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Sallie Mae Student Loans Review
ConsumersAdvocate.org Rating: 4.5 / 5 (Excellent)
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How is Sallie Mae Student Loan rated?
Breakdown
Overall Rating: 4.5 / 5 (Excellent)
Sallie Mae Student Loan Loan Specifics
Loan Details - 4.6 / 5
Loan Types | Undergraduate Graduate Career Training |
Minimum Loan Amount | 1,000 |
Maximum Loan Amount | Up to 100% of the School's Cost of Attendance |
Loan Term | Private student loan terms usually depend on the time it takes the student to complete his or her degree, which is typically four years. |
Interest Rates | Fixed Variable |
Repayment Options | Interest Deferred Fixed |
Fees | Late Payment |
Grace Period | |
Deferment or Forbearance | |
Cosigner Release |
Fixed APR Range
Variable APR Range
Disclaimer
Sallie Mae Student Loan Qualifications
Eligibility Criteria - 4.5 / 5
Cosigner Required | |
Citizenship Requirement | U.S. Citizen Permanent Legal Resident Non-U.S. Citizen with a Cosigner |
Sallie Mae Student Loan Customer Experience
Customer Experience - 4.6 / 5
Student Loan Calculator | |
Online Quotes | |
Reputation | Career Support |
Discounts
Sallie Mae Student Loan Company Reputation
Additional Benefits - 4.6 / 5
Lender Type | Bank |
Year Founded | 1973 |
BBB Rating | A+ |
Number of BBB Positive Reviews | 0 |
Number of BBB Negative Reviews | 18 |
Trust Pilot Rating | 6.1 out of 5 |
Date Collected | 2018-03-28 |
Company's Disclosure
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.
1. Advertised APRs for undergraduate students assume a $10,000 loan to a student who attends school for 4 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.
2. In 2021, instant credit decisions were provided to 97% of applicants. Other applications typically received credit decisions in 3 to 5 business days.
3. Although we do not charge a penalty or fee if you prepay your loan, any prepayment will be applied as outlined in your promissory note—first to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal.
4. Loan amount cannot exceed the cost of attendance less financial aid received, as certified by the school. Sallie Mae reserves the right to approve a lower loan amount than the school-certified amount. Miscellaneous personal expenses (such as a laptop) may be included in the cost of attendance for students enrolled at least half-time.
5. 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, 2020 through September 30, 2021.
6. 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.
SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE.
Information valid as of 10/25/2024. Smart Option Student Loans® are made by Sallie Mae Bank. Sallie Mae, the Sallie Mae logo, and other Sallie Mae names and logos are service marks or registered service marks of Sallie Mae Bank. All other names and logos used are the trademarks or service marks of their respective owners.
©2024 Sallie Mae Bank. All rights reserved. SLM Corporation and its subsidiaries, including Sallie Mae Bank, are not sponsored by or agencies of the United States of America.
Company Profile
Full Name | Sallie Mae Student Loans |
Company Website | |
Headquarters | 300 Continental Drive, Newark, DE, 19713 |
- Variable rates 5.04% - 15.21%
- Fixed rates 3.49% - 15.49%
- Lowest rates shown include 0.25 percentage point interest rate discount with auto debit payments.¹
- Applying online is easy - you could receive a credit result in about 10 minutes.
- Multiple repayment options from in-school payments to deferred.¹ No origination fee or prepayment penalty.²
- Borrow up to 100% of school-certified expenses, whether you're online or on campus.³
- Last year, students were 4x more likely to be approved with a cosigner.⁴