Sallie Mae Review

Sallie Mae is a provider of private student loans founded in 1973. Beyond being a provider of private student loans, Sallie Mae is also a free resource people can use to learn more about all aspects of student loans.

Sallie Mae offers loans for undergraduates, graduates, career training, parents, and K-12. There are also loans available for both full-time and part-time students.

Having been in the business for nearly 50 years, Sallie Mae brings an amount of experience that is virtually unrivaled by its competitors. This experience shows in the organization’s accreditations and reviews, with accreditation from the Better Business Bureau and a 4/5 rating from Nerdwallet.

Sallie Mae at a Glance



What Kinds of Loans Are Available?

First thing’s first: you can borrow as much as you need as long as it doesn’t exceed your cost of attendance minus any financial aid received as certified by your school. Your cost of attendance can include expenses like:

In terms of the loans available, Sallie Mae offers a full selection of private student loans, including:

You’ll notice that “parent loans” are included in the list. This refers to loans that can conveniently be taken out by a parent, relative, or another creditworthy individual (not the student) to help students pay for college.

What Are the Repayment Details?

Different loan types have different repayment details. For a top-down view, take a look at a breakdown of Sallie Mae’s private student loan repayment details.

Loan TypeRepayment PeriodFixed InterestVariable Interest
Undergraduate loan5 - 15 years4.25% - 12.35%1.25% - 11.10%
Medical school loan20 years4.75% - 11.97%2.25% - 11.60%
Dental school loan20 years4.75% - 11.98%2.25% - 11.61%
MBA student loan15 years4.75% - 12.11%2.25% - 11.76%
Law school loan15 years4.75% - 12.11%2.25% - 11.98%
Graduate school loan15 years4.75% - 12.11%2.25% - 11.76%
Parent loan10 years5.49% - 13.87%3.50% - 13.12%
Career training loan5 - 15 years4.25% - 11.64%6.62% - 13.83%

Of course, the rates above are simply ranges (and are subject to change); your specific rate will depend on your — or your co-signer’s — credit score, current financial situation, and other factors, and will be determined after applying.

Who Is Eligible for Loans Through Sallie Mae?

While there are no stated eligibility requirements for minimum credit score, minimum income, or maximum debt-to-income ratio, you do need to be a U.S. citizen or permanent resident to apply for loans through Sallie Mae. Or, if you’re not a U.S. citizen or permanent resident (this includes DACA students), you need to have a creditworthy cosigner who is.

In terms of student status, both full-time and part-time students — as long as they are attending any degree-granting institution in any of the 50 states — can borrow from Sallie Mae.

What Does Sallie Mae’s Application Process Look Like?

You can apply for your loan completely online and see what you qualify for in as quickly as 15 minutes. After navigating to the type of loan you want to apply for, simply provide the necessary information about both the borrower and the co-signer. However, if you’re applying for a graduate or parent loan, you may not need to apply with a co-signer.

If for whatever reason, your application is denied, you’ll be provided with an explanation of why. For example, you may need to reapply with a co-signer who has good credit and adequate income. And if you’re worried about taking out a loan with a co-signer, you can take comfort in the fact that you have the ability to release your co-signer after a year.

Are There Any Loan Fees When Using Sallie Mae?

There are no application fees, origination fees, or prepayment fees. However, there is a late payment fee of 5% of the past due amount or $25; whichever is less. There’s also a returned check fee of up to $20.


Sallie Mae has been a trusted provider of private student loans for nearly half of a. Their vast wealth of experience can be observed in their extensive selection of loan types, support for both full-time and part-time students, as well their ability to loan to non-U.S. citizens, including DACA students, as long as they have an American co-signer.

Beyond their actual services, borrowers can take extra comfort in the fact that Sallie Mae is a BBB-accredited organization. Combine this with a lack of loan fees, free credit score tracking, easy online repayment, and an easy application process, and Sallie Mae emerges as one of the most affordable and supportive private loan providers around.

Whether you’re looking to take out a loan for yourself, or you’re a parent or caretaker looking to take a loan out for someone else, Sallie Mae is a great way to cover student expenses. Although you can see rates and terms on their website, to see exactly what you qualify for, pay a visit to Sallie Mae and fill out a free application today.