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  Sallie Mae Student Loans
Sallie Mae Student Loans
in Private Student Loans from Sallie Mae
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Sallie Mae Student Loans

Unaffiliated
in Private Student Loans from Sallie Mae
SuperMoney Net Recommendation Score -50  

SUPERMONEY NET RECOMMENDATION SCORE

This product is mostly not recommended by SuperMoney users with a score of -50, equating to 2 on a 5 point rating scale.

-50

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

Mostly not recommended

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Highlights
Community Rating Mostly not recommended
Loan Amount Starting at $1,000
Fixed APR 4.5% - 14.83%
Variable APR 5.37% - 15.70%
Number of Reviews 8

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 are 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 5.37% up to 15.70%.

It offers a fixed APR that ranges from 4.5% up to 14.83%.

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?

No, Sallie Mae Student Loans 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 Student Loans offer?

Sallie Mae Student Loans provides repayment terms ranging from 10 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

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 will consider borrowers regardless of their employment status if they can prove their ability to repay their obligations.

U.S. citizens and permanent resident / green card holders are eligible to apply for the services offered by Sallie Mae Student Loans. 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

Is Sallie Mae a legit company?

Sallie Mae was founded in 1972, it is a well-established company that has been in business for 51 years. Sallie Mae Student Loans are mostly not recommended by SuperMoney community users.

Sallie Mae Student Loans Disclosure: Sallie Mae Disclosure Rates: Lowest rates shown include the auto debit discount: Additional information regarding the auto debit discount: Advertised APRs for undergraduate students assume a $10,000 loan to a student who attends school for 4 years and has no prior Sallie Mae-serviced loans. Interest rates for variable rate loans may increase or decrease over the life of the loan based on changes to the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent. Advertised variable rates are the starting range of rates and may vary outside of that range over the life of the loan. Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. To receive a 0.25 percentage point interest rate discount, the borrower or cosigner must enroll in auto debit through Sallie Mae. The discount applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment. *These rates will be effective 01/25/2022. Terms: Examples of typical costs for a $10,000 Smart Option Student Loan with the most common fixed rate, fixed repayment option, 6-month separation period, and two disbursements: For a borrower with no prior loans and a 4-year in-school period, it works out to a 10.28% fixed APR, 51 payments of $25.00, 119 payments of $182.67 and one payment of $121.71, for a Total Loan Cost of $23,134.44. For a borrower with $20,000 in prior loans and a 2-year in-school period, it works out to a 10.78% fixed APR, 27 payments of $25.00, 179 payments of $132.53, and one payment of $40.35 for a total loan cost of $24,438.22. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 10 years.
SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
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 Student Loans

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

Contact

Hours of Operation

  • Sunday Closed
  • Monday 9:00am - 5:00pm
  • Tuesday 9:00am - 5:00pm
  • Wednesday 9:00am - 5:00pm
  • Thursday 9:00am - 5:00pm
  • Friday 9:00am - 5:00pm
  • Saturday Closed

Other Services by Sallie Mae

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

Late Fee Amount Up to $25
No Interest Grace Period for Late Payment 15 days
No Origination Fee
No Prepayment Fee
Cosigner Optional
Employment Statuses Considered
  • Other
  • Employed Full-Time
  • Employed Part-Time
  • Self-Employed
  • Retired
  • Unemployed
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
Credit Bureau Reporting TransUnion
Payment Options
  • Automatic Payments
  • Check by mail
  • Bank Transfer
Loan Term 10 - 15 years
Up to Cost of Attendance
Fixed APR 4.5% - 14.83%
Variable APR 5.37% - 15.70%
Loan Amount Starting at $1,000

Sallie Mae Student Loans Community Reviews

 

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SUPERMONEY NET RECOMMENDATION SCORE

This product is mostly not recommended by SuperMoney users with a score of -50, equating to 2 on a 5 point rating scale.

-50

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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