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Sallie Mae Student Loans Review
ConsumersAdvocate.org Rating: 4.5 / 5 (Excellent)
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Founded in 1973, Sallie Mae, formally known as the SLM Corporation, is a consumer banking company that specializes in the origination, service, and collection of private student loans.
The company initially functioned as a federally guaranteed student loan issuer but shifted towards private student loans in recent years, transferring its federal loan portfolio to Navient.
The company initially functioned as a federally guaranteed student loan issuer but shifted towards private student loans in recent years, transferring its federal loan portfolio to Navient.
How Do We Rate Sallie Mae Student Loan?
Breakdown
4.5/5
Loan Details
4.5/5
Eligibility Criteria
4.5/5
Customer Experience
4.5/5
Additional Benefits
Our Overall Rating: 4.5 / 5 (Excellent)
Sallie Mae Student Loan Loan Specifics
Loan Details - 4.5 / 5
As the largest private student loan provider in the nation, Sallie Mae extends a host of student loan product for undergraduate, career training, and graduate students.
For a private company, their repayment options are quite flexible, allowing students to choose between deferred, fixed, and interest-only payments.
This lender also sets itself apart from similar companies by providing borrowers valuable information on the different repayment options they extend and the differences between fixed and variable interest rates, both of which they offer.
Sallie Mae offers loans that can cover from $1,000 up to 100% of the school's cost of attendance, yet they encourage consumers to borrow what they need and can pay back later.
They charge late-payment fees, yet there are no penalties for early student loan payoff.
For a private company, their repayment options are quite flexible, allowing students to choose between deferred, fixed, and interest-only payments.
This lender also sets itself apart from similar companies by providing borrowers valuable information on the different repayment options they extend and the differences between fixed and variable interest rates, both of which they offer.
Sallie Mae offers loans that can cover from $1,000 up to 100% of the school's cost of attendance, yet they encourage consumers to borrow what they need and can pay back later.
They charge late-payment fees, yet there are no penalties for early student loan payoff.
| 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
2.89% to 17.49%
Variable APR Range
4.37% to 16.99%
Disclaimer
Lowest fixed and variable rates include the auto debit discount.
Sallie Mae Student Loan Qualifications
Eligibility Criteria - 4.5 / 5
To qualify for a private student loan through Sallie Mae undergraduate students must be enrolled in an eligible institution and be U.S. citizens, permanent residents, or non-U.S. citizens enrolled in a school located in the U.S. who have a creditworthy cosigner.
Other requirements include being able to meet credit and other eligibitly criteria or having a cosigner who can provide proof of graduation, income, and citizenship.
Graduate students must meet the same eligibility requirements, yet they do not have the option of applying with a creditworthy cosigner.
Further credit requirements include not having been reported to a consumer reporting agency in over 90 days, not having been overdue in payments in the past 24 months, and not being in hardship forbearance or a modified repayment program or have previously defaulted loans.
Other requirements include being able to meet credit and other eligibitly criteria or having a cosigner who can provide proof of graduation, income, and citizenship.
Graduate students must meet the same eligibility requirements, yet they do not have the option of applying with a creditworthy cosigner.
Further credit requirements include not having been reported to a consumer reporting agency in over 90 days, not having been overdue in payments in the past 24 months, and not being in hardship forbearance or a modified repayment program or have previously defaulted loans.
| 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 - 4.5 / 5
Sallie Mae offers borrowers excellent additional services like college planning and savings plans.
The company doesn't offer 24/7 customer support, yet provides helpful resources such as FAQs and information on topics that span everything from how to find graduate scholarships to managing student debt.
Again, the company is very transparent about the cost of private student loans and encourages students to exhaust all other funding option before applying for a private loan, something not all lenders openly disclose.
The company doesn't offer 24/7 customer support, yet provides helpful resources such as FAQs and information on topics that span everything from how to find graduate scholarships to managing student debt.
Again, the company is very transparent about the cost of private student loans and encourages students to exhaust all other funding option before applying for a private loan, something not all lenders openly disclose.
| Student Loan Calculator | |
| Online Quotes | |
| Reputation | Career Support |
Discounts
With the auto-debit discount, borrowers can get a 0.25 percentage point interest rate reduction when enrolled in and making monthly payments by auto debit.
Sallie Mae Student Loan Company Reputation
Additional Benefits - 4.5 / 5
SLM Corporation, also known as Sallie Mae, has been offering consumer banking products and services since 1973.
The company is accredited by the Better Business Bureau and holds an A+ rating based on only 18 negative customer reviews. It has also received a 6.1 (Average) rating based on a single customer review.
For a corporation or its size and scope, Sallie Mae maintains an excellent reputation.
The company is accredited by the Better Business Bureau and holds an A+ rating based on only 18 negative customer reviews. It has also received a 6.1 (Average) rating based on a single customer review.
For a corporation or its size and scope, Sallie Mae maintains an excellent reputation.
| 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
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.
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. 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.
3. 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.
4. 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.
5. 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.
College Finance is not the creditor for these loans and is compensated by Sallie Mae for the referral of Smart Option Student Loan customers.
SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE.
Information valid as of 8/11/2025.
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. 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.
3. 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.
4. 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.
5. 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.
College Finance is not the creditor for these loans and is compensated by Sallie Mae for the referral of Smart Option Student Loan customers.
SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE.
Information valid as of 8/11/2025.
Company Profile
| Full Name | Sallie Mae Student Loans |
| Company Website | |
| Headquarters | 300 Continental Drive, Newark, DE, 19713 |
Top Rated
Our Partner
11 Reviews
- Variable rates 4.37% - 16.99%
- Fixed rates 2.89% - 17.49%
- 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
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The company offers private education loans, student loans, banking services, financial aid assistance, and college planning services, among others.
It handles over $180 billion of student debt from over 10 million borrowers, making it the largest student loan provider in the United States.
Sallie Mae ranks highly with us for their broad range of student loan options as well as their comprehensive services and reasonable rates for both undergraduate and graduate student loans.