Sallie Mae is a widely utilized private student loan lender. To date, they have provided loans to more than 30 million undergraduate, graduate, and professional students. Because of the size of Sallie Mae, they have the ability to offer competitive interest rates for both variable and fixed interest loans, as well as valuable benefits and incentives.
Recently, Sallie Mae selected Navient as the name for their new loan management, servicing and asset recovery company. Navient has now split off and is a publicly traded company. It is expected to service more than $300 billion in student loans and many borrowers who took out Sallie Mae student loans may now be under management by Navient.
Sallie Mae’s rates
Loan Term Fixed: 5.74%+
5-15 years Get offers
(Rates valid as of April 2018)
If eligible for a loan, students can borrow up to the full cost of their college education. Because of this feature, many use Sallie Mae student loans to cover the difference between their full financial need, and federal grants and loans that they have already received.
Repaying Sallie Mae student loans
While a student is still enrolled in school, Sallie Mae offers flexibility in loan repayment. Students have three modified repayment options that are valid through the six month grace period after graduation.
- Defer Repayment Option: Defer the loan entirely while in school or pay as much as you like.
- Fixed Repayment Option: Pay only $25 while in school to help reduce your total interest accrued
- Interest Repayment Option: Pay interest collected while in school and through grace period.
Sallie Mae student loan consolidation options
With Sallie Mae student loans, borrowers also have the option to consolidate their student loans. For those with more than one federal loan, this federal consolidation with take a weighted average of existing federal student loans to help simplify repayment.
If you are interested in a lowering your interest rate on the other hand, consider refinancing and consolidating with a private lender.
How does Sallie Mae compare?
If you are looking to get a private student loan, it is most likely that you have already heard of Sallie Mae. The company offers competitive private student loan interest rates as well as consolidation options for graduates.
Sallie Mae Bank has been accredited by the Better Business Bureau since July, 2015, and had an A+ rating as of May, 2016. Factors that raised Sallie Mae’s rating included the number of complaints received for a business of its size, and its response to and resolution of those complaints.
However, don’t take our word for it – look for yourself. If you’re considering getting a private student loan, make sure you understand all options available to you. Through our no-cost platform, you can compare multiple lenders quickly and easily, allowing you to make an informed financial decision.
Credible is a multi-lender marketplace that allows borrowers to request competitive loan offers from vetted lenders, without affecting their credit scores.