Where does Sallie Mae do business?
Sallie Mae is a student loans 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%.
Sallie Mae offers fixed rate APRs that range from 5.74% to 11.85% APR.
What is the minimum loan amount?
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 loans of 5 to 15 years.
Borrowers can add a cosigner to the loan to either meet eligibility requirements or qualify for lower interest rates.
What type of borrowers will Sallie Mae consider?
Sallie Mae considers loans applications from:
- undergraduate students
- graduate students
- parents of students
How does Sallie Mae describe itself?
At Sallie Mae, we’re proud to have helped more than 30 million Americans save, plan, and pay for the education that can offer them that key. It’s a responsibility that we do not take lightly. In our 40 years we have developed responsible education loans and innovative programs to help families start saving for college.
Loan Term (Years)
5 - 15
Parents of Dependent
Student Loan Type
Up to Cost of Attendance
3.62% - 10.54%
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 as determined during the application process."
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