With over 45 years of experience in the student loan industry, Sallie Mae is one of the most well-known student loan companies in business. So if you’re considering taking out private student loans, Sallie Mae could be a good choice.
Sallie Mae private student loans overview
Sallie Mae offers many types of private student loans to students, parents, or sponsors of students. It also offers medical or dental residency loans as well as bar study loans.
If you decide to take out student loans with Sallie Mae, here’s what you need to know:
|Loan amounts||Students can borrow up to 100% of the school-certified cost of attendance|
|Loan terms||5-15 years|
|Fees||No origination fee and no penalty for paying your loan off early|
|Discounts||Get a 0.25 percentage point interest rate reduction for automatic debit enrollment|
|Citizenship/Residency||U.S. Citizen or U.S. Permanent Resident. Non-U.S. citizen students, including DACA students attending a school located in the U.S., are eligible to apply with a creditworthy cosigner who is a U.S. citizen or U.S. permanent resident with required U.S. Citizenship and Immigration Service (USCIS) documentation. Please visit SallieMae.com for more information|
|Enrollment||Available to students enrolled full-time, half-time, and less than half-time. Specialized graduate loans are also available.|
|Income||Contact lender directly for details|
|Repayment||Multiple repayment options—Choose monthly in-school payments (interest or fixed monthly amount) or defer payments until after leaving school
Undergraduate students who choose the Interest Repayment Option receive an interest rate that is 1 percentage point lower than the Deferred Repayment Option
Graduated Repayment Period - Request to make 12 monthly interest-only payments after you finish school
|Cosigner info||You may apply to release your cosigner from the loan after you graduate, make 12 on-time principal and interest payments, and meet certain credit requirements|
|Other perks||Get Quarterly FICO® Credit Scores online for free—You can view your quarterly FICO® Score on your Sallie Mae account, along with access to the key factor(s) affecting your score and educational content to help you understand why your FICO® Score is important. This free benefit is available to both borrowers and cosigners|
|Loan servicer:||Sallie Mae|
How to get private student loans with Sallie Mae
Before applying for and taking out a private student loan, you should consider your options and rates from different lenders. You can use Credible to quickly and easily compare private student loan lenders. You can even check your prequalified rates without a hard credit pull (so it won’t affect your credit).
The company above is one of Credible’s approved partner lenders. Because they compete for your business through Credible, you can request rates from them by filling out a single form. Then, you can compare your available options side-by-side. Requesting rates is free, doesn’t affect your credit score, and your personal information is not shared with our partner lenders unless you see an option you like. Credible receives compensation if you close a loan with one of our partner lenders. The rates you receive and the fees you pay (if any) are not impacted by this compensation.