Sallie Mae Student Loans Review [2024]

Sallie Mae was founded in 1973 and was once a federal student loan servicer, although the company now issues private student loans only. The lender offers a variety of student loans, including undergraduate and graduate loans, career training loans, and loans for professional students.  

Here’s what you should know about Sallie Mae before you submit an application.

Sallie Mae student loans 

There are many different types of Sallie Mae student loans available, including the following loan programs:

• Undergraduate student loans
• Graduate school loans
• Career training student loans
• Bar study loans
• Law school loans
• MBA loans
• Medical school loans
• Medical residency loans
• Dental school loans
• Dental residency loans
• Health professions graduate loans

Sallie Mae is one of the few lenders that offers private student loans to part-time students. They also offer both fixed- and variable-rate loans with flexible repayment terms. 

Eligibility 

To apply for a Sallie Mae student loan, you must meet the following requirements:

• You must attend a participating school.
• You or your cosigner must meet the age of majority where you live.
• You must be a U.S. citizen or permanent resident, or live in the U.S., attend school in the U.S., and apply with a U.S. cosigner who has strong credit.
• You must provide a government-issued photo ID.

Sallie Mae will check your credit score and request proof of income. The lender is looking to make sure you have a history of on-time repayments and that you’ve been responsible with credit. If you don’t have proof of income or a good credit score, you may need to apply with a cosigner.

Learn More: Can You Get a Student Loan With Bad Credit?

Repayment

Sallie Mae offers flexible repayment options for undergraduate student loans, with repayment terms ranging from 10 to 15 years. You can choose from a variety of repayment plans, including the following options:

• Interest repayment: Pay interest each month you’re in school and during a 6-month grace period after you’ve left school to lower your loan cost.
• Fixed repayment: Pay $25 monthly while you’re in school and during a 6-month grace period after you’ve left school to help lower your loan cost. 
• Deferred repayment: Start making payments after you’ve left school and your 6-month grace period has ended.

Sallie Mae also offers an interest rate reduction of 0.25 percentage points for setting up autopay.

Check Out: How To Refinance Sallie Mae Student Loans

Notable features

Sallie Mae student loans stand apart from other lenders for several key reasons:

• Sallie Mae offers loans to students attending less than half-time. Many other lenders require at least half-time enrollment. 
• Borrowers with both undergraduate and graduate loans have the option to make interest-only payments during a 12-month grace period after graduation.
• Borrowers can apply once and receive Sallie Mae student loans for the whole academic year, rather than having to reapply each semester. 

How to apply for a Sallie Mae student loan

You can apply for a Sallie Mae student loan online by visiting the lender’s website and clicking "Apply for a student loan." You will need the following information: 

• Your current address and your prior address, if you have lived at your current location for a year or less
• Your Social Security number
• Your enrollment status and your school details
• The academic period you wish to get aid for
• The amount you want to borrow
• Any scholarships or other financial aid you expect to receive
• Information about your employment, like your company name
• Your bank account and other financial information
• Two personal contacts in addition to your cosigner, if you have one

If you are applying with a cosigner, they will also need to submit this information for review. 

It takes about 10 minutes to fill out the application and receive an instant decision. You’ll need to choose your rate type and repayment plan, accept the loan disclosure, and have your loan certified by your school. 

How to contact Sallie Mae

Sallie Mae can be contacted via phone or mail. Here is the contact information for those interested in applying for new student loans:

• Phone: Call 855-756-5626 Monday to Thursday between 8 a.m. and 9 p.m. ET; Friday between 8 a.m. and 8 p.m. ET; Saturday between 10 a.m. and 2 p.m. ET
• Mail: Sallie Mae. P.O. Box 3319. Wilmington, DE 19804-4319
• Online chat: Monday to Friday between 8 a.m. and 8 p.m. ET

How Sallie Mae compares to competitors

Sallie Mae has more competitive interest rates than some competitors, and also a lower minimum borrowing limit. However, it offers fewer options for discounts than other lenders, some of which offer students cash back upon graduation or a loyalty discount for having another account with their financial institution.

The table below shows how Sallie Mae student loans compare to those of other lenders.

Sallie Mae student loans FAQ

Here are a few frequently asked questions about Sallie Mae student loans. 

Are Sallie Mae student loans being forgiven?

Private student loans issued through Sallie Mae are not eligible for loan forgiveness. Only federal student loans issued by the Department of Education, including Direct Subsidized and Direct Unsubsidized Loans, may be eligible for loan forgiveness. 

Check Out: How To Get Student Loan Forgiveness

What happened to Sallie Mae student loans?

Sallie Mae used to be a federal student loan servicer but now offers private student loans to undergraduate students, graduate students, professional students, and those undergoing career training. 

Is it hard to get a Sallie Mae loan?

Sallie Mae requires proof of good credit and income in order to qualify for a student loan. Many young students may need a cosigner to qualify for a Sallie Mae student loan. 

What are the requirements for a Sallie Mae student loan?

To be eligible for a Sallie Mae student loan, you must be a U.S. citizen or resident, or must reside in the U.S., attend school in the U.S. and have a cosigner who is a U.S. citizen. You must also qualify based on your income and credit score, or have a cosigner who can qualify based on their credit and income.

Can you negotiate with Sallie Mae?

You generally cannot negotiate with Sallie Mae, although the lender will work with you to explore your options if you’re facing financial hardship and are unable to make your payments. You may qualify to defer payments temporarily under limited circumstances.