Sallie Mae Student Loans Review

*Last updated August 25, 2023.

Sallie Mae^® has developed a wide range of private education loans and other education-related services to help make students' dreams of higher education a reality.

Lowest rates shown include the auto debit discount.

Why Get a Student Loan from Sallie Mae?

Students and families can invest in their education with private education loans designed to responsibly bridge the gap between personal resources and federal student aid.

Private education loans:

• Smart Option Student Loan® for Undergraduate and Career Training students

Sallie Mae is committed to serving their borrowers so they can successfully pay their loans and build their credit.

• 100% U.S. based loan originations and loan servicing representatives
• Financial literacy resources
• 24/7 account self-service available online and by phone
• Team dedicated to helping our borrowers in the military

What are the Rates and Fees for a Sallie Mae Smart Option Student Loan?

Student borrowers may select from fixed or variable interest rates.

• Smart Option Student Loans for undergraduate students have variable rates that start from 6.37% APR to 16.70% APR¹ and fixed rates that range from 4.50% APR - 15.49% APR.¹ Lowest rates shown include the auto debit discount.

Note: All rates as of August 25, 2023.

The Smart Option Student Loan for undergraduate students has a 10-15² year repayment term that will vary based on cumulative amount of borrower's loans that are serviced by Sallie Mae. Student borrowers may select from interest-only or $25 fixed monthly payments² while still in school, or they may defer payments until six months after graduation.¹

Qualifying Smart Option Student Loan customers can request to make interest-only payments for a period of 12 months after finishing school.³

There is no penalty for early payment.⁵

Does Sallie Mae Offer Discounts for Student Loans?

Yes, Borrowers who enroll in and make monthly payments by auto payment can receive a 0.25 percentage point interest rate reduction.¹

Should You Apply for a Student Loan from Sallie Mae?

If you’re looking for a lender with a strong history in the student loan space, you can’t get much better than Sallie Mae. With competitive interest rates and multiple repayment options, student loans from Sallie Mae are definitely worth your consideration.

If you'd like to learn more, go to Sallie Mae or click below.

Start Your Private Student Loan Application

Sallie Mae Student Loans Disclosures

1 Lowest rates shown include the auto debit discount.  Smart Option Student Loans for undergraduate students have variable rates that start from 6.37% APR to 16.70% APR and fixed rates that range from 4.50% APR to 15.49% APR. Advertised APRs for undergraduate students assume a $10,000 loan to a student who attends school for 4 years and has no prior Sallie Mae-serviced loans. Interest rates for variable rate loans may increase or decrease over the life of the loan based on changes to the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent.  Advertised variable rates are the starting range of rates and may vary outside of that range over the life of the loan. Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. To receive a 0.25 percentage point interest rate discount, the borrower or cosigner must enroll in auto debit through Sallie Mae. The discount applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment.

2 Examples of typical transactions for a $10,000 Smart Option Student Loan with the most common fixed rate, fixed repayment option, 6-month separation period, and two disbursements: For a borrower with no prior loans and a 4-year in-school period, it works out to a 10.28% fixed APR, 51 payments of $25.00, 119 payments of $182.67 and one payment of $121.71, for a Total Loan Cost of $23,134.44. For a borrower with $20,000 in prior loans and a 2-year in-school period, it works out to a 10.78% fixed APR, 27 payments of $25.00, 179 payments of $132.53 and one payment of $40.35 for a total loan cost of $24,438.22. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 10 years. A variable APR may increase over the life of the loan. A fixed APR will not.

3  With GRP, you can make interest-only payments instead of full principal and interest payments for the first 12 months of your repayment period or the first 12 months after your GRP request is granted, whichever is later. At the time of your GRP request, your loan must be current. A borrower may request GRP only during the six billing periods immediately preceding and the twelve billing periods immediately after the loan would normally begin requiring full principal and interest payments. GRP does not extend the loan term. If you're approved for GRP, the Current Amount Due that you have to pay each month after it ends will be higher than it otherwise would have been without GRP, and your total loan cost will increase.

4  For all undergraduate and graduate products, the Consumers may request a loan for a prior enrollment period if the following conditions are met:

• Requested loan period must be no more than 365 days from prior enrollment period end date and no less than 30 days prior the first disbursement of the loan.

• The student must have been enrolled for the prior enrollment period requested for the prior balance.

5  Although we do not charge a penalty or fee if you prepay your loan, any prepayment will be applied as outlined in your promissory note—first to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal.

Nitro College is not the creditor for these loans and is compensated by Sallie Mae for the referral of student loan customers.

Information advertised valid as of August 25, 2023.

Sallie Mae, the Sallie Mae logo and other Sallie Mae names and logos are service marks or registered service marks of Sallie Mae Bank.

Nitro and Nitro logo are service marks or registered service marks of SLM NitroCollege, LLC.

SLM Corporation and its subsidiaries, including Sallie Mae Bank and SLM NitroCollege, LLC, are not sponsored by or agencies of the United States of America.

SALLIE MAE AND NITRO COLLEGE RESERVE THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE.

©2023 SLM NitroCollege, LLC.

Advertiser Disclosures:

Nitro College is not a lender and makes no representations or warranties about your eligibility for a particular loan or financial aid. The rates and terms listed for each lender are estimates and will change depending on your credit profile and other information you provide to lenders. Lenders are solely responsible for any and all credit decisions, loan approval and rates, terms and other costs of the loan offered and may vary based upon the lender you select. Nitro College receives compensation from lenders that appear on this site.