Sallie Mae Student Loans Review 2023

Our experts answer readers' student loan questions and write unbiased product reviews (here's how we assess student loans). In some cases, we receive a commission from our partners; however, our opinions are our own.

Who Is Sallie Mae Best For?

Sallie Mae is best for part-time students looking to get a loan. They may find it hard to locate another lender that will offer them a loan. 

However, borrowers with excellent credit will likely find lower rates elsewhere. 

Types of Student Loans Offered by Sallie Mae

Sallie Mae offers student loans for many types of degrees, including:

• Undergraduate
• Graduate
• Career training and trade school
• Law school
• Bar study
• Dental school
• Medical school
• MBAs
• Health professions

Sallie Mae Student Loans Details

To get a loan, you must meet the following qualifications:

• Be enrolled in a degree-granting school full time, half time, or less than half time
• Be pursuing a degree or certificate
• Be the age of majority in your state (18 years or older in many cases)
• Pass a credit check

You should consider your federal student loan options before applying for any private student loan, including one with Sallie Mae, as you can often get better terms and protections through the government.

You can contact customer support by phone Monday through Thursday from 8 a.m. to 9 p.m. ET or on Friday from 8 a.m. to 8 p.m. ET. You are also able to send mail to Sallie Mae at its Delaware address.

Sallie Mae Undergraduate Student Loans has a well-reviewed app that has received 4.6 out of 5 stars on the Apple store and 4.0 out of  5 stars on the Google Play store. You may like this feature if you want to manage your loan on the go. 

Sallie Mae Undergraduate Student Loans

You may like Sallie Mae Undergraduate Student Loans if you want to avoid origination and prepayment fees, as the lender doesn't charge any. You also get four months of the study service Chegg for free. Chegg offers expert Q&A, and students can submit up to 20 questions per month.

However, there are significant drawbacks to Sallie Mae's student loans. The lender charges a 5% late payment fee, up to $25. You won't be able to decide your repayment term length — the company assigns you a repayment term. Sallie Mae will also have to generate a hard credit inquiry to give you an approval decision, which could negatively impact your credit score. Most lenders only do a soft inquiry during this process, then a hard pull before you receive your funds.

Sallie Mae Graduate Student Loans

Graduate student loans aren't Sallie Mae Graduate Student Loan best offering, as the lender has higher APRs than competitors and doesn't offer many perks. Your only term length option is 15 years. On the bright side, you will avoid paying origination and prepayment fees. 

Pros and Cons of Sallie Mae student loans

How to Apply for Sallie Mae Student Loans

1. Gather required information. This includes your Social Security number, your school of enrollment, your enrollment status, the loan amount you need, your address, and other financial documents.

2. Put in the details of your online application. You're apply to complete the application in about 15 minutes, and after doing so you'll get your rates. 

3. Send the required supplementary documents. Sallie Mae may need to see financial documents including proof of income and residency. 

4. Sign your loan agreement. After you get all your documents in order, Sallie will send you a formal loan agreement. Sallie Mae will fund your loan after you sign on the dotted line. 

What Options Do I Have to Repay My Sallie Mae Student Loans?

After taking out your loan, you have three options to repay it: deferred, fixed, and interest-only. Each option has its benefits for different types of borrowers. 

Sallie Mae Student Loans Frequently Asked Questions

How long does it take to get a student loan from Sallie Mae?

The approval will likely take a few business days.  

Is Sallie Mae forgiving student loans?

While there is always a possibility a private company could decide to forgive student loans, the likelihood is extremely slim. No private loans are likely to be forgiven. 

Is Sallie Mae trustworthy?

The Better Business Bureau rates Sallie Mae, a BBB-accredited company, an A+.  This means the BBB deems the company truthful in how it handles business, effective in its responses to customer complaints, and honest in its advertising.

Sallie Mae Student Loans Competitors

Sallie Mae vs. College Ave

College Ave comes with a better minimum APR on your loan than Sallie Mae, so if your credit is in good shape, College Ave might be the better choice. 

You won't pay origination fees or prepayment penalties with either company, but you will pay a 5% late payment fee, up to $25, with both lenders.

You'll be able to get your rate and loan approval with College Ave via a soft credit check, which won't impact your credit score. With Sallie Mae, the lender will perform a hard credit inquiry to determine your eligibility, which may negatively affect your credit score. 

Sallie Mae vs. Discover

Sallie Mae has a similar APR range to Discover, though you can get a lower maximum fixed rate with Discover. So if your credit isn't in as good of shape, Discover might be the better option. 

Discover has only one standard term available on its undergraduate student loans, 15 years, while Sallie Mae offers options of five, 10, and 15 years. Sallie Mae will assign your loan term to you. 

How we rated Sallie Mae student loans

We rate all student loan products in our reviews and guides on a 1-5 scale. The overall rating is a weighted average that takes into account seven different categories, some of which are judged more heavily than others. They are:

• Interest rate (20% of rating)
• Fees (20% of rating)
• Term lengths (15% of rating)
• Repayment options while in school (15% of rating)
• Borrower accessibility (15% of rating)
• Customer support (7.5% of rating)
• Ethics (7.5% of rating)

Each category's weighting is determined based on its importance to your borrowing experience. Rates and fees have the most significant impact on the total cost of your loan, so we weigh those the most heavily. Customer support and ethics are still crucial parts of the borrowing experience, but do not directly tie to a student loan's terms, so they have less of an impact on the overall rating.