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Last update: March 12, 2024
3 minutes read
Sallie Mae: Private Student Loan Review
Explore our comprehensive Sallie Mae private student loan review, where we examine interest rates, repayment options, eligibility criteria, and additional benefits.
By Brian Flaherty, B.A. Economics
Edited by Rachel Lauren, B.A. in Business and Political Economy
Learn more about our editorial standards
Sallie Mae Review Snapshot
BEST FOR:
Part-time or half-time students
VARIABLE APR
5.04% - 15.21%¹
FIXED APR
3.49% - 15.49%¹
By Brian Flaherty, B.A. Economics
Edited by Rachel Lauren, B.A. in Business and Political Economy
Learn more about our editorial standards
Many students seeking funds for their education have found Sallie Mae to be a reliable source. But what's the real deal? Is it the best choice for you? Let's uncover the truth together.
Our final verdict
Whether you’re a traditional student, going into specialized sectors like medicine or law, or even looking for part-time schooling, Sallie Mae is a solid bet. Their wide array of student loans, paired with free extras like quarterly FICO score reporting, make them a solid choice.
About Sallie Mae
Sallie Mae, standing tall since 1973, has undergone significant transformations to cater to the needs of students. Initially functioning as a federally guaranteed student loan program, it shifted its gears in 2014 to focus solely on private student loans. This shift has allowed it to provide more tailored services to its customers, including part-time students and non-U.S. citizens (such as DACA students).
They also offer unique resources such as college planning tools, scholarships, and educational articles, which are helpful for new student loan borrowers.
TuitionHero tip
Remember to borrow wisely and always explore federal loans, grants, scholarships, and work-study options before taking out a private student loan. Our user-friendly platform lets you explore and compare college financing options personalized to your unique situation.
Undergraduate loan details
Sallie Mae provides loans that range from $1,000 up to Up to 100% of attendance costs (aggregate) for undergraduate students. They offer fixed rates from 3.49% to 15.49% or variable rates from 5.04% to 15.21% (including the autopay discount!).
Borrowers can rest easy knowing that there are:
- No origination fees
- No prepayment penalties
Adding a cosigner to your loan, such as a friend or relative with strong credit, may also be an attractive option because you may likely get a lower rate and a higher chance of approval.
Repayment options
Sallie Mae offers various hardship and other repayment options that provide borrowers with relief during times of financial stress. Some choices include deferring payments until after graduation, making interest-only payments while in school, or temporarily making partial payments.
Grace period: 6 months
5.04% - 15.21%¹
3.49% - 15.49%¹
$1,000 - 100% of attendance costs
10 to 15-year (5)
Mid-600s
5.04% - 15.21%¹
3.49% - 15.49%¹
$1,000 - 100% of attendance costs
10 to 15-year (5)
Mid-600s
WHAT WE LIKE 
Sallie Mae accommodates part-time, non-U.S., and DACA students
They cover all school-certified costs
They provide free study resources and cost calculators
Their loans are available for less than half-time, online, summer, abroad, and certification students
A 12-month path to cosigner release is offered
No early payment penalty
Offers a 0.25% discount for setting up autopay
WHAT WE DON'T LIKE 
A hard credit check is required to determine qualification and rate
You can't get a personalized interest rate estimate until you apply
Limited repayment options
Autopay discount: Get a 0.25 percentage point interest rate reduction when you pay by auto debit from your bank account.
Eligibility
Who can benefit from Sallie Mae's loan options? Here are the core eligibility requirements for their private student loans:
Age: You must be at least 18 years or the age of majority in your state of residence
Class load: Sallie Mae offers private student loans to undergraduate students and career training students who are taking a full class load, just a few classes, enrolled in a winter or summer term, or studying abroad
Location: Sallie Mae private student loans are available in all 50 U.S. states
School attended: Students must pursue a bachelor’s degree, associate’s degree or a certificate at an eligible institution (specificed in their online application)
Academic performance: Requirements vary by university but in general, you need to complete enough credits and maintain decent grades to earn a degree within a set timeframe
TuitionHero tip
If you're not eligible, try applying with a cosigner! Adding a cosigner to your loan application may help you get a lower interest rate and increase your chances of being approved.
Compare Sallie Mae to other lenders
Unsure if Sallie Mae is the right lender for you? Take a moment to check out some of their biggest competitors to see which lender works best for you.
Our top pick
Sallie Mae
5.04% - 15.21%¹
3.49% - 15.49%¹
Disclosures
Grace period- Immediate repayment
- Fixed repayment
- In-school deferment
- No prepayment penalties
- No origination fees
Sallie Mae
Disclosures
5.04% - 15.21%¹
3.49% - 15.49%¹
- Grace period
- Immediate repayment
- Fixed repayment
- In-school deferment
- No prepayment penalties
- No origination fees
Sallie Mae
Disclosures
5.04% - 15.21%¹
3.49% - 15.49%¹
- Grace period
- Immediate repayment
- Fixed repayment
- In-school deferment
- No prepayment penalties
- No origination fees
Ready to get started?
Compare student loan rates from all the top lenders with zero impact on your credit score.
Customer service
Customer support can be a make-or-break factor when evaluating a potential lender. Sallie Mae offers multiple ways to contact them.
- Website: www.salliemae.com
- Email: customerservice@salliemaesolutions.com
- Phone: 855-756-5626
- Hours: Mon–Thu: 8 a.m. to 9 p.m. ET; Fri: 8 a.m. to 8 p.m. ET; Sat: 10 a.m. to 2 p.m. ET
Frequently asked questions (FAQ)
Here are some of the most common questions we get asked about Sallie Mae.
Sallie Mae's undergraduate loans have a six-month grace period after you leave school, during which you are not required to make principal and interest payments.
Yes, you can apply for a Sallie Mae loan without a cosigner. However, having a co-signer increases the chances of loan approval and possibly securing a lower interest rate.
Sallie Mae offers assistance like temporary payment reductions or forbearance (a period during which you can stop making payments) for those facing financial hardship. However, interest continues to accrue during forbearance.
No. Only federal student loans qualify for student loan forgiveness programs. So, make sure you've explored all federal loan options before taking on a private student loan from Sallie Mae or any other private lender.
Sallie Mae's loans come free of origination or application fees. That can be a little bonus when you're trying to escape the grip of excess charges.
Sallie Mae offers free access to monthly FICO scores and four months of free access to Chegg through an exclusive Study Starter℠ offer. Salle Mae also offers scholarship recommendations, expense calculators, and free study guides. You may also want to look into their credit card, which offers 2% cash back for your loan.
Final thoughts
Sallie Mae offers comprehensive solutions, including full-time as well as part-time and non-U.S. citizen students. The inclusivity, transparency, and borrower benefits are commendable.
Choosing a lender should not be made lightly. At TuitionHero, we're committed to guiding you through these important financial choices. We provide you with information on many financial services like private student loans, student loan refinancing, scholarships, FAFSA assistance, and credit card offers to suit your diverse needs.
We believe in empowering you with all the necessary information to make the best decision for your unique situation. So whether it's about comparing loan options or seeking the best scholarships, remember that TuitionHero is your trusted ally in your educational journey.
Sources
Author
Brian Flaherty
Brian is a graduate of the University of Virginia where he earned a B.A. in Economics. After graduation, Brian spent four years working at a wealth management firm advising high-net-worth investors and institutions. During his time there, he passed the rigorous Series 65 exam and rose to a high-level strategy position.
Editor
Rachel Lauren
Rachel Lauren is the co-founder and COO of Debbie, a tech startup that offers an app to help people pay off their credit card debt for good through rewards and behavioral psychology. She was previously a venture capital investor at BDMI, as well as an equity research analyst at Credit Suisse.
At TuitionHero, we're not just passionate about our work - we take immense pride in it. Our dedicated team of writers diligently follows strict editorial standards, ensuring that every piece of content we publish is accurate, current, and highly valuable. We don't just strive for quality; we aim for excellence.
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