Best for:
- Part-time undergraduate students
- Those who can make interest-only payments while in school
If you’ve tapped out your college financial aid, Sallie Mae Bank offers private student loans with a range of repayment plans that can help you close funding gaps. Learn how Sallie Mae private student loans can help you pay for tuition and living expenses while you earn your undergraduate degree.
In this post:
- Sallie Mae loan details
- Sallie Mae student loan review
- How Sallie Mae compares to other lenders
- How to take out student loans with Sallie Mae
Sallie Mae undergraduate loans: Interest rates, loan terms, and fees
Sallie Mae offers fixed-rate and variable-rate loans to full-time and part-time students with flexible repayment options. You can defer payments until six months after leaving school, but you’ll save money if you make interest-only or partial interest payments while in school.
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| Loan amounts | $1,000 up to 100% of school-certified cost of attendance |
| Loan terms | 5 to 15 years (undergraduate loans) |
| Loan products | Undergraduate Smart Option Student Loan |
| Interest rates | Fixed or variable |
| Fees | No application, origination, or disbursement fees |
| Prepayment penalty | None |
| Cosigner info | Cosigner release available after 12 consecutive on-time payments |
| Discounts |
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| Residency |
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| Enrollment |
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| Repayment |
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| Loan servicer | Sallie Mae |
See: The Best Private Student Loan Companies
Sallie Mae student loan review
Sallie Mae offers the undergraduate Smart Option Student Loan which you apply for just once a year. The funds are sent directly to your school each term.
How to qualify
With Sallie Mae, you can apply to have your cosigner released from their obligation after making 12 consecutive on-time monthly payments.
Borrowers must be attending a participating U.S. school and be a U.S. citizen or a permanent resident. Non-U.S. citizens can apply with a cosigner who is a U.S. citizen or permanent resident if they also have required U.S. Citizenship and Immigration Service (USCIS) documentation.
Repayment options
Sallie Mae offers a range of repayment plans and loan terms. The options available to you will depend on the type of loan you take out. Most Sallie Mae loans allow you to defer payments until six months after you leave school, but keep in mind you’ll save money if you can make monthly interest-only or $25 flat fee payments.
There are three repayment plans for the Sallie Mae Undergraduate Smart Option Student Loan:
- In-school deferment: You make no monthly payments until six months after leaving school. Because interest starts accruing as soon as you take out your loan, this is typically the costliest repayment plan.
- Interest only: You pay the interest you owe each month while in school, so your loan balance doesn’t grow while you’re in school.
- Partial interest: You pay a flat fee of $25 a month while still in school, which typically takes care of some, but not all of the interest you owe
There are no penalties for student loan prepayment. So no matter which repayment plan you choose, you can always make more than the minimum monthly payment (use our student loan repayment calculator to see how much this strategy can save you).
You also choose a loan repayment term when you apply for a private student loan. Repayment terms for Sallie Mae loans are:
- Undergraduate Smart Option Student Loan: 5 to 15 years
How Sallie Mae compares to other lenders
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| Rates from (APR) | Fixed: 4.89%+2 Variable: 2.75% - 10.22%9 | Fixed: 4.89%+2 Variable: 2.84%+2 | Fixed: 4.40%+1 Variable: 2.73%+1 |
| Loan amounts | $1,000 up to 100% of your school-certified cost of attendance | $1,000 up to 100% of your school-certified cost of attendance | $1,000 to $350,000 (depending on degree type) |
your credit score. 100% free! |
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Lowest APRs reflect autopay, loyalty, and interest-only repayment discounts where available | 1Citizens Bank Disclosures | 2,3College Ave Disclosures | 6Discover Disclosures | 7SunTrust Bank Disclosures | 9Sallie Mae Disclosures |
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Citizens Bank Student Loan Rate Disclosure Variable rate, based on the one-month London Interbank Offered Rate ("LIBOR") published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of December 1, 2019, the one-month LIBOR rate is 1.70%. Variable interest rates range from 2.73%-11.06% (2.73%-10.91% APR) and will fluctuate over the term of the loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a co-signer. Fixed interest rates range from 4.40%-12.19% (4.40% - 12.04% APR) based on applicable terms, level of degree earned and presence of a co-signer. Lowest rates shown requires application with a co- signer, are for eligible applicants, require a 5-year repayment term, borrower making scheduled payments while in school and include our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens Bank is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of the loan. |
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How Sallie Mae can improve
Sallie Mae could improve its loan offerings by:
- Providing personalized rates without a credit check
- Publishing minimum income and credit score requirements
How to take out student loans with Sallie Mae
Sallie Mae student loans can be a great match for many students, particularly part-time students. But because lenders compete for your business, comparing rates from multiple lenders can help you find the best private student loans.
Credible makes it easy to compare rates from multiple student loan lenders with just one form. You can also check your prequalified rates without a hard credit pull, so it won’t affect your credit.
See Your Rates
Checking rates will not 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.
