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Sallie Mae: private student loans review
Dive into our comprehensive review of Sallie Mae's student loans, analyzing their flexible terms, diverse options, and enticing perks.
Edited by Rachel Lauren
Learn more about our editorial standards
Many students seeking funds for their education have found Sallie Mae to be a reliable source. But what's the real deal? Is it the best choice for you? Let's uncover the truth together.
Our final verdict
Whether you’re a traditional student, going into specialized sectors like medicine or law, or even looking for part-time schooling, Sallie Mae is a solid bet. Their wide array of student loans, paired with free extras like quarterly FICO score reporting, make them a solid choice.
About Sallie Mae
Sallie Mae, standing tall since 1973, has undergone significant transformations to cater to the needs of students. Initially functioning as a federally guaranteed student loan program, it shifted its gears in 2014 to focus solely on private student loans. This shift has allowed it to provide more tailored services to its customers, including part-time students and non-U.S. citizens (such as DACA students).
They also extend a helping hand by offering unique resources such as college planning tools, scholarships, and educational articles, which are helpful for new student loan borrowers.
TuitionHero tip
Remember to borrow wisely and always explore federal loans, grants, scholarships, and work-study options before taking out a private student loan. Our user-friendly platform lets you explore and compare college financing options personalized to your unique situation.
Undergraduate loan details
Sallie Mae provides loans that range from $1,000 up to Up to 100% of attendance costs (aggregate) for undergraduate students. They offer fixed rates from 4.50% to 15.49% or variable rates from 6.37% to 16.70% (including the autopay discount!).
Borrowers can rest easy knowing that there are:
No origination fees
No prepayment penalties
Adding a cosigner to your loan, such as a friend or relative with strong credit, may also be an attractive option because you may likely get a lower rate and a higher chance of approval.
Repayment options
Sallie Mae offers various hardship and other repayment options that provide borrowers with relief during times of financial stress. Some choices include deferring payments until after graduation, making interest-only payments while in school, or temporarily making partial payments.
Grace period: 6 months
VARIABLE APR
6.37% - 16.70%¹
FIXED APR
4.50% - 15.49%¹
LOAN AMOUNT
$1,000 - 100% of attendance costs
TERMS LENGTH
10 to 15-year (6)
MIN CREDIT SCORE
Mid-600s
VARIABLE APR
6.37% - 16.70%¹
FIXED APR
4.50% - 15.49%¹
LOAN AMOUNT
$1,000 - 100% of attendance costs
TERMS LENGTH
10 to 15-year (6)
MIN CREDIT SCORE
Mid-600s
Autopay discount: Get a 0.25 percentage point interest rate reduction when you pay by auto debit from your bank account.
Eligibility
Who can benefit from Sallie Mae's loan options? Here are the core eligibility requirements for their private student loans:
TuitionHero tip
If you're not eligible, try applying with a cosigner! Adding a cosigner to your loan application may help you get a lower interest rate and increase your chances of being approved.
Compare Sallie Mae to other lenders
Unsure if Sallie Mae is the right lender for you? Take a moment to check out some of their biggest competitors to see which lender works best for you.
Our top pick
College Ave
Disclosures
5.59% - 16.99%¹
5.05% - 16.99%¹
- Grace period
- Immediate repayment
- Fixed repayment
- In-school deferment
- No application fees
- No prepayment penalties
- No origination fees
College Ave
Disclosures
5.59% - 16.99%¹
5.05% - 16.99%¹
- Grace period
- Immediate repayment
- Fixed repayment
- In-school deferment
- No application fees
- No prepayment penalties
- No origination fees
College Ave
Disclosures
5.59% - 16.99%¹
5.05% - 16.99%¹
- Grace period
- Immediate repayment
- Fixed repayment
- In-school deferment
- No application fees
- No prepayment penalties
- No origination fees
Earnest
Disclosures
5.62% - 16.20%
4.42% - 15.90%
Earnest
Disclosures
5.62% - 16.20%
4.42% - 15.90%
Earnest
Disclosures
5.62% - 16.20%
4.42% - 15.90%
SoFi
Disclosures
5.99% - 13.97%
4.49% - 13.80%
SoFi
Disclosures
5.99% - 13.97%
4.49% - 13.80%
SoFi
Disclosures
5.99% - 13.97%
4.49% - 13.80%
Ready to get started?
Compare student loan rates from all the top lenders with zero impact on your credit score.
Customer service
Customer support can be a make-or-break factor when evaluating a lender. Sallie Mae offers multiple ways to contact them.
Website:
Email:
Phone:
Hours:
Frequently asked questions (FAQ)
Here are some of the most common questions we get asked about {{lender_name}}.
Sallie Mae's undergraduate loans have a six-month grace period after you leave school, during which you are not required to make principal and interest payments.
Yes, you can apply for a Sallie Mae loan without a cosigner. However, having a co-signer increases the chances of loan approval and possibly securing a lower interest rate.
Sallie Mae offers assistance like temporary payment reductions or forbearance (a period during which you can stop making payments) for those facing financial hardship. However, interest continues to accrue during forbearance.
No. Only federal student loans qualify for student loan forgiveness programs. So, make sure you've explored all federal loan options before taking on a private student loan from Sallie Mae or any other private lender.
Sallie Mae's loans come free of origination or application fees. That can be a little bonus when you're trying to escape the grip of excess charges.
Sallie Mae offers free access to monthly FICO scores and four months of free access to Chegg through an exclusive Study Starter℠ offer. Salle Mae also offers scholarship recommendations, expense calculators, and free study guides. You may also want to look into their credit card, which offers 2% cash back for your loan.
Final thoughts
Sallie Mae offers comprehensive solutions, including full-time as well as part-time and non-U.S. citizen students. The inclusivity, transparency, and borrower benefits are commendable.
Choosing a lender should not be made lightly. At TuitionHero, we're committed to guiding you through these important financial choices. We provide you with information on many financial services like private student loans, student loan refinancing, scholarships, FAFSA assistance, and credit card offers to suit your diverse needs.
We believe in empowering you with all the necessary information to make the best decision for your unique situation. So whether it's about comparing loan options or seeking the best scholarships, remember that TuitionHero is your trusted ally in your educational journey.
Sources
Author
Brian Flaherty
Brian is a graduate of the University of Virginia where he earned a B.A. in Economics. After graduation, Brian spent four years working working at a wealth management firm advising high-net-worth investors and institutions. During his time there, he passed the rigorous Series 65 exam and rose to a high-level strategy position.
Editor
Rachel Lauren
Rachel Lauren is the co-founder and COO of Debbie, a tech startup that offers an app to help people pay off their credit card debt for good through rewards and behavioral psychology. She was previously a venture capital investor at BDMI, as well as an equity research analyst at Credit Suisse.
At TuitionHero, we're not just passionate about our work—we take immense pride in it. Our dedicated team of writers diligently follows strict editorial standards, ensuring that every piece of content we publish is accurate, current, and highly valuable. We don't just strive for quality; we aim for excellence.
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