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5.37% to 15.70%
APR
Cost of attendance less financial aid
Max. Loan Amount
Not stated
Min. Credit Score
Product Name | Sallie Mae® Smart Option Student Loan for Undergraduates |
---|---|
Minimum Loan Amount | $1,000 |
Max. Loan Amount | Cost of attendance less financial aid |
APR | 5.37% to 15.70% |
Interest Rate Type | Variable |
Fixed rate | 4.50% to 14.83% |
Minimum Loan Term | 5 years |
Maximum Loan Term | 15 years |
Requirements | US citizens, US permanent residents and international students residing in the US with an unexpired government-issued ID and creditworthy cosigner who is a US citizen or permanent resident |
Review by
Anna Serio is a lead editor at Finder, specializing in consumer and business financing. A trusted lending expert and former certified commercial loan officer, Anna's written and edited more than 1,000 articles on Finder to help Americans strengthen their financial literacy. Her expertise and analysis on personal, student, business and car loans has been featured in publications like Business Insider, CNBC and Nasdaq, and has appeared on NBC and KADN. Anna holds an MA in Middle Eastern studies from the American University of Beirut and a BA in Creative Writing from Macaulay Honors College at Hunter College, CUNY.
Sallie Mae’s tailor-made student loans can suit most students’ needs, especially if you have the credit score to qualify for a low interest rate. This lender can provide your funding for a wide array of educational endeavors, from undergrad to med school to studying for the bar exam.
However, you aren’t able to prequalify for a student loan online. Meaning you can’t get an estimate of what rates you qualify for without a hard credit check. And there are also no minimum income or credit score requirements available online.
Before you apply, check out our list of other private student loan providers to see how Sallie Mae stacks up to the competition.
Sallie Mae doesn’t have many restrictions on who can apply for an undergraduate or graduate loan.
Sallie Mae is a direct lender and provides a range of loans to pay for undergraduate and graduate education. You can borrow up to 100% of the school-certified cost of your education, including housing, books and tuition. Eligible students can borrow up to $200,000 with repayment terms of up to 20 years. In addition, Sallie Mae also offers loans for dental residency, medical residency and bar exams.
You also have some say in how you repay your loan through competitive fixed or variable rates. Loans come with interest rate reductions with autopay, no origination fees, deferment and helpful tools to track your financial health.
Sallie Mae student loans are designed to provide funding when your savings, scholarships and federal student aid fall short. Your wide range of loan options include:
Yes, Sallie Mae offers loans for parents looking to pay for their child’s education. Like its undergraduate and graduate student loans, you can finance up to 100% of the school-certified cost of attending school less financial aid you’re eligible for. When you borrow, you’ll be able to choose from interest-only payments or full payments while your child is in school. And depending on your credit, you may qualify for a fixed APR of 5.49% to 13.87% with autopay or a variable APR of 3.37% to 12.99% with autopay.
Sallie Mae is one of only a handful of student loan providers that offers financing for career-related expenses after you leave school. Its residency relocation loans for medical and dental students cover the cost of traveling, studying for and taking board exams, as well as interviews and moving costs associated with a residency.
Final year M.D., D.O., D.V.M., V.M.D., or D.P.M. students can apply for a medical residency relocation loan and D.D.S. or D.M.D. students can apply for a dental residency relocation loan. If you’ve graduated within the past 12 months, you may still qualify.
Variable APRs range from 2.90% to 9.51% with autopay for both types of loans, and students can defer repayments for up to three years after graduation. You can apply for cosigner release after making only 12 on-time repayments in a row.
Since none of these loans come with an origination fee or prepayment penalty, the main cost you need to worry about is interest. Sallie Mae offers the choice between variable or fixed interest rates on most of its student loan offerings.
Its undergraduate student loans have variable APRs ranging from 5.37% to 15.7% with autopay and fixed APRs ranging from 4.50% to 14.83% with autopay. Graduate students can expect a variable APR of 2.12% to 11.64% with autopay and fixed APR between 4.75% and 12.11% with autopay, although the exact APR you can expect will depend on your field and may change if you’re in an MBA, medical, dental or law program.
You can qualify for a 0.25 percentage point discount on your interest rate by signing up for automatic payments. This automatic deduction is worked into the rates shown on Sallie Mae’s website, so keep it in mind when you’re comparing lenders. If you don’t want to use automatic payments, your APR will be slightly higher.
Your loan term and repayment options differ depending on the type of loan you borrow. For undergraduate loans, you can choose one of three repayment plans:
Sallie Mae offers in-school deferment followed by a standard grace period of at least six months once you graduate or drop below half-time enrollment. You may also be eligible for deferment if you return to school or start an internship, fellowship or residency. Check with Sallie Mae to see if you qualify.
Forbearance is also available if you’re having trouble making repayments due to a job loss or other unexpected event. You can apply to postpone repayments for up to three months at a time for a total of 12 months during your loan term.
To qualify, you’ll have to meet a few requirements and make a “good faith” payment of $50 per loan toward your current balance. While it can be helpful if you hit a rough patch, remember that interest continues to accrue, so you’ll owe more on your loan when you get out of forbearance than when you started.
You’ll find many benefits beyond competitive fixed and variable rates with Sallie Mae, including:
A student loan from Sallie Mae could be just what you need to fill any funding gaps, but there are a few potential drawbacks to consider:
Before you apply, confirm you and your cosigner are eligible for a loan. Then follow these steps to apply online:
Sallie Mae will process your application, which may take a few minutes. You’ll receive details on your approval or rejection shortly after. If approved, Sallie Mae will give your more information on how to finalize your loan and the next steps you’ll need to take.
Have the following information on hand to speed up the application process:
Any cosigner needs to submit similar information with your application.
Sallie Mae services its own student loans. While it has relatively few complaints compared to other student loan servicers of its size, its not without its share of problems. Some borrowers reported issues changing their repayment plan or having incorrect information show up on their credit report. You can learn more about what to expect with Sallie Mae servicing and out how to avoid these common problems with our guide.
Sallie Mae was founded in 1972 as the Student Loan Marketing Association to support the Guaranteed Student Loan Program set forth in the Higher Education Act of 1965. Today, it’s helped more than 35 million Americans plan, pay and save for education through flexible private loans. As of 2014, Sallie Mae only services private loans.
Unlike many banks and other lenders, it offers one of the widest selections of private student loans available. It also hosts a number of resources that help borrowers understand the student loan process and promote financial responsibility.
Check out our guide to student loans to compare other lenders and learn your options.
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We rate student loan providers on a scale of 1 to 5 stars based on factors like transparency, costs and customer experience. We don’t take into account elements like eligibility criteria, state availability or payment frequency — we save that for our reviews.
2 Comments
June 20, 2019
I am uncertain how this works for my daughter – would she borrow the amount she needs for all 4 years at once or just the current year of school and if its just the current year – what if she needs more in her next 3 years of school
June 20, 2019
Hi Dianne,
Thank you for getting in touch with Finder.
Some applicants were able to get fund for their four-year degree program. As per this page you’re looking at, the loan varies on various factors like the student’s program, student/parent’s eligibility etc. This lender provides a range of flexible loans therefore, it is best to get in touch with them or visit their official page to learn more on their offered products. Once you decided to apply online, please make sure that you’ve read the relevant T&Cs or PDS of the loan products before making a decision and consider whether the product is right for you or your daughter.
I hope this helps.
Thank you and have a wonderful day!
Cheers,
Jeni