Highlights
Community Rating	Strongly not recommended
Loan Amount	Starting at $1,000
Fixed APR	4.25% - 12.35%
Variable APR	1.25% - 11.15%
Number of Reviews	9

Sallie Mae Student Loans Review

Sallie Mae Student Loans is offered by Sallie Mae, a direct lender founded in 1972 and based in Newark, DE. Sallie Mae Student Loans is available in 50 states (and Washington, DC).

Sallie Mae Student Loans FAQ

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

Sallie Mae Student Loans has a variable APR that ranges from 1.25% up to 11.15%.

It offers a fixed APR that ranges from 4.25% up to 12.35%.

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 Student Loans?

Available loan amounts may vary by applicant but Sallie Mae Student Loans has a minimum loan amount of 1K

Does Sallie Mae Student Loans charge an origination fee?

No, Sallie Mae Student Loans 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 Student Loans charge prepayment fees?

Yes, Sallie Mae Student Loans charges additional fees to borrowers who pay off their loans sooner than anticipated. Take this into consideration when choosing a lender because prepayment fees can reduce or even cancel the interest savings of repaying a loan early.

What terms does Sallie Mae Student Loans offer?

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

What type of borrowers will Sallie Mae Student Loans consider?

Sallie Mae Student Loans considers loans applications from:

undergraduate students
graduate students
parents of students

What do you need to qualify for Sallie Mae Student Loans?

Sallie Mae Student Loans does not require or does not disclose a credit score minimum.

Sallie Mae Student Loans does not have or does not disclose a minimum annual income eligibility requirement. Sallie Mae Student Loans only considers borrowers who are employed.

U.S. citizens are, of course, eligible for the services offered by Sallie Mae Student Loans. Permanent resident / green card holders are also eligible to apply. An uncommon feature is for lenders to offer their services to non-residents. Sallie Mae is one of the few that does.

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

Proof of income
Proof of identity
Proof of citizenship or residence permit

Sallie Mae Student Loans Disclosure: 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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Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Message From Sallie Mae

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.

Message From Our Editor

What We Love About Sallie Mae Student Loans

Sallie Mae has many types of loans that can help a wide range of students and situations. The application is all online, making it extremely convenient. It doesn’t charge any origination fees or prepayment penalties, which is also helpful.

In addition to student loans, it also offers the Study Starter benefit, which provides students with a free trial of tutoring and study services aimed to help support students in their studies. Furthermore, the website is chock full of information on financing college, planning, and preparing, and resources for finding other types of funding, like scholarships and financial aid.

What Can Sallie Mae Student Loans Do Better

The downside is that there will be payment penalties if you fall behind on your repayments, and interest will continue to accrue. While the company does have forbearance options, which allow you to pause payments for three months at a time for a total of 12 months throughout your loan, interest still accrues during that period. The interest is added to the principal of your loan afterward.

The bottom line is that they offer reasonable interest rates, but, like any other type of loan, you will want to run the numbers to find out if the payments are reasonable for you while in school and afterward.

Sallie Mae Student Loans Backstory

Sallie Mae is a consumer banking company that provides student loans in the U.S. It has helped millions of American students get the funding they need.

In fact, it is the nation’s leading provider of education funding. While Sallie Mae originally provided federally guaranteed loans on behalf of the U.S. Department of Education, it now exclusively offers private student loans.

The Verdict

Sallie Mae is a leading provider of private student loans that you should consider when financing your education. However, it is far from the only option available. Before committing to any lender, you should compare the rates, fees, and terms available.

Contact

Headquarters
300 Continental Drive
Newark, DE 19806
(800) 472-5543
Visit Site

Other Services by Sallie Mae

Credit Card

Personal Credit Cards

2 Products

Availability

Available in 50 states and Washington, D.C.

Alaska
Alabama
Arkansas
Arizona
California
Colorado
Connecticut
Washington, DC
Delaware
Florida
Georgia
Hawaii
Iowa
Idaho
Illinois
Indiana
Kansas
Kentucky
Louisiana
Massachusetts
Maryland
Maine
Michigan
Minnesota
Missouri
Mississippi
Montana
North Carolina
North Dakota
Nebraska
New Hampshire
New Jersey
New Mexico
Nevada
New York
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
Tennessee
Texas
Utah
Virginia
Vermont
Washington
Wisconsin
West Virginia
Wyoming

Feature Breakdown

No Interest Grace Period for Late Payment	6 days
No Origination Fee

Sallie Mae Student Loans Community Reviews

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Cosigner Optional
Employment Statuses Considered	Other Employed Full-Time Employed Part-Time Self-Employed Retired
Immigration Status Considered	U.S. Citizen U.S. Permanent Resident Non-Resident
Verification Documents Required	Proof of citizenship/residence (Green Card) Proof of Income Proof of Identity

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