Strongly not recommended
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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 has a variable APR that ranges from 3.62% up to 10.54%.
It offers a fixed APR that ranges from 5.74% up to 11.85%.
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.
Sallie Mae only considers borrowers who are employed
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:
- Washington, DC
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- West Virginia
- Employed Full-Time
- Employed Part-Time
- U.S. Citizen
- U.S. Permanent Resident
- Proof of Identity
- Proof of Income
- Proof of citizenship/residence (Green Card)