Sallie Mae Review (2024)
Sallie Mae offers student loans to undergraduates, graduate students, career training schools, law students, medical school students, and a variety of other further education programs. Our Sallie Mae review shows Sallie Mae rates for undergrads are between 1.13% to 11.23%. The Sallie Mae Fund is available to a limited population of students looking for scholarship money from their private student loan provider.
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Joel Ohman
Founder, CFP®
Joel Ohman is the CEO of a private equity-backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He also has an MBA from the University of South Florida. ...
Founder, CFP®
UPDATED: Oct 4, 2022
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- Sallie Mae offers its customers only one discount
- You do not need a cosigner to apply for a Sallie Mae loan
- A variety of furthering education establishments are eligible for a loan
Founded in 1972, private student loan provider Sallie Mae started out servicing federal student loans. The company, through its subsidiary, not works in both the private and federal sectors.
In 2014, the company separated its loan operations and customers into a publicly traded company called Navient. Navient is now the largest servicer of federal loans and acts as a U.S. Department of Education collector.
Continue our Sallie Mae review to learn more about repayment and what loan could work for you. First, enter your ZIP code into our free quote tool to compare insurance companies near you.
What are student loans offered by Sallie Mae?
As one of the country’s largest student loan providers, Sallie Mae is available to undergraduates, graduates, and those in training schools and medical schools. Check out Sally Mae’s rates below.
Undergraduate Student Loans
Undergraduate details:
- Variable Rates: 1.13% to 11.23%
- Fixed Rates: 4.25% to 12.60%
- Loan Amounts: $1,000 up to the total cost of attendance
- Loan Terms: 5, 10, or 15 years
Sallie Mae offers federal direct subsidized and unsubsidized loans for amounts between $5,500 and $7,500 for the first year of school. Loan limits may increase after your freshman year.
Training Schools
Training school student loan details are as follows:
- Variable Rates: 4.12% to 11.52%
- Fixed Rates: 6.62% to 13.83%
- Loan Amounts: $1,000 up to the total cost of attendance
- Loan Terms: 5, 10, or 15 years
Sallie Mae has a specific Career Training Smart Option loan in which you can borrow for the cost of tuition, books, meals, etc.
Graduate School Loans
Graduate school student loan details are as follows:
- Variable Rates: 2.12% to 11.64%
- Fixed Rates: 4.75% to 12.11%
- Loan Amounts: $1,000 up to the total cost of attendance
- Loan Terms: 15 years
If you’re working on your master’s degree, Sallie Mae’s Grad PLUS loan and Direct PLUS loan are two options for you.
Like anytime you’re selecting a student loan lender in the United States, there will be an application and a set of requirements you’re expected to meet to receive financial aid.
What are Sallie Mae’s requirements for student loans?
In order to be eligible for a loan with Sallie Mae, you need to 1) be at least 18 years old, 2) be a U.S. citizen or have a citizen cosigner, 3) have sufficient income, 4) pass a credit check.
Who is a loan good for?
Sallie Mae is suitable for students who have limited options. There’s a wide range on the interest rates of loans, which will pile up over the years. However, if you have nowhere else to go, Sallie Mae is likely to accept you.
Students who are struggling to find financial aid that aren’t from the United States and those under DACA are also eligible to apply.
Sallie Mae may also be good for someone who is looking at online schooling options.
Sallie Mae reviews from the BBB show hundreds of complaints and an average of 1 star from 61 customers.
Similarly, Sallie Mae’s scholarship reviews are poorly reviewed. The Sallie Mae Fund offers limited scholarships to students in their last year of study.
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Sallie Mae Review: The Bottom Line
While Sallie Mae has no origination or application fees, it only offers students one year to get on their feet to make full payments. Once out of school, students have six months before repayment begins. Then, after another year, the option to pay interest-only payments is eliminated.
Sallie Mae is a big name in financial aid, and while borrowing is never ideal, the company is exceptionally accessible. Students can call their customer hotline with specific questions relating to their financial situation.
Now that you’ve finished this Sallie Mae review, enter your ZIP code into our free comparison tool to check out student loan rates at companies near you.