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).

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 have or does not disclose a minimum annual income eligibility requirement. Sallie Mae Student Loans only considers borrowers who are employed. Note that borrowers can add a cosigner to either meet eligibility requirements or qualify for lower interest rates.

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