Sallie Mae Student Loans Review

Sallie Mae Student Loans: A Comprehensive Review

Are you looking for a reliable and flexible student loan provider? Look no further than Sallie Mae. As one of the largest online private lenders, Sallie Mae offers competitive interest rates, a variety of repayment options, and an outstanding customer experience. Whether you’re pursuing an undergraduate, graduate, MBA, law, medical, dental, or career training program, Sallie Mae has got you covered.

Sallie Mae Snapshot

  • Fixed APR Range: 3.75% to 13.72%
  • Variable APR Range: 4.00% to 14.34%
  • Loan Amounts: $1,000 up to school-certified cost of attendance
  • Minimum Credit Score: Mid 600s

What Sets Sallie Mae Apart

Strong Customer Experience

Sallie Mae puts customer service at the forefront. Their helpful and friendly team is available through chat and phone to assist you throughout the entire loan process, from application to disbursement.

Competitive Interest Rates

Finding a student loan with a low interest rate is essential, and Sallie Mae delivers. They offer some of the industry’s best rates, allowing you to save on interest. Plus, there are no origination, application, or prepayment fees, making it even more affordable.

Various Repayment Options

Sallie Mae understands that every borrower is unique. That’s why they offer four repayment options, with terms ranging from 10 to 20 years. Making in-school loan payments is beneficial to reduce the amount of interest you’ll pay over time.

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Additional Benefits

  • Grace Period: After you finish school, Sallie Mae provides a six-month grace period before you start making full principal and interest monthly payments.
  • Inclusive Eligibility: Sallie Mae doesn’t discriminate. They offer loans to international, DACA, and part-time students, as long as you meet the necessary requirements.
  • Cosigner Release Option: If you need a cosigner for your student loan, Sallie Mae allows you to release them after 12 months of timely payments, giving you an opportunity to build your credit.

Drawbacks to Consider

No Biweekly Autopay Option

Unlike some other lenders, Sallie Mae does not offer biweekly autopay for student loan payments, which can be a disadvantage if you prefer this payment method to save on interest.

No Prequalification Process

Sallie Mae doesn’t provide a prequalification process, which means you won’t be able to see what rates you qualify for before formally applying. Keep in mind that a formal application leads to a hard credit inquiry, which may temporarily impact your credit score.

Crucial Information on Sallie Mae Student Loans

Interest Rates, Fees, and Terms

  • Fixed APR Range
  • Variable APR Range
  • Loan Terms
  • Loan Amounts
  • Application or Origination Fee
  • Prepayment Penalty
  • Late Fees

Eligibility Requirements – Financial

  • Minimum Credit Score
  • Minimum Income
  • Typical Credit Score of Approved Borrowers or Cosigners
  • Typical Income of Approved Borrower
  • Maximum Debt-to-Income Ratio
  • Ability to qualify if you’ve filed for bankruptcy

Eligibility Requirements – Personal

  • Citizenship
  • Location
  • Must be enrolled half-time or more
  • School requirements
  • Percentage of borrowers who have a cosigner

Repayment Options

  • In-school Repayment Options
  • Grace Period
  • In-school Deferment
  • Military Deferment
  • Disability Deferment
  • Forbearance
  • Cosigner Release
  • Death or Disability Discharge
  • Loan discharge if cosigner dies or becomes disabled
  • Autopay
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Customer Service

  • Loan Servicer
  • In-house Customer Service Team
  • Process for Escalating Concerns
  • Borrowers get assigned a personal customer service representative
  • Average time from application to approval

Sparrow: Your Loan Comparison Tool

Before you commit to a loan with Sallie Mae, it’s always a smart move to explore your options. Complete the Sparrow application to compare real rates from over 15 different lenders. With Sparrow, you’ll receive personalized offers without impacting your credit score.

Why Choose Sparrow?

  • See real rates, not rate ranges or estimates.
  • No impact on your credit score.
  • Your data privacy is guaranteed.

Sparrow Application

Frequently Asked Questions

Is Sallie Mae a legitimate lender?
Absolutely. Sallie Mae is a reputable lender that has been providing student loans since the late 90s.

Is Sallie Mae available in all 50 states?
Yes, Sallie Mae operates nationwide.

How long does it take to get a Sallie Mae student loan?
Submitting an application is quick and easy. Sallie Mae will provide an instant decision about your eligibility. However, the loan disbursement process may take several weeks, as it involves certification and approval from your school.

What happens if I don’t qualify for a Sallie Mae student loan?
If you don’t meet Sallie Mae’s qualification criteria, they will inform you of the reasons. You may consider applying with a qualified cosigner or exploring other lenders. Sparrow’s free search engine can help you compare rates from multiple lenders without affecting your credit score.

Are Sallie Mae student loans federal or private?
Sallie Mae student loans are private loans. Before opting for a private loan, it’s recommended to exhaust your federal loan options.

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Does applying for a loan through Sallie Mae hurt my credit score?
Yes, since Sallie Mae does not offer a prequalification process, a hard credit inquiry is typically required. Keep in mind that a hard inquiry may temporarily impact your credit score.

For more information, refer to Sallie Mae’s disclosures.

All rates include a 0.25% AutoPay Discount, available when you agree to make monthly payments via an automatic deduction from a valid bank account.

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