Brianna McGurran is the Loans Analyst for Forbes Advisor. Most recently, she was a staff writer and spokesperson at NerdWallet, where she wrote "Ask Brianna," a financial advice column syndicated by the Associated Press. As spokesperson, she also con.
Brianna McGurran is the Loans Analyst for Forbes Advisor. Most recently, she was a staff writer and spokesperson at NerdWallet, where she wrote "Ask Brianna," a financial advice column syndicated by the Associated Press. As spokesperson, she also con.
Written ByBrianna McGurran is the Loans Analyst for Forbes Advisor. Most recently, she was a staff writer and spokesperson at NerdWallet, where she wrote "Ask Brianna," a financial advice column syndicated by the Associated Press. As spokesperson, she also con.
Brianna McGurran is the Loans Analyst for Forbes Advisor. Most recently, she was a staff writer and spokesperson at NerdWallet, where she wrote "Ask Brianna," a financial advice column syndicated by the Associated Press. As spokesperson, she also con.
Kennedy Edgerton Personal Finance EditorKennedy Edgerton is a personal finance editor, leveraging his passion for writing and personal finance to produce stimulating content that empowers readers to enhance their lives through advised decision-making. He has written for several publication.
Kennedy Edgerton Personal Finance EditorKennedy Edgerton is a personal finance editor, leveraging his passion for writing and personal finance to produce stimulating content that empowers readers to enhance their lives through advised decision-making. He has written for several publication.
Kennedy Edgerton Personal Finance EditorKennedy Edgerton is a personal finance editor, leveraging his passion for writing and personal finance to produce stimulating content that empowers readers to enhance their lives through advised decision-making. He has written for several publication.
Kennedy Edgerton Personal Finance EditorKennedy Edgerton is a personal finance editor, leveraging his passion for writing and personal finance to produce stimulating content that empowers readers to enhance their lives through advised decision-making. He has written for several publication.
| Personal Finance Editor
Updated: Sep 5, 2024, 6:35pm
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Sallie Mae is one of the largest private student loan providers with several perks and features. A co-signer release is available after 12 full, on-time payments—which is ideal for borrowers needing temporary assistance.
International and part-time students are also eligible for Sallie Mae loans. However, there isn’t an option to prequalify for a loan without a hard credit check. Interest rates can also exceed 10% with only 12 months of forbearance allowed.
Annual percentage rates (APRs) and account details are accurate as of September 5, 2024.
Our ratings take into account hardship options, the application process, interest rates and fees. All ratings are determined solely by our editorial team.
Variable APR 5.37% to 15.70% 3.69% to 15.49%Sallie Mae was formed as a government-sponsored enterprise in 1972 and started offering private student loans in 2004.
The company offers undergraduate loans and graduate loan options for students in medical, dental, health professions, business or law.
Students taking professional training or certificate courses such as culinary arts, aviation and more, are also eligible for funding.
This review focuses on private student loans for undergraduates.
Sallie Mae offers three repayment plans. A six-month grace period is available after you leave or graduate from school. The earlier you begin making payments on your loans, the more money you’ll save over time.
You can pause payments using Sallie Mae’s forbearance program for up to 12 months throughout your term. With deferment, you can go back to school or participate in programs like a clerkship, fellowship or residency. However, your interest will continue to accumulate while you are deferred.
Sallie Mae offers several unique benefits to undergraduate student loan borrowers, including:
Sallie Mae evaluates your credit score, payment history, income, employment and citizenship status. It does not disclose its minimum credit score and income requirements.
To be eligible for a , you must be a U.S. citizen or permanent resident. DACA students can qualify with a U.S. citizen or permanent resident co-signer. Applicants and co-signers must meet the age of majority in their state of residence.
Students must pursue a bachelor’s degree, associate’s degree or a certificate at an eligible institution. The online application lists all of the eligible institutions. Sallie Mae also requires students to max out their federal student loans, scholarships and grants before applying.
Students are three times more likely to receive approval with a co-signer, according to Sallie Mae. The company will look at your co-signer’s credit and financial history to determine their eligibility.
A co-signer release is available after you’ve made 12 full, on-time payments. You aren’t eligible if you’ve opted for forbearance or deferment during that 12-month period. You must also show proof of graduation and proof of income.
Fill out the online application form with your personal and financial information to get a credit decision. Personal information includes your name, birthdate, address, employment information and Social Security number.
You’ll also need the gather following information on your school:
Sallie Mae will offer an estimate based on your information. If you’re approved, choose your interest rate type and repayment term. Once you select your terms, Sallie Mae will send you a loan disclosure containing your loan details. You’re only required to apply once per year.
Your school will certify the loan 30 days before classes start. Loan funds are disbursed to schools once per semester. Monthly payments begin after disbursement if you choose the interest or fixed repayment options.
You can chat online with a customer service agent Monday through Friday from 8 a.m. to 8 p.m. ET using the chat feature on the website.
You can also contact Sallie Mae by phone:
We reviewed Sallie Mae based on 16 data points in the categories of interest rates, fees, loan terms, hardship options, application process and eligibility. We rated Sallie Mae based on the weighting assigned to each category:
Specific characteristics taken into consideration within each category included number of months of forbearance available, economic hardship repayment options available beyond traditional forbearance, perks like cash-back rewards upon graduation, discounts, time to default, disclosure of credit score and income requirements, and other factors.
Lenders who offered interest rates below 10% scored the highest, as did those who offered more than the standard 12 months of forbearance, who made their loans available to non-U.S. citizens, who offered interest rate discounts beyond the standard 0.25% for automatic payments, who offered multiple loan terms maxing out at 15 years and who charged minimal fees.
In some cases, lenders were awarded partial points, and a maximum of 3% of the final score was left to editorial discretion based on the quality of consumer-friendly features offered.
To learn more about how Forbes Advisor rates lenders, and our editorial process, check out our Loans Rating & Review Methodology.
Applying for a Sallie Mae loan requires a hard inquiry, which can temporarily impact your credit score. Sallie Mae does not offer any prequalification tools.
Sallie Mae doesn’t disclose any credit score requirements for undergraduate private student loans. However, most lenders require a score of at least 670 to qualify. Applying with a co-signer who has good credit can increase your chances of approval.
Sallie Mae charges a late fee and reports your late payments to the credit bureaus. Your loan could go from delinquency into default after three missed payments or less. Defaulting can send your loan into collections and result in legal action.
Most private lenders don’t offer student loan forgiveness. If you have federal student loans, you may receive forgiveness under certain circumstances. For example, if you make at least 120 payments while working for a public service employer or choose an income-driven repayment plan.
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