Sallie Mae Student Loans Review

By Mentor Staff | Edited By Mentor Staff

Updated On December 18, 2021

Editorial Note: This content is based solely on the author's opinions and is not provided, approved, endorsed or reviewed by any financial institution or partner.

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Company Overview: Sallie Mae

Sallie is a leading student loan company that originates all types of student loans, including, but not limited to, undergraduate student loans, MBA student loans, dental school and medical school student loans, medical residency loans, dental residency loans, health professions graduate loans, bar study loans and general graduate school student loans. Founded in 1973, Sallie Mae is a publicly traded company.

How Sallie Mae Compares: Key Benefits For Student Loans

Here are some of the reasons that Sallie Mae borrowers love Sallie Mae MBA student loans:

  • Loan Customization: Sallie Mae helps you customize your student loans to find an optimal loan term length, interest rate and repayment plan.
  • Lower Rate With Cosigner: If you apply with a creditworthy cosigner, Sallie Mae may give you a lower interest rate compared to the interest rate you could get on your own.
  • Deferment and Forbearance: Sallie Mae may allow borrowers to pause their student loan payments if you return to school at least part time. Sallie Mae may also let you pause your student loan payments through a forbearance in three-month increments for a total of 12 months due to economic hardship or illness.
  • Repayment Flexibility: Sallie Mae offers multiple, flexible repayment plans so you can determine which student loan repayment plan is right for you.
  • Cosigner Release:Sallie Mae offers cosigner release after 12 months of consecutive payments. That means if you have graduated and your credit is strong, your cosigner can be released from your student loans once you have made 12 months of consecutive student loan payments. Once your cosigner is released, you will be solely responsible for payment of your student loans.

Eligibility Criteria

To apply for Sallie Mae student loans, you need to meet the following eligibility criteria:

Requirements To Apply For Sallie Mae Student Loans

Minimum Age: At least age of majority in your state

Citizenship/Residency: U.S. citizen or permanent resident (applies to co-signer too, if any)

Education: Attend school at least half-time at a qualifying school

Loan approval may depend on a number of additional factors, including, but not limited to, your (or your cosigner’s) financial history, credit profile, and monthly income vs. expenses.

Sallie Mae Repayment Plans

Sallie Mae provides several flexible repayment plans for your student loans while you are in school:

  1. Interest-Only Payment: Pay the interest only each month for 12 months after your grace period ends. This results in moderate in-school payment.
  2. Flat Payment: Make $25 payments each month while in school to reduce your accrued interest. This yields the lowest in-school payment.
  3. Deferred Payment: No in-school payments required, and you defer your student loan payment until six months after you leave school. You will pay more in interest over the life of your student loan. This yields no student loan payment while you are in school, but will result in the highest overall cost.

Next Steps: How To Apply To Sallie Mae

Sallie Mae has an excellent reputation in the student loan industry. The minimum credit score for Sallie Mae student loans is 640, although many borrowers have a credit score above 700. If you cannot get approved on your own, you can apply with a qualified, creditworthy cosigner. The good news is that most people who apply for Sallie Mae student loans apply with a cosigner, which can increase your likelihood of approval.

Next Steps: How To Apply To Sallie Mae

You can apply for a Sallie Mae student loan in 3 easy steps.

Step 1: Check your personalized student loan rate in just 2 minutes.

Step 2: Complete application and upload documents.

Step 3: Accept loan terms and get funded.

The good news is that you can check your personalized student loan rate online with Sallie Mae in 2 minutes. This way, you’ll know whether you can be approved for Sallie Mae student loans before you complete the full application. Therefore, Sallie Mae will provide you with a personalized student loan rate estimate. The pre-approval is only a soft credit pull so there is no impact to your credit.

If you have been pre-approved, the online application only takes 10-15 minutes to complete.

Applying is super easy – get your personalized rate in 2 minutes

Top Picks For Private Student Loans

December 2022

Variable APR ?APR, or Annual Percentage Rate, is the price you pay to borrow money. Variable APR means that your interest rate can fluctuate over time, which can increase or decrease your monthly student loan payment. Typically, a variable-rate loan has a lower introductory rate than a fixed-loan rate loan. Variable APR includes a 0.25% discount when you enroll in autopay.
Fixed APR ?APR, or Annual Percentage Rate, is the price you pay to borrow money. Fixed APR means that your interest rate will always stay the same. Even if interest rates change, your interest rate or monthly payment will not. Fixed APR includes a 0.25% discount when you enroll in autopay.
APR
3.24% - 14.86%
3.99% - 14.96%
3.24% - 14.96%

View Details

on College Ave's website

Overview

Variable APR:
3.24% - 14.86%
Fixed APR:
3.99% - 14.96%
Loan Type:
Graduate, Undergraduate
Minimum Loan Amount:
$1,000
Loan Terms:
5, 8, 10, 15 years
Origination Fees:
No
Prepayment Fees:
No
Co-signer Option:
No

Details

  • Student loans available to graduate, bachelors and associates degrees
  • Deferment and forbearance options may be available
  • Grace period for undergraduates: 6 months
  • Grace period for graduate students: 9 months
  • Flexible student loan repayment options
4.49% - 13.88%
4.99% - 14.83%
4.49% - 14.83%

View Details

on SoFi's website

Overview

Variable APR:
4.49% - 13.88%
Fixed APR:
4.99% - 14.83%
Loan Type:
Graduate, Undergraduate
Minimum Loan Amount:
$5,000
Loan Terms:
5, 10 and 15 years
Origination Fees:
None
Prepayment Fees:
None
Co-signer Option:
Yes

Details

  • Offer college, graduate school, law school, MBA and Parent student loans
  • Flexible repayment options
  • No late fees
  • Autopay rate discount
  • Free perks such as career planning and job search assistance
4.36% - 10.24%
3.99% - 10.32%
3.99% - 10.32%

View Details

on LendKey's website

Overview

Variable APR:
4.36% - 10.24%
Fixed APR:
3.99% - 10.32%
Loan Type:
Graduate, Undergraduate
Minimum Loan Amount:
$5,000
Loan Terms:
10
Origination Fees:
No
Prepayment Fees:
No
Co-signer Option:
Yes

Details

  • Low rates from community lenders like credit unions and community banks
  • Get lower rates with a co-signer
  • Ability to pause payments for up to 18 months if you become unemployed
  • May consider your academic credentials to help you get a lower rate
  • If you repay 10% of your loan before your loan enters full repayment period, 1.0% APR is dropped from your current interest rate
5.49% - 12.62%
5.99% - 12.85%
5.49% - 12.85%

View Details

on Citizens' website

Overview

Variable APR:
5.49% - 12.62%
Fixed APR:
5.99% - 12.85%
Loan Type:
Graduate, Undergraduate
Minimum Loan Amount:
$1,000
Loan Terms:
5, 10, 15 years
Origination Fees:
None
Prepayment Fees:
None
Co-signer Option:
Yes

Details

  • Student loans for college, graduate, medical/dental, law, MBA and Parent Loans
  • Flexible repayment options
  • Multi-year approval: no need to apply annually
  • Cosigner option
  • Forbearance and deferment options
4.72% - 14.98%
4.62% - 16.75%
4.62% - 16.75%

View Details

on Ascent's website

Overview

Variable APR:
4.72% - 14.98%
Fixed APR:
4.62% - 16.75%
Loan Type:
Graduate, Undergraduate
Minimum Loan Amount:
$2,001
Loan Terms:
5, 7, 10, 12, 15, 20 years
Origination Fees:
No
Prepayment Fees:
No
Co-signer Option:
Yes

Details

  • Student loan repayment while in school
  • 1% cash back on student loan principal at graduation
  • Co-signer release after 12 consecutive payments
  • Financial hardship forbearance available
  • No minimum income or credit score
  • Apply with or without a co-signer

Disclosures: College Ave | SoFi | LendKey | Citizens | Ascent

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