Sallie Mae started its history as a government-sponsored enterprise that serviced federal student loans. But since 2004, it’s been a fully private company.
Sallie Mae no longer has anything to do with federal student loans. Instead, it issues private loans for everything from K–12 education, to career colleges, to undergraduate and graduate school. It's also a bank with some of the most competitive money market and CD rates.
They are also on our list of the places with the best student loan rates. If you want to see how they compare to other lenders, check out our list of the best private student loan lenders.
Sallie Mae is part of the Credible Platform, which allows you to compare student loan lenders in 2 minutes or less. We love Credible and think you should see how Sallie Mae compares for your situation. Check out Credible here.
Quick Summary
- No application or origination fees
- Grace period and deferment options
- Competitive rates
- Applying for a Smart Option Student Loan® with a cosigner may help your chances of approval and may also help you receive a lower rate
SallieMae Student Loans Details | |
|---|---|
Product Name | Smart Option Student Loan® for undergraduate students |
Min Loan Amount | $1,000 |
Max Loan Amount | Up to 100% of the school-certified expenses1 |
Fixed APR | 4.50% to 15.49%2 rates shown include the auto debit discount |
Variable APR | 6.37% to 16.70%2 rates shown include the auto debit discount |
Loan Terms | 10 to 15 Years3 |
Promotions | None |
Sallie Mae Student Loans Rates and Terms
Sallie Mae student loans have repayment options to meet your needs. Undergraduate and graduate loans have three repayment options to choose from:
- Interest repayment option: Make interest-only payments while in school2
- Fixed repayment option: Pay a fixed amount each month while in school2
- Deferred payment option: Make no payments until after school2
Students can also manage their student loans after leaving school with the Graduated Repayment Period. If you're looking for payment flexibility as you transition to your career, the Graduated Repayment Period can help. Qualified Smart Option Student Loan and graduate loan borrowers can elect to make 12 monthly interest-only payments after they finish school.4
Loan Type | Repayment Period | Fixed Interest Rates (rates shown include the auto debit discount) | Variable Interest Rates (rates shown include the auto debit discount) | Repayment Options |
|---|---|---|---|---|
Undergraduate Loan | 10 to 15 years3 | 4.50%.-15.49% APR 2 | 6.37%-16.70% APR2 | Deferred interest, |
Career Training Loan | 10 to 15 years5 | 4.50%-15.10% APR6 | 5.87%-16.34% APR6 | Deferred interest, Fixed payment, interest-only. |
Medical School Loan | 20 years7 | 4.99%-14.46% APR8 | 6.87%-16.44% APR8 | Deferred interest, fixed payment, interest-only. Residency or internship deferment in 12-month increments, limited to a total of 48 months.23 |
Dental School Loan | 20 years9 | 4.99%-14.47% APR10 | 6.87%-16.45% APR10 | Deferred interest, fixed payment, interest-only. |
Law School Loan | 15 years11 | 4.99%-14.47% APR12 | 6.86%-16.46% APR12 | Deferred interest, fixed payment, interest-only. |
MBA Student Loan | 15 years13 | 5.25%-14.48% APR14 | 6.87%-16.47% APR14 | Deferred interest, fixed payment, interest-only. |
Graduate School Loan | 15 years15 | 5.25%-14.48% APR16 | 6.87% to 16.47%16 | Deferred interest, fixed payment, interest-only. |
Cosigner Options
Sallie Mae says that last year, students were 3X more likely to be approved with a cosigner.17It's important to note that a cosigner doesn't have to be a parent. Last year, 28% of the cosigned Smart Option Student Loan applications were an individual other than a parent.18
The good news, though, is that there is a cosigner release program. While other private lenders required 24 or 36 months of consecutive on-time payments before you can apply for a cosigner release, you can do so with Sallie Mae after you graduate, make 12 on-time, principal and interest payments, and meet certain credit requirements.19
Sallie Mae provides quarterly FICO scores to each of its borrowers as well as their cosigners.20
What Borrower Protections Are Available?
Compared with other private lenders, Sallie Mae offers far more choices for repayment terms, between deferred interest, fixed payments, and interest-only, it will help you feel in control.
Borrowers who are current and need time to resolve temporary financial issues may request a forbearance in one to two-month increments to temporarily postpone their payments. Borrowers who are delinquent at the time of the request may have different forbearance requirements. There may be up to a 12-month re-qualification period between instances of forbearance unless the borrower is within their first six months of repayment or enrolls in a loan modification plan. Sallie Mae also provides academic and military deferment as well as death and disability forgiveness.22
The only issue with Sallie Mae’s loans is the cost you could incur. Taking advantage of no-interest deferment options could lead your loans to balloon over time. Add to that the higher (but still competitive) interest rates, and you could head toward student loan disasters.
In general, it's better to stick with federal loans if possible. These come with a wide range of repayment plans, and even some loan forgiveness options. If you must opt for student loans, Sallie Mae could be a good choice. Remember, always compare your options on a platform like Credible.
Who Qualifies To Apply?
Sallie Mae student loans are available to borrowers who are full-time, half-time or below half-time students. In fact, it's one of the few private student loans available to borrowers who aren’t taking a full course load.
Sallie Mae also offers education loans for graduate students who may not need a cosigner to qualify for the loan.
Unfortunately, Sallie Mae does not disclose its minimum credit score requirements. It's also one of the only lenders that doesn't allow borrowers to check their pre-qualified rates without impacting their credit scores. To receive a rate quote, you'll have to fill out a full application and allow Sallie Mae to perform a hard credit inquiry.
Are There Any Fees?
Sallie Mae doesn't charge application or origination fees on any of its student loan products. There aren't any prepayment penalties either.21
However, you may be charged a late fee if your monthly payment isn't received within 15 days of the due date. If your loan charges a late fee, it will be listed on its disclosure document.
How to Contact Sallie Mae Customer Service
You can reach out to Sallie Mae customer service through the following:
Phone number: 800-472-5543
Hours of operation:
Monday – Thursday: 8 a.m. – 9 p.m. (ET)
Friday: 8 a.m. – 8 p.m. (ET)
Saturday: 9 a.m. – 6 p.m. (ET)
General mailing address:
Sallie Mae
P.O. Box 3319
Wilmington DE 19804-4319
Address for sending payments:
Sallie Mae
P.O. Box 8459
Philadelphia PA 19101-8459
Email/online contact form: N/A
Is It Safe And Secure?
Yes, Sallie Mae's website uses HTTPs encryption and it maintains a variety of additional security features. These include offering two-factor authentication, automated customer
verification and fraud detection, and submitting to extensive third-party internal audits. Sallie's Mae's bank accounts are also FDIC-insured up to $250,000.24
Why Should You Trust Us
I am America’s Student Loan Debt Expert™ and have been actively writing about and covering student loans since 2009. Myself and the team here at The College Investor have been actively tracking student loan providers since 2015 and have reviewed, tested, and followed almost every provider and lender in the space.
Furthermore, our compliance team reviews the rates and terms on these listing every weekday to ensure they are accurate. That way you can be sure you're looking at an accurate and up-to-date rate when you're comparison shopping.
Who Is This For And Is It Worth It?
With no application fee, no origination fee, and generous repayment terms, Sallie Mae student loans are a good choice for borrowers that need repayment flexibility. The flexibility comes at a cost, and you’ll likely find lower interest rates from other lenders (use Credible to shop around).
That said, Sallie Mae could be the right choice if you’re stuck taking out private loans. Compared with other lenders, Sallie Mae is especially generous with its undergraduate student loans.
Sallie Mae FAQ
Here are some of the most common questions we get about Sallie Mae:
Is Sallie Mae the same as Navient?
No. At one time, Navient was Sallie Mae's servicing arm. But in 2014, Sallie Mae and Navient split into two separate companies. Sallie Mae now focuses on private loans and Navient is one of the largest U.S. federal loan servicers.
No, Sallie Mae is a private consumer bank and since 2014 it has had no involvement in servicing federal student loans.
Can Sallie Mae student loans be forgiven?
Sallie Mae student loans, like all other private loans, aren't eligible for federal student loan forgiveness. However, if a student dies or becomes permanently and totally disabled, the current balance of the loan will be waived.22
Is it hard to get a Sallie Mae student loan?
Undergraduates are more likely to qualify for a Sallie Mae loan with a cosigner. Last year, students were 4.1X more likely to be approved with a cosigner.23
Sallie Mae Student Loans Features
Min Loan Amount | $1,000 |
Max Loan Amount | Up to 100% of school-certified expenses1 |
Rate Type | Variable or fixed |
APR | Varies by loan type |
Soft Credit Pull | No |
Auto-Pay Discount | 0.25 percentage point |
Loan Terms | Varies by loan type |
Origination Fees | None |
Prepayment Penalty | None21 |
In-School Payments |
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Cosigners Allowed | Yes |
Cosigner Release Allowed | Yes, can apply after 12 months of consecutive, on-time monthly payments19 |
Grace Period | Varies by loan type |
Eligible Schools | Participating colleges, universities, and career training schools |
Enrollment Status | Full-time, half-time, or below half-time |
Customer Service Phone Number | 800-472-5543 |
Customer Service Hours | Monday – Thursday: 8 a.m. – 9 p.m. (ET) |
General Mailing Address | Sallie Mae |
Address For Sending Payments | Sallie Mae |
Promotions | None |
Borrow responsibly
We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Students and families should evaluate all anticipated monthly loan payments, and how much the student expects to earn in the future, before considering a private student loan.
Loans for Undergraduate & Career Training Students are not intended for graduate students and are subject to credit approval, identity verification, signed loan documents, and school certification. Student must attend a participating school. Student or cosigner must meet the age of majority in their state of residence. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend school in the U.S., apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident), and provide an unexpired government-issued photo ID. Requested loan amount must be at least $1,000.
Graduate School Loan and Graduate School Loan for Health Professions are for graduate students at participating degree-granting schools and are subject to credit approval, identity verification, signed loan documents, and school certification. Student or cosigner must meet the age of majority in their state of residence. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend school in the U.S., apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident), and provide an unexpired government-issued photo ID. Requested loan amount must be at least $1,000.
Medical School Loans are for graduate students in an M.D., D.O., D.V.M., V.M.D., or D.P.M. program at participating degree-granting schools and are subject to credit approval, identity verification, signed loan documents, and school certification. Graduate Certificate/Continuing Education coursework is not eligible. Student or cosigner must meet the age of majority in their state of residence. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend school in the U.S., apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident), and provide an unexpired government-issued photo ID. Requested loan amount must be at least $1,000.
Law School Loans are for graduate students in a J.D. or L.L.M. program at participating degree-granting schools and are subject to credit approval, identity verification, signed loan documents, and school certification. Graduate Certificate/Continuing Education coursework is not eligible. Student or cosigner must meet the age of majority in their state of residence. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend school in the U.S., apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident), and provide an unexpired government-issued photo ID. Requested loan amount must be at least $1,000.
MBA Loans are for graduate students in an M.B.A. program at participating degree-granting schools and are subject to credit approval, identity verification, signed loan documents, and school certification. Student or cosigner must meet the age of majority in their state of residence. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend school in the U.S., apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident), and provide an unexpired government-issued photo ID. Requested loan amount must be at least $1,000.
Dental School Loans are for graduate students in a D.D.S. or D.M.D. program at participating degree-granting schools and are subject to credit approval, identity verification, signed loan documents, and school certification. Graduate Certificate/Continuing Education coursework is not eligible. Student or cosigner must meet the age of majority in their state of residence. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend school in the U.S., apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident), and provide an unexpired government-issued photo ID. Requested loan amount must be at least $1,000.
1 For applications submitted directly to Sallie Mae, loan amount cannot exceed the cost of attendance less financial aid received, as certified by the school. Applications submitted to Sallie Mae through a partner website may be subjected to a lower maximum loan request amount. Miscellaneous personal expenses (such as a laptop) may be included in the cost of attendance for students enrolled at least half-time.
2 Advertised APRs for undergraduate students assume a $10,000 loan to a student who attends school for 2 years and has $20,000 in prior Sallie Mae-serviced loans. Interest rates for variable rate loans may increase or decrease over the life of the loan based on changes to the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent. Advertised variable rates are the starting range of rates and may vary outside of that range over the life of the loan. Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. To receive a 0.25 percentage point interest rate discount, the borrower or cosigner must enroll in auto debit through Sallie Mae. The discount applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment.
3 Examples of typical costs for a $10,000 Smart Option Student Loan with the most common fixed rate, fixed repayment option, 6-month separation period, and two disbursements: For a borrower with no prior loans and a 4-year in-school period, it works out to a 10.28% fixed APR, 51 payments of $25.00, 119 payments of $182.67 and one payment of $121.71, for a Total Loan Cost of $23,134.44. For a borrower with $20,000 in prior loans and a 2-year in-school period, it works out to a 10.78% fixed APR, 27 payments of $25.00, 179 payments of $132.53 and one payment of $40.35 for a total loan cost of $24,438.22. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 10 years. A variable APR may increase over the life of the loan. A fixed APR will not.
4 GRP allows interest-only payments for the initial 12-month period of repayment when the loan would normally begin requiring full principal and interest payments or during the 12-month period after GRP request is granted, whichever is later. At the time of GRP request, the loan must be current. The borrower may request GRP only during the six billing periods immediately preceding and the twelve billing periods immediately after the loan would normally begin requiring full principal and interest payments. GRP does not extend the loan term. If approved for GRP, the Current Amount Due that is required to be paid each month after the GRP ends will be higher than it otherwise would have been without GRP, and the total loan cost will increase.
5 Examples of typical transaction for a $10,000 Smart Option Student Loan with the most common fixed rate, fixed repayment option, 6-month separation period, and two disbursements: For a borrower with no prior loans and a 2-year in-school period, it works out to a 10.73% fixed APR, 27 payments of $25.00, 119 payments of $160.63 and one payment of $107.39, for a Total Loan Cost of $19,897.36. For a borrower with $10,000 in prior loans and a 1-year in-school period, it works out to a 10.92% fixed APR, 15 payments of $25.00, 143 payments of $136.14 and one payment of $74.20 for a total loan cost of $19,917.22. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 10 years. A variable APR may increase over the life of the loan. A fixed APR will not.
6 Advertised APRs for career training students assume a $10,000 loan to a student who attends school for 2 years and has no prior Sallie Mae-serviced loans. Interest rates for variable rate loans may increase or decrease over the life of the loan based on changes to the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent. Advertised variable rates are the starting range of rates and may vary outside of that range over the life of the loan. Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. To receive a 0.25 percentage point interest rate discount, the borrower or cosigner must enroll in auto debit through Sallie Mae. The discount applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment.
7 Example of a typical transaction for a $10,000 Medical School Loan with the most common fixed rate, Fixed Repayment Option, and two disbursements. For borrowers with a 81-month in-school and separation period, it works out to 10.71% fixed APR, 81 payments of $25.00, 238 payments of $175.31 and one payment of $89.74, for a total loan cost of $43,838.52. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 20 years. A variable APR may increase over the life of the loan. A fixed APR will not.
8 Advertised APRs for Medical School Loan assume a $10,000 loan with a 4-year in-school period. Interest rates for variable rate loans may increase or decrease over the life of the loan based on changes to the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent. Advertised variable rates are the starting range of rates and may vary outside of that range over the life of the loan. Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. To receive a 0.25 percentage point interest rate discount, the borrower or cosigner must enroll in auto debit through Sallie Mae. The discount applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment.
9 Example of a typical transaction for a $10,000 Dental School Loan with the most common fixed rate, Fixed Repayment Option, and two disbursements. For borrowers with a 57- month in-school and separation period, it works out to 11.19% fixed APR, 57 payments of $25.00, 238 payments of $155.51 and one payment of $54.64, for a total loan cost of $38,491.02. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 20 years. A variable APR may increase over the life of the loan. A fixed APR will not.
10 Advertised APRs for Dental School Loan assume a $10,000 loan with a 4-year in-school period. Interest rates for variable rate loans may increase or decrease over the life of the loan based on changes to the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent. Advertised variable rates are the starting range of rates and may vary outside of that range over the life of the loan. Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. To receive a 0.25 percentage point interest rate discount, the borrower or cosigner must enroll in auto debit through Sallie Mae. The discount applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment.
11 Example of a typical transaction for a $10,000 Law School Loan with the most common fixed rate, Fixed Repayment Option, and two disbursements. For borrowers with a 42-month in-school and separation period, it works out to 11.44% fixed APR, 42 payments of $25.00, 179 payments of $155.95 and one payment of $57.28, for a total loan cost of $29,022.33. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 15 years. A variable APR may increase over the life of the loan. A fixed APR will not.
12 Advertised APRs for Law School Loan assume a $10,000 loan with a 3-year in-school period. Interest rates for variable rate loans may increase or decrease over the life of the loan based on changes to the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent. Advertised variable rates are the starting range of rates and may vary outside of that range over the life of the loan. Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. To receive a 0.25 percentage point interest rate discount, the borrower or cosigner must enroll in auto debit through Sallie Mae. The discount applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment.
13 Example of a typical transaction for a $10,000 MBA Loan with the most common fixed rate, Fixed Repayment Option, and two disbursements. For borrowers with a 27-month in-school and separation period, it works out to 14.30% fixed APR, 27 payments of $25.00, 178 payments of $172.22 and one payment of $115.59, for a total loan cost of $31,445.75. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 15 years. A variable APR may increase over the life of the loan. A fixed APR will not.
14 Advertised APRs for MBA Loans assume a $10,000 loan with a 2-year in-school period. Interest rates for variable rate loans may increase or decrease over the life of the loan based on changes to the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent. Advertised variable rates are the starting range of rates and may vary outside of that range over the life of the loan. Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. To receive a 0.25 percentage point interest rate discount, the borrower or cosigner must enroll in auto debit through Sallie Mae. The discount applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment.
15 Example of a typical transaction for a $10,000 Graduate School Loan with the most common fixed rate, Fixed Repayment Option, and two disbursements. For borrowers with a 27-month in-school and separation period, it works out to 14.30% fixed APR, 27 payments of $25.00, 178 payments of $172.22 and one payment of $115.59, for a total loan cost of $31,445.75. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 15 years. A variable APR may increase over the life of the loan. A fixed APR will not.
16 Advertised APRs for Graduate School Loan assume a $10,000 loan with a 2-year in-school period. Interest rates for variable rate loans may increase or decrease over the life of the loan based on changes to the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent. Advertised variable rates are the starting range of rates and may vary outside of that range over the life of the loan. Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. To receive a 0.25 percentage point interest rate discount, the borrower or cosigner must enroll in auto debit through Sallie Mae. The discount applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment.
17 Based on the percentage of borrowers who were approved for a Sallie Mae loan with a cosigner compared to the percentage of borrowers who were approved for a Sallie Mae loan without a cosigner from October 1, 2021 through September 30, 2022.
18 Based on a rolling 12-month period from October 1, 2021 through September 30, 2022.
19 Only the borrower may apply for cosigner release. To do so, they must first meet the age of majority in their state and provide proof of graduation (or completion of certification program), income, and U.S. citizenship or permanent residency (if their status has changed since they applied). In the last 12 months, the borrower can’t have been past due on any loans serviced by Sallie Mae for 30 or more days or enrolled in any hardship forbearances or modified repayment programs. In addition, the borrower must have paid ahead or made 12 on-time principal and interest payments on each loan requested for release. The loan can’t be past due when the cosigner release application is processed. The borrower must also demonstrate the ability to assume full responsibility of the loan(s) individually and pass a credit review when the cosigner release application is processed that demonstrates a satisfactory credit history including but not limited to no: bankruptcy, foreclosure, student loan(s) in default or 90-day delinquencies in the last 24 months. Requirements are subject to change.
20 Borrowers and cosigners with an available FICO® Score and a Sallie Mae loan with a current balance greater than $0, may receive their score quarterly after the first disbursement of their loan. The FICO® Score provided to you is the FICO® Score 8 based on TransUnion data, and is the same score that Sallie Mae uses, along with other information, to manage your account. FICO®
Scores and associated educational content are provided solely for your own non-commercial personal review, use and benefit. This benefit may change or end in the future. FICO® is a registered trademark of the Fair Isaac Corporation in the United States and other countries.
21 Although we do not charge you a penalty or fee if you prepay your loan, any prepayment will be applied as provided in your promissory note: first to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal.
22 If a student dies or becomes permanently and totally disabled, the current balance of the loan will be waived.
23 Based on a comparison of approval rates for Sallie Mae Smart Option Student Loans for undergraduate students who applied with a cosigner versus without a cosigner during a rolling 12-month period from October 1, 2022 through September 30, 2023.
24 Deposit products are offered through Sallie Mae Bank, Member FDIC. SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE.
Information advertised valid as of 2/26/2024.
Sallie Mae loans are made by Sallie Mae Bank.
The Sallie Mae partner referenced is not the creditor for these loans and is compensated by Sallie Mae for the referral of loan customers.
Sallie Mae Student Loans
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Rates And Fees
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Application Process
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Customer Service
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Products And Services
Overall
Summary
Sallie Mae is one of the largest providers of undergraduate and graduate school private student loans.
Pros
- Large selection of loans with low rates
- Offer a variety of repayment options
- Will lend to part-time students
- Cosigners can be released in 12 months
Cons
- Have a reputation for mixed customer service
- Only offers private loans
- Doesn’t provide pre-qualified rates
Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him on the About Page or on his personal site RobertFarrington.com.
He regularly writes about investing, student loan debt, and general personal finance topics geared toward anyone wanting to earn more, get out of debt, and start building wealth for the future.
He has been quoted in major publications, including the New York Times, Wall Street Journal, Washington Post, ABC, NBC, Today, and more. He is also a regular contributor to Forbes.
Editor: Clint Proctor Reviewed by: Richelle Hawley
