Sallie Mae Student Loans: 2023 Review

Sallie Mae features

Sallie Mae’s private student loan offerings include undergraduate, MBA, medical school, medical residency, dental school, dental residency, health professions, law school, bar study and graduate school loans. It also offers career-training student loans.

Low rates, few fees and flexible repayment options make this lender worth considering. Sallie Mae can cover up to 100 percent of your school-certified costs of attendance, and you can take advantage of extra benefits — like free online tools.

Sallie Mae: in the details

Sallie Mae student loan requirements

Qualification requirements to take out a loan vary by loan type, and Sallie Mae’s website is scarce on exact requirements. In general, borrowers must have a history of borrowing money and paying it back on time; if you don’t have a lot of credit to your name, you can also apply with a creditworthy co-signer. You also must be applying for a loan from an eligible school, which you can see by starting an application.

Sallie Mae accepts applications from students attending:

• Full time, half time or less than half time.
• Online or on-campus classes.
• Winter or summer classes.
• Study abroad.
• Professional certification courses.
• School in a foreign country.

Non-U.S. citizens residing in and attending school in the U.S. may also qualify for a loan if they have a co-signer who is a U.S. citizen or permanent resident.

Who is this loan good for?

Sallie Mae is a great option for those interested in borrowing from a well-established lender with low rates, few fees and a variety of loan options. Borrowers with more unique educational needs, like funds for an online certification course, may have more luck finding a loan with Sallie Mae than with similar lenders.

Interest rates and terms

Sallie Mae offers one discount of 0.25 percent if you enroll in autopay. The rates presented below include this discount:

Fees and penalties

There’s no origination fee or application fee with loans from Sallie Mae. It will, however, charge a late payment fee of 5 percent of the past-due amount up to $25 and a returned check fee of up to $20.

Repayment terms and grace period

Undergraduate, graduate, MBA, health professions, dental school, medical school and law school student loans offer three main repayment options:

• Deferred: With the deferred option, you make no payments while in school and during the grace period after leaving school. After that period of time, you pay principal and interest.
• Fixed: The fixed option requires you to pay $25 per month while you’re in school and during the grace period.
• Interest: With the interest-only option, you pay only the interest on your loan while you’re in school and during the grace period. After that period, you pay interest and principal on your loan.

Undergraduates can choose a repayment term between 10 and 15 years. MBA, law, health professions and general graduate school loans have a 15-year repayment term, while medical and dental school loans have a 20-year repayment term.

Undergraduate, graduate, MBA and health profession loans have a six-month grace period. Law school loans have a nine-month grace period, dental school loans have a 12-month grace period and medical school loans have a 36-month grace period.

Bar study loans have the option of deferred repayment while you’re in school at least half time and during the nine-month grace period. Medical and dental residency loans increase this grace period to three years if you remain enrolled at least half time.

Customer service

Sallie Mae gets an “A+” rating from the Better Business Bureau, the highest possible grade. The rating takes into account complaint history and whether the business has appropriately responded to complaints, resolved them in a timely manner and made a good faith effort to resolve those complaints.

Sallie Mae’s customer service department is available via phone or mail. New student loan customers may call 855-756-5626 from 8 a.m. to 9 p.m. ET Monday through Thursday, from 8 a.m. to 8 p.m. ET on Fridays and from 10 a.m. to 2 p.m. on Saturdays.

How to apply for a loan with Sallie Mae

Though Sallie Mae has several different loan options, the process for applying is generally the same across the board. Primary borrowers or co-signers can start the application process through the lender’s website.

Here are the main steps to apply for a loan through Sallie Mae:

1. Start the process on Sallie Mae’s website. After clicking “Apply for a Loan,” you’ll provide your loan purpose, school information, name, Social Security number and contact information.
2. Complete the loan application. Answer questions and information about the loan amount desired, employment info, financial aid info and personal contacts.
3. Add a co-signer if needed. You can choose to add a co-signer or apply on your own. Sallie Mae will review your credit history after you submit your application.
4. Finish the loan process. After you complete the application, Sallie Mae might request additional info. If approved, you’ll choose a variable or fixed interest rate option and repayment option. Co-signers will need to accept the terms and sign as well. Your eligibility will be certified with your school.

Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.