Sallie Mae Student Loans Review


Rating: 9.3 / 10 (Excellent)
Disclosure: We receive advertising revenue from this partner. Learn more.
How is Sallie Mae rated?
9/10
Maximum Loan Limit
10/10
Repayment Options
8/10
Student Loan Rates
10/10
Loan Terms
9/10
Qualifying
10/10
Rewards and Discounts
10/10
Loan Related Fees

Sallie Mae - Overview

Originally set up 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 provides Education Loans, Banking, Financial Aid, College Savings, Student Loans, College Planning and Scholarship services. Headquartered in Delaware, the company employs over 1,400 people and has offices nationwide. As Sallie Mae handles over $180 billion of student debt from over 10 million borrowers, they are the largest student loan provider in the United States. 

Student Loans Offered

Sallie Mae offers multiple types of student loans for undergraduate and graduate student. They also provide K-12 Family Education Loan to help parents give their children a good private school education. The company allows their customers to manage their loans with their online account access and useful details where borrowers can review and learn about their loan.

Undergraduate Student Loan

  • Smart Option Student Loan
  • Career Training Smart Option Student Loan

Graduate Student Loan

  • Smart Option Student Loan
  • Dental Residency and Education Loan
  • Bar Study Loan
  • Medical Residency and Relocation Loan

K-12 Loan

  • K-12 Family Education Loan

Maximum Loan Limit

Minimum Loan Amount

Varies

Maximum Loan Amount

Up to 100% of the school-certified cost of attendance

Repayment Options

Sallie Mae’s Smart Option Student Loans for undergraduate students offers three repayment options to their customers which are deferred, fixed, and interest. The direct loan service provider also has benefits offered to graduate student’s Smart Option Loan which gives them lower pricing and repayment options.

Student Loan Rates

Fixed Rate

Variable Rate

Rates

For Undergraduate Smart Option Student Loan

Variable Rates: From 2.50% APR to 9.59% APR
Fixed Rates: From 5.74% APR to 11.85% APR

For Graduate Smart Option Student Loan

Variable Rates: From 2.50% APR to 7.51% APR
Fixed Rates: From 5.74% APR to 8.56% APR

**25% interest rate reduction while enrolled to make scheduled monthly payments by automatic debit for both Smart Option Student Loans

Loan Terms

Sallie Mae enables their customers to design their own loan for them to determine the best loan type for them. Customers can get up to 100% of the school-certified cost of attendance for undergraduate student loans and competitive rate and product features for graduate student loans.

Loan Term Period

4 years in school + 6 month grace period

Qualifying

Private Student Loans for Undergraduates

  • Must be attending a participating school or have enrolled in one eligible institution
  • U.S. Citizen/Permanent Resident/Non-U.S. citizen borrower who is attending or has enrolled to a school located in U.S. (Must apply with a creditworthy co-signer)
  • Must be able to meet credit and other eligibility criteria
  • Co-signer must provide proof of graduation, income, and citizenship
  • Must not have been reported to a consumer reporting agency as over 90 days overdue in the past 24 months
  • Must not be in hardship forbearance or a modified repayment program
  • Should not  have no student loan(s) in default

Private Graduate Student Loans

  • Must be attending degree-granting institutions only
  • Must be U.S. Citizen or Permanent resident
  • Must provide proof of income, graduation, and citizenship
  • Must not have been reported to a consumer reporting agency as over 90 days overdue in the past 24 months
  • Must not be in hardship forbearance or a modified repayment program
  • Should not  have no student loan(s) in default

*Please take note that all requirements are subjected to change and must contact Sallie Mae directly for details

Online Application

College Scholarship Search

Student Loan Calculator

Application Process Time

A few minutes

Help and Support

Live Chat

Email

Phone

FAQs

Loan Related Fees

Origination Fee

Loan Application Fee

Late Fee

Varies

 

Student Loans at Sallie Mae

Sallie Mae makes it to our list of top Student Loan companies because it offers custom-tailored student loans with flexible and reasonable rates both for graduate and undergraduate students. 

Start your review for Sallie Mae Student Loans