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.
Sallie Mae’s rates
(Rates valid as of October 23, 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 loans9
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 accrued10
- Interest Repayment Option: Pay interest collected while in school and through grace period.
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, which offers competitive private student loan interest rates.
Sallie Mae Bank has been accredited by the Better Business Bureau since July, 2015, and had an A+ rating as of September, 2018. 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.