Sallie Mae Student Loans Review

Rating: 9.9 / 10 (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.

How is Sallie Mae rated?


Loan Specifics
Customer Experience
Company Reputation

Overall Rating: 9.9 / 10 (Excellent)

Founded as a government agency to fund education loans, Sallie Mae is now a private, publicly traded corporation that provides private student loans and other financial services. 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.

Sallie Mae Loan Specifics

Loan Specifics - 10 / 10

As the largest private student loan provider in the nation, Sallie Mae extends a host of student loan product for parents as well as undergraduate 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 loan application, origination, and late-payment fees, yet there are no penalties for early student loan payoff.
Loan Types
Career Training
Minimum Loan Amount
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 APR Range
5.74 to 11.85% for Undergraduate Private Student Loans 5.74 to 8.56% for Graduate Private Student Loans
Variable APR Range
3.62% to 10.54% for Undergraduate Private Student Loans 3.62% to 8.56% for Graduate Private Student Loans
Repayment Options
Loan Application
Loan Origination
Late Payment
Grace Period
Deferment or Forbearance
Cosigner Release

Sallie Mae Qualifications

Qualifications - 9.5 / 10

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.
Cosigner Required
Citizenship Requirement
U.S. Citizen
Permanent Legal Resident
Non-U.S. Citizen with a Cosigner

Sallie Mae Customer Experience

Customer Experience - 10 / 10

Sallie Mae offers borrowers excellent additional services like college planning and savings plans as well as perks that include up to 120 minutes of free live online tutoring from Chegg Tutors or Textbook Solutions with expert Q&As from Chegg Study. 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
Additional Services
Career Support
Offers rewards on-time payment habits

Sallie Mae Company Reputation

Company Reputation - 10 / 10

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.
Lender Type
Year Founded
BBB Rating
Number of BBB Positive Reviews
Number of BBB Negative Reviews
Trust Pilot Rating
6.1 out of 10
Date Collected

Consumer Litigation and Regulatory Actions

As one of the largest private lenders in the nation, SLM Corporation has been the object of scrutiny on several occasions. In 2012, for example, the CFPB found that Sallie Mae loan servicers were failing to provide military servicemembers with clear and accurate information about their loan repayment options and denying interest-rate protections when they failed to resubmit unnecessary paperwork. The company was asked to pay $96.6 million in restitution and penalties.

Company Profile

Full Name
Sallie Mae Student Loans
Company Website
300 Continental Drive, Newark, DE, 19713

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Top Rated
9.9 / 10
  • Multiple in-school repayment options
  • Check application status online
  • Loan e-signing
  • Free scholarship registration
  • BBB A+ rating