mae”) to debit
(from the bank account listed below) the monthly payment amount for the borrower’s loans associated with the
10-digit account number listed above. However, I understand thatthis authorization will not cover any future
loans.
Note: If you are the cosigner and bank account holder, you will only be enrolled in auto debit for the loan(s) that you cosigned that is included in the borrower’s account number you reference above. If the borrower has additional loans with Sallie Mae that you have not cosigned, those other loans will be placed in a different loan group. To obtain the borrower’s account number, ask the primary borrower for the information.
• If I want the electronic withdrawals from my bank account to cover only specific loans, other than those
referenced in the first bullet above, I will provide Sallie Mae with separate written instructions that clearly specify the loan number(s) that I want to be included/excluded from my authorization to the address listed above.
• I authorize Sallie Mae to debit the account on or after the borrower’s scheduled monthly payment due date (or
next business day in the event of a weekend or holiday), or in accordance with any future instructions that I provide, including verbal or electronic instructions.
• I understand that if a payment is returned or unpaid on the borrower’s loan(s), there may be a fee charged for the
returned payment in addition to any fee I may be charged by my bank. I authorize Sallie Mae to make a one-time electronic fund transfer from my bank account to collect the fee.
• I acknowledge and agree that I’m responsible for overdraft, insufficient funds, and other service charges that my
bank may impose in connection with the bank account listed below.
• I understand that any changes to the amount deducted from my account via automatic debit will not be
implemented until after Sallie Mae has sent me 10-days’ advance notice.
• I understand that the borrower’s scheduled monthly payments will be withdrawn from my bank account every
month, even if other payments toward the borrower’s loan(s) have been made and/or a monthly payment amount has been otherwise satisfied in full. If an additional payment is to be made, the borrower or cosigner can log in to their account at SallieMae.com, call, or mail a check to make a one-time payment.
• I authorize Sallie Mae to debit or credit my bank account to correct any error Sallie Mae makes in processing a
payment.
•
This authority shall remain in effect until Sallie Mae receives notification from me (the bank account holder) of itstermination or until the loan(s) is paid in full. I may terminate this authorization by calling Sallie Mae at 800-4-SALLIE (800-472-5543), or by writing Sallie Mae at the address listed above. Sallie Mae will cancel an automatic withdrawal if it receives my telephone request to do so at least three business days before the date of the next scheduled automatic withdrawal. I may also mail a written request to the address listed above, allowing enough time so that it is received by Sallie Mae at least three business days before the date of the next scheduled automatic withdrawal. If my request to terminate is not received in time to cancel the next scheduled automatic withdrawal, Sallie Mae will terminate automatic debits beginning with the immediately following withdrawal.
•
Sallie Mae may terminate automatic debit without warning if payments are returned unpaid or in its solediscretion, and I will be notified if that occurs.
• Any termination of this authorization will not relieve the borrower or any cosigner of his or her obligation to make
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Section I: Bank Account Holder Information:
Name (as it appears on the bank account): _____________________________________________________________
Address: City/State: ______________________ Zip: _________
Please check the appropriate box:
Phone Number: ______
I am the borrower for the loan(s) being paid.
I am the cosigner for the loan(s) being paid.
By providing my telephone number, I authorize Sallie Mae Bank, and its subsidiaries, affiliates, and agents, to contact me at such number using any means of communication, including, but not limited to, calls placed to my cellular phone using an automated dialing device, calls using pre-recorded messages and/or SMS text messages, regarding this Automatic Debit Authorization Form or any current or future loans owned or serviced by Sallie Mae Bank or its subsidiaries, affiliates, and agents, even if I will be charged by my service provider(s) for receiving such communications.
Section II: Bank Account Information and Authorization:
Type of Bank Account (check one):
Bank Account Number:
( ) Checking ( ) Saving
ABA Bank Routing Number*:
*Nine–digit number usually preceding bank account number.
Bank Account Holder Signature:
Section III*: Authorization for Forbearance (Borrower and/or Cosigner): * If the account is current, you do not need to complete this section.
* If the account is past due, you can bring it current by making a payment or by signing this forbearance authorization section. Note: If you have a loan(s) more than 60 days delinquent, you should not fill out this form. Instead, you should call us at 800-4-SALLIE (800-472-5543). We’re available Monday – Thursday 8 a.m. to 9 p.m., and Friday 8 a.m. to 8 p.m., ET.
Important Information When Considering Using Forbearance:
• If the loan(s) is owned and serviced by Sallie Mae and has a borrower benefit or repayment incentive that includes an on-time payment requirement to either obtain and/or retain the benefit after qualifying, using forbearance may forfeit the loan’s eligibility for the borrower benefit or repayment incentive. Call us at 800-4-SALLIE (800-472-5543), to find out the impact of forbearance on the borrower benefit or repayment incentive.
• If the loan(s) is serviced by Sallie Mae and has an interest rate reduction(s), the reduction(s) will be suspended during the forbearance, resulting in interest accrual during the period of the forbearance at a higher interest rate. Such interest rate reduction(s) will not resume until required payments are again made.
• By signing below, I certify that I’m past due on my loan payments due to financial circumstances and request forbearance to cover all of my past due payments before automatic debit begins. Interest will accrue during the
forbearance period, and unpaid interest will be capitalized, meaning added to the principal balance, as often as quarterly, and at the end of the forbearance, even if my Promissory Note(s) indicates otherwise. This will increase both the principal balance and total loan cost. If delinquency has been reported to the consumer reporting agencies, please note that information reported and any late fees assessed before this forbearance is processed will not be removed. If I do not wish to have past due amounts covered by forbearance, I must make a payment to Sallie Mae to bring the account current prior to submitting this form. I intend to repay the loan(s) after this forbearance expires in accordance with the terms of my Promissory Note(s).
Customer Name: Account Number:
Customer Signature: Date:
