So, are you into Sallie Mae or something? Kid, you hit the jackpot. Sit back, relax, and let’s dab about this powerhouse of private student loans. Known as Sallie Mae, they’ve played fairy godmother to more than 1.4 million families since 2014, helping them finance their kids’ academic quests.

In our spectrum of student loan providers, Sallie Mae stands strong alongside others. But what makes her unique, you ask? Simple! While others just finance degree programs, Sallie Mae goes beyond. She takes under her wing kids seeking career training, certificate courses, bar exam prep, and medical residencies. Quite diverse, huh? Hence, she’s one of our top picks when it comes to private student loans.

TABLE OF CONTENTS

• Sallie Mae Student Loans Overview
• Services Offered by Sallie Mae
• Sallie Mae’s Credentials
• Accessibility of Sallie Mae
• Customer Satisfaction with Sallie Mae
• Sallie Mae FAQs

COMPARE PRIVATE STUDENT LOAN LENDERS TO FIND YOUR IDEAL MATCH

Let’s take a peep at Sallie and her fellow student loan providers. Shop around, and check out who offers what’s best for you.

College Ave

• Rates, my friend, begin at a petite 2.89% APR¹
• Will finance up to 100% of certified educational expenses²
• Repayment plans? Super flexible!
• No charges on origination, application, or prepayment penalties
• Seeing your rate won’t scratch your credit

Sallie Mae

• Funds 100% of school-certified expenses for both online and traditional students
• Fixed interest rates dance between 2.89% and 17.49%
• Variable interest rates go from 4.12% to 16.75%
• Love automatic payments? Sallie Mae rewards you with a 0.25% discount¹
• Repayment methods galore, including deferred and in-school payments
• No fees slapped on for origination or early payment²
• Got a co-signer? Your approval chances shoot up!⁴

I’m sure by now your interest is piqued. But allow me to continue introducing you to the other players before we dive deeper into Sallie Mae’s world. So onward, shall we?

SoFi®

• Application? Just like air—free!
• Loans cover the entire cost of attendance
• Fixed rates: between 3.18% and 16.73% APR (when you opt for autopay)
• Variable rates: 4.39% to 16.73% APR (autopay, remember?)
• Continuing borrowers and cosigners can snag extra discounts

Earnest

• Quick application and approval process
• Fixed APRs start at a friendly 2.89%*
• Custom loan options catered for students
• No charges if you pay early
• You have the option to miss a payment once per year during the repayment phase**

ELFI

• Rates kick off from 6.75%
• Quick prequalification process that doesn’t dent your credit scores
• Zero origination, application, or prepayment fees
• Flexible repayment schedules at your disposal
• Connect with a Student Loan Advisor for guidance

SALLIE MAE STUDENT LOANS OVERVIEW

Sure, Sallie Mae has myriad competitors. But ever wondered how she’s still going strong? She’s captured an astonishing 57% of the market share of private loan originations. Just last year, Sallie Mae funded over $7 billion in new student loans-so she’s not to be trifled with.

So what lures in the borrowers to Sallie Mae? In a nutshell: a wide variety of loan types, flexible in-school repayment plans, and certain unique offerings. But remember, there’s always another side to the coin.

Benefits

• Loans available for career or technical training, bar exam study, and medical residencies
• Cosigner release option after a meres 12 consecutive on-time payments

Drawbacks

• Late payment fees can slap you with up to $25
• No prequalification tool to glimpse rates without affecting credit
• Limited range of repayment terms available

Let’s dive a bit deeper into Sallie Mae’s offerings, shall we? Most private student lenders require applicants to at least be enrolled in a degree-granting program to secure funding. But lo and behold, our friend Sallie Mae does not! She makes dreams of education more attainable for students through her Smart Option loan for career training, covering up to the full cost of attendance. In addition, she offers several in-school repayment options, allow students to manage monthly payments while studying.

Regarding credit score, Sallie Mae plays hard to get. You’ll need a shiny, excellent credit score to snatch the best rates. In 2024, the average approval FICO score for Sallie Maes borrowers was 752. Likely because a huge chunk, about 90%, of Sallie Mae loans were cosigned last year.

Sallie Mae is also pretty generous with her cosigner release—after 12 months of full, on-time principal and interest payments, you can apply to remove your cosigner. And hey, there aren’t any charges slapped on for application or origination with Sallie Mae, nor are there early payoff penalties. But be careful. Late payment will result in either a $25 fine or 5.00% of the overdue amount, whichever is lower.

SALLIE MAE’S SERVICES

As we mentioned earlier, Sallie Mae is like your academic Santa. She offers private student loans tailored to undergraduates, graduate or professional programs, and career-focused education. Need a piggy bank? She provides savings accounts and certificates of deposit as well.

What Sallie Mae Offers

• Minimum loan amount: $1,000
• Maximum amount: up to the total cost of attending your institution (for undergraduate, grad, and career training); caps may differ for bar exam and residency loans
• Offers both fixed and variable interest rate loans

What’s more, unlike some fuddy-duddy lenders, Sallie Mae opens her arms to part-time and less-than-half-time students.

Repayment options include:

• Immediate: Start making full principal and interest payments while you’re still studying
• Interest-only: Only pay the interest that racks up during your studies
• Flat: Set aside $25 monthly while you’re in school
• Deferred: Put off the full payments until after you graduate, with typically a six-month grace period

Seems all hunky-dory till now, right? But don’t be fooled, my friend. As with life, Sallie Mae has her own limitations.

What’s Not Available

• Parent Loans: As of 2021, Sallie Mae no longer allows parents to shell out for their kiddos’ undergraduate and graduate education.
• Prequalification: Brace yourself, Sallie Mae won’t let you play matchup before consenting to a hard credit check.
• Refinancing: Unlike competitors, Sallie Mae won’t refinance your student loans. If you wish to merge loans, you’re gonna have to look elsewhere.

SALLIE MAE’S CREDENTIALS

Unlike those lenders who pass the loan-off baton after selling or transferring service, Sallie Mae stays faithful. All her private student loans are issued through Sallie Mae Bank, which is regulated by the Utah Department of Financial Institutions, the Consumer Financial Protection Bureau (aka the CFPB), and the Federal Deposit Insurance Corporation.

Licensing and State Coverage

Is she allowed to lend everywhere? You bet! Sallie Mae is licensed to lend in all 50 states.

Third-Party Ratings

Given her stature, Sallie Mae does have her share of complaints. Over the last three years, the CFPB database reported more than 1,000 consumer grievances against her. About 770 of these were related to student loans, with primary issues including troubles with payments, misinformation, and dissatisfaction with service.

Regulatory Actions

Sallie Mae’s history is intriguing, thanks in part to her previous relationship with Navient. When they parted ways in 2014, Navient (not our dear Sallie Mae) became the target of a CFPB lawsuit over repayment practices. This led to a showdown and a whopping $1.7 billion settlement.

SALLIE MAE’S ACCESSIBILITY

Sallie Mae’s not just about money, oh no. She’s also keen to educate. She provides a suite of educational resources and online calculators to help borrowers. Additionally, she offers customer service that’s just a call or click away.

Support Availability

Wondering how you can reach Sallie Mae’s customer service team? Just hop on their online chat or connect over the phone during their working hours. For any questions about loans, give them a ring at 855-756-5626.

User Experience

Sallie Mae keeps her loans under her own roof and should be reached out to if you have questions about payment options or accounts. Support for current borrowers is available Monday through Friday, from 8:00 a.m. to 8:00 p.m. EST, at 800-472-5543. More contact details can be found online.

Limitations

Yet, it’s not all rosy. Sallie Mae’s website navigation can be more puzzling than a Rubik’s cube. Important details about loan terms aren’t always easy to find. Plus, there’s no way to see your potential rates without a full application and hard credit pull.

SALLIE MAE’S CUSTOMER SATISFACTION

Let’s not sugarcoat it. Sallie Mae’s track record on major consumer sites is quite sparse, and the user feedback that’s available often doesn’t paint her in the best light.

Complaint Overview

Her TrustPilot score is a disappointing 1.3 out of 5 stars. However, she does own BBB accreditation with an A+ business rating. Although, consumer review ratings dip drastically to 1.08 out of 5.

Third-Party Assessments

Ratings agencies haven’t given their two cents on Sallie Mae yet.

SALLIE MAE FAQ

Got any burning questions about Sallie Mae? We’ve got you covered! Here are the answers to some commonly asked queries:

What credit score do you need to qualify for a Sallie Mae student loan?

Sallie Mae keeps her lips sealed about exact credit score requirements. But you would generally need a very good or excellent credit score. In 2024, the average FICO score at approval was 752, suggesting most borrowers will need to whip out a cosigner.

Does Sallie Mae offer student loan forgiveness?

Nope, Sallie Mae isn’t into loan forgiveness. Her loans don’t qualify for federal loan forgiveness programs like the Public Service Loan Forgiveness. However, if tragedy strikes in the form of death or permanent disability, she might discharge the loan. If you’re having monetary troubles, she may also offer forbearance or deferment.

Can you refinance Sallie Mae student loans?

Sallie Mae doesn’t do refinancing. You’ll have to look to other private lenders if you want new loan terms.

What is the typical repayment term for Sallie Mae student loans?

Most loans under Sallie Mae offer repayment schedules stretching out over either 10 or 15 years.

Well, that’s a (figurative) ton to digest! Sallie Mae might be the perfect princess or wicked witch for your student loan needs. Take the first step toward your educational goals by applying for a Sallie Mae student loan today!