Written by Jonathan O'Donnell. Last updated June 1st 2017

Start Your Private Student Loan Application

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
  • Loan default prevention programs
  • 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) 3.12%-11.85%1 4.62% - 12.87%1
Loan Types Variable & Fixed Variable & Fixed
Terms 5-15 years* 10 Years**
Degrees Undergrad & Graduate Undergrad & Graduate
  Start Your Private Student Loan Application Start Your Private Parent Loan Application

What Are the Benefits of a Sallie Mae Student Loan?

Sallie Mae has some of the lowest interest rates for student loans (as of June 2017). Variable interest rates start as low as 3.12%1

In terms of repayment, Sallie Mae has a rather unique offering that may appeal to students who are concerned with landing full-time employment right after graduation. Sallie Mae’s Smart Option Student Loan allows eligible borrowers who have completed school to make interest-only payments for a period of 12 months.7

Qualified borrowers may request this option at the time when normal repayment would begin (typically six months after graduation), or within two months of that time. 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.

Start Your Private Student Loan Application


Who Is Eligible For Sallie Mae Students Loans?

Sallie Mae Smart Option Student Loan®:

  • 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 permanent residents and with required evidence of citizenship
  • U.S. citizens and permanent residents in eligible study abroad programs or studying at select schools outside the U.S.
  • Non-U.S. citizen students, including DACA students, are eligible to apply with a creditworthy cosigner who is a U.S. citizen or 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. 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 who do not qualify for federal student loans

Sallie Mae Parent LoanSM:

  • 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 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 Student Loan?

Student borrowers may select from fixed or variable interest rates.

  • Undergraduate student loans have interest rates that range from 3.12% APR - 11-85% APR.1
  • Graduate loans range from 3.12%APR - 8.56% APR.1

Note: All interest rates as of June 2017.

The Smart Option Student Loan for undergraduate and graduate students has a 5- 15* 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

Sallie Mae also allows eligible students to make interest-only payments for a period of 12 months after graduation.7

There is no penalty for early payment.

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 reduction2.


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 flexible 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

 
  Student Parent
Variable Rate (APR) 3.12% - 10.12%1 4.62% - 11.00%1
Fixed Rates (APR) 5.74% - 11.85%1 5.74% - 12.87%1
Application Fee
Origination Fee
Disbursement Fee
Pre-Payment Fee

Autopay Discount

 (0.25)  (0.25)
  Start Your Private Student Loan Application Start Your Private Parent Loan Application

Sallie Mae Student Loans Disclosures
Encourage Responsible Borrowing

We encourage students and families to supplement their savings by exploring grants, scholarships, and federal and state student loans, and to consider the anticipated monthly payments on their total student loan debt and their expected future earnings before considering a private education loan.

* 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 a 8.00% variable APR. It works out to 51 payments of $25.00, 119 payments of $150.18 and one payment of $117.48, for a Total Loan Cost of $19,263.90. Variable rates may increase over the life of the loan. This repayment example is based on a typical loan to a first-year graduate borrower who chooses a variable rate and the Fixed Repayment Option for a $10,000 loan, with two disbursements, and a 7.00% variable APR. It works out to 27 payments of $25.00, 59 payments of $215.24 and one payment of $199.80, for a Total Loan Cost of $13,573.96. Variable rates may increase over the life of the loan.

** 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 a 8.86% variable APR. It works out to 4 payments of $36.98, 44 payments of $73.96, 119 payments of $126.46 and one payment of $94.48, for a Total Loan Cost of $18,545.38. Variable rates may increase over the life of the loan

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 customers.

1,2,7  Click here for important information. Terms, conditions and limitations apply.


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.