Where does Sallie Mae do business?

Sallie Mae is a direct lender based in Newark, DE. It was founded in 1972 and offers student loans in 50 states (and Washington, DC).

What rates does Sallie Mae offer for in-school private student loan?

Sallie Mae offers variable rate APRs that range from 3.62% to 10.54% APR. Sallie Mae offers fixed rate APRs that range from 5.74% to 11.85% APR. Many students have little or no credit history when they start college. By having a parent or other creditworthy individual cosign the loan, the student may improve their chance of approval or qualify for lower interest rates.

How much can you borrow from Sallie Mae?

Available loan amounts may vary by applicant but Sallie Mae has a minimum loan amount of $1,000.

Does Sallie Mae charge an origination fee?

No, Sallie Mae does not charge a loan origination fee.

A loan origination fee is what some lenders charge for processing, underwriting, and funding a loan. Typically fees range from 0.5% to 5% of the loan amount. Whenever possible, go with lenders that don’t charge origination fees. 

Does Sallie Mae charge prepayment fees?

No, Sallie Mae does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the loan off early.

What terms does Sallie Mae offer?

Sallie Mae provides repayment terms ranging from 5 to 15 years.

What type of borrowers will Sallie Mae consider?

Sallie Mae considers loans applications from:

  • undergraduate students
  • graduate students
  • parents of students

What do you need to qualify for a loan with Sallie Mae?

Sallie Mae doesn’t disclose its credit score minimum.

Note that borrowers can add a cosigner to the loan to either meet eligibility requirements or qualify for lower interest rates.

U.S. citizens, permanent residents, and non-residents can all apply for a Sallie Mae loan.

To qualify, applicants may need to provide the following documentation:

  • Proof of identity
  • Proof of citizenship or residence permit
  • Proof of income
  • How does Sallie Mae describe itself?

    Sallie Mae, is the nation's leading saving, planning and paying for college company. We have made a difference in students' and families' lives, helping more than 35 million Americans pay for college. There is no single way to achieve this task, so we provide a range of products to help families, whether college is a long way off or right around the corner. Our employees, products and information all promote responsible financial habits that help our customers make college happen.


    • Cosigner Optional
    • Employment Statuses Considered
      • Employed Full-Time
      • Employed Part-Time
      • Other
      • Retired
      • Self-Employed
    • Immigration Status Considered
      • U.S. Citizen
      • U.S. Permanent Resident
      • Non-Resident
    • Verification Documents Required?
      • Proof of Identity
      • Proof of Income
      • Proof of citizenship/residence
    • Grace Period / Deferred Interest (Months)
    • No Origination Fee
    • No Prepayment Fee
    • Student Loan Type
    • Credit Bureau Reporting
    • Loan Amount
      Starting at $1000
    • Loan Term (Years)
      5 - 15
    • Up to Cost of Attendance
    • Variable APR
      3.62% - 10.54%
    • Fixed APR
      5.74% - 11.85%
    The lowest rate is available only to the most qualified borrowers. Actual loan pricing is based on creditworthiness factors evaluated during the application process. Fixed interest rates and the deferred repayment option are only available to borrowers attending degree-granting institutions. Your actual interest rate will be based on creditworthiness and other factors as determined during the application process. This information is for borrowers attending degree-granting institutions only. You must be attending or have attended a participating school located in the U.S. during an eligible prior enrollment period. You must be a U.S. citizen or a permanent resident or a Non-U.S. citizen borrower with a creditworthy cosigner (who must be a U.S. citizen or permanent resident) and required U.S. Citizenship and Immigration Service (USCIS) documentation. U.S. citizens and permanent residents enrolled in eligible study abroad programs or who are attending or have attended schools located outside the U.S. are also eligible. Applications are subject to a requested minimum loan amount of $1,000. Current credit and other eligibility criteria apply. Interest rates for Fixed and Deferred Repayment Options are higher than interest rates for the Interest Repayment Option. You’re charged interest starting at disbursement, while in school and during your six-month separation or grace period. When you enter principal and interest repayment, Unpaid Interest will be added to your loan’s Current Principal. Variable rates may increase over the life of the loan. Advertised APRs assume a $10,000 loan to a freshman with no other Sallie Mae loans. Payments may be required during grace period depending on repayment option selected. Cosigner is required if the borrower does not meet the age of majority in their state or is not a U.S. citizen or U.S. permanent resident. Sallie Mae reserves the right to approve a lower loan amount than the school-certified amount. RATES AND OTHER INFORMATION ADVERTISED ARE VALID AS OF FEBRUARY 26, 2018. VARIABLE RATES MAY GO UP OR DOWN DUE TO AN INCREASE OR DECREASE IN THE LOAN'S INDEX. SALLIE MAE ALSO RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE. SLM Corporation and its subsidiaries, including Sallie Mae Bank, are not sponsored by or agencies of the United States of America.
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