Sallie Mae Student Loans Review

*Last updated October 2018.

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With over 40 years of experience, Sallie Mae® has developed a wide range of private education loans, retail bank products, and other education-related services to help make students' dreams of higher education a reality.

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:

Plan for College is a one-stop resource offering free tools, calculators, and information to help students and families put a plan in place to pay for college.

  • Plan for College resources on SallieMae.com
  • Scholarship Search Tool by Sallie Mae

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
 
 
 Loans Student Parent
Rates (APR) 4.37%-11.85%1 5.87% - 12.87%2
Loan Types Variable & Fixed Variable & Fixed
Terms 5-15 years3 10 Years4
Degrees Undergrad Undergrad & Graduate
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What Are the Benefits of a Sallie Mae's Smart Option Student Loan?

Sallie Mae has some of the most competitive interest rates for student loans (as of October 2018). Variable interest rates for the Smart Option Student Loan for undergraduates start from 4.37% to 11.23% APR.1

In terms of repayment, Sallie Mae's Smart Option Student Loan has a rather unique offering that may appeal to students who are concerned with landing full-time employment right after finishing school. Students who maintain their Sallie Mae loans in good standing can request to make 12 monthly interest-only payments instead of full principal and interest payments after they finish school.5

Qualifying customers may request the Graduated Repayment Period during the six billing periods before and the 12 billing periods immediately after the loan first enters principal and interest repayment. However, it’s important to note that this option will not extend the loan term. That means later monthly payments will be higher, as the total loan cost will increase.

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Who Is Eligible For Sallie Mae Students Loans?

Sallie Mae Smart Option Student Loan® for Undergraduate Students:

  • Students enrolled, accepted for enrollment, or previously enrolled at an eligible degree-granting institution within the last 365 days
  • Students who are U.S. citizens or U.S. permanent residents and with required evidence of citizenship
  • U.S. citizens and U.S. permanent residents in eligible study abroad programs or studying at select schools outside the U.S.
  • 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, and with required U.S. Citizenship and Immigration Service (USCIS) documentation. Students will need to submit proper documentation to prove citizenship/identity; this can include an unexpired foreign passport, an unexpired student visa, an alien registration card, or an employment authorization document. All documentation must be unexpired at the time of the application, government-issued, and include a photograph. Students must meet current credit and other eligibility criteria.
  • Students attending school full-time, half-time, or less than half-time, or taking prerequisite classes
  • Students attending summer classes or continuing education classes
  • Students who still need funds after maximizing grants, scholarships, and federal student loans
  • Students taking courses that do not qualify for federal student loans

Sallie Mae Parent Loan:

  • The Sallie Mae Parent Loan is not limited to parents.
  • Parents, family members, or other individuals may borrow to help undergraduate and graduate students who are enrolled, accepted for enrollment, or previously enrolled at an eligible degree-granting institution within the last 365 days.
  • Creditworthy individuals willing to pay for college costs on behalf of the student, are eligible.
  • Borrowers, cosigners, and students must be U.S. citizens or U.S. permanent residents.
  • Individuals may borrow to assist undergraduate and graduate students who are attending school full-time, half-time, or less than half-time, or who are taking prerequisite classes, summer classes, continuing education classes, or an eligible study abroad program.
  • The student may not be the borrower or the cosigner.

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

Student borrowers may select from fixed or variable interest rates.

  • Smart Option Student Loans for undergraduate students have variable interest rates that start from 4.37% APR to 11.23% APR1 and fixed rates that range from 5.74% APR - 11.85% APR.1

Note: All interest rates as of October 2018.

The Smart Option Student Loan for undergraduate students has a 5-153 year repayment term. Student borrowers may select from interest-only or fixed payments 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.5

There is no penalty for early payment.6

Does Sallie Mae Offer Discounts for Student Loans?

Yes, Borrowers who sign up for autopay can save an additional 0.25 percentage point interest rate reduction.1,2


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.

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  Student Parent
Variable Rate (APR) 4.37% - 11.23%1 5.87% - 12.24%2
Fixed Rates (APR) 5.74% - 11.85%1 5.74% - 12.87%2
Application Fee
Origination Fee
Disbursement Fee
Pre-Payment Fee

Autopay Discount

 (0.25)1  (0.25)2
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Sallie Mae Student Loans Disclosures

1  Click here and go to the Smart Option Student Loans section for important information.  Smart Option Student Loans for undergraduate students have variable interest rates that start from 4.37% APR to 11.23% APR and fixed rates that range from 5.74% APR to 11.85% APR. Variable rates may increase over the life of the loan.

2  Click here and go to the Sallie Mae Parent Loan section for important information. Sallie Mae Parent Loans have variable rates that start from 5.87% APR to 12.24% APR and fixed rates from 5.74% APR to 12.87% APR. Variable rates may increase over the life of the loan.

3  This repayment example is based on a typical loan to a borrower who chooses a variable rate and the Fixed Repayment Option for a $10,000 loan, with two disbursements, and an 9.09% variable APR. It works out to 51 payments of $25.00, 119 payments of $165.12 and one payment of $120.75, for a Total Loan Cost of $21,045.03. Variable rates may increase over the life of the loan.

4  This repayment example is based on a typical loan to a borrower (on behalf of a student) who chooses a variable rate and the Interest Repayment Option for a $10,000 loan, with two disbursements, and an 9.11% variable APR. It works out to 4 payments of $38.02, 44 payments of $76.04, 119 payments of $127.83 and one payment of $94.05, for a Total Loan Cost of $18,803.66. Variable rates may increase over the life of the loan.

 Available for loans used to pay qualified higher education expenses at a degree-granting institution. Graduated Repayment Period (GRP) allows interest-only payments for 12 billing periods after principal and interest repayment begins. At the time of GRP request, the loan must be current (not past due). Customers may request GRP during the six billing periods before and the 12 billing periods immediately after the loan first enters principal and interest repayment. GRP does not extend the loan term. GRP increases the Total Loan Cost and monthly payments after the GRP will be higher than they would have been without it.

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

The Sallie Mae partner referenced is not the creditor for these loans and is compensated by Sallie Mae for the referral of Smart Option Student Loan and Sallie Mae Parent Loan customers.

Information advertised valid as of October 25, 2018.

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


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