Sallie Mae Student Loans Review

Sallie Mae Student Loans: Quick Look

Pros Explained

• Offers multiple discounts: Multiple discounts are available, including a 0.25% automatic payment discount and a 0.50% discount for making payments on graduate student loans while in school. 
• Forbearance available in certain cases: Sallie Mae also indicates that forbearance may be available in certain cases, though it doesn’t offer specific information about qualifying criteria or how to get forbearance. Speak with the lender if you need to pause payments due to financial hardship.

Cons Explained

• No refinancing option available: Certain lenders offer student loan refinancing, but Sallie Mae does not. 
• Limited repayment terms: Sallie Mae only offers repayment terms of 120 to 180 months. Many other lenders provide more flexibility. 
• Charges late and returned payment fees: If you pay late, Sallie Mae will charge you a fee of up to $25. It also charges a $20 returned payment fee. 

Student Loans Offered by Sallie Mae

Undergraduate Student Loans

If you need additional financing beyond what federal loans provide, Sallie Mae could be a good option for undergraduate loans. It offers competitive rates; repayment terms of 10, 12, or 15 years; and no origination or application fees or prepayment penalties. However, as mentioned, borrowers may pay late fees or returned payment fees.

Graduate Student Loans

Sallie Mae also offers graduate student loans for international and U.S.-based students interested in furthering their education. Like its undergraduate loans, its grad student loans have no origination, application, or prepayment fees.

Law School Loans

Those attending law school may be able to get a loan from Sallie Mae to pay for the cost of attendance. You won’t pay an origination fee with a law school loan from Sallie Mae, though the lender doesn’t provide information on loan amounts or terms.

MBA Loans

If you decide to pursue your MBA, a loan from Sallie Mae could help offset the cost of tuition and fees. Loan ranges and repayment terms aren’t disclosed.

Medical School Loans

Medical school can be very costly, and Sallie Mae offers loans to help cover your tuition and fees. While its medical school loans have fairly competitive rates, loan amounts and terms aren’t mentioned on Sallie Mae’s site. 

Dental School Loans

Those seeking financial aid to pay for dental school could get a loan from Sallie Mae. Similar to medical school loans, Sallie Mae doesn’t offer insight into loan amounts or terms for dental school loans on its website. 

Technical School Loans

In addition to its undergraduate, graduate, and professional loans, Sallie Mae also provides technical school loans with even more competitive rates (as of publication). These loans can help offset the cost of technical or trade school. 

Loan Eligibility and Approval

Sallie Mae offers loans for U.S. students in all 50 states and international students. However, parent, spousal, and DACA recipient loans aren’t available through this lender.

Sallie Mae doesn’t explicitly mention that you’ll need someone to co-sign your loan, but this lender also doesn’t disclose its minimum credit score requirements. If your credit score isn’t great, you may need to apply for a loan with a co-signer to get approved. A co-signer can be someone you trust with a strong credit profile. 

Once you apply, approval decisions may be made within just 15 minutes. If you’re approved, Sallie Mae requires that your school verify your total loan amount (which can take some time, depending on the school). Once that’s all set and you accept the final loan disclosure, the funds can be disbursed directly to your school. 

Loan Fees and Repayment Options

Loan Fees

• Origination/administrative fee: None
• Late fee: Up to $25
• Returned payment fee: $20
• Forbearance fee: Not disclosed
• Deferment fee: Not disclosed

Loan Discounts

• Autopay: Borrowers receive a 0.25% rate discount on their undergraduate loans for setting up autopay.
• Graduate student payment: If you start repaying your Sallie Mae grad school loan while you’re still in school, you could get a rate discount of up to 0.50%.

Repayment Options

Different loans from Sallie Mae may have different repayment options, so that’s important to be aware of if you’re shopping around for a graduate or specialty loan. However, this lender specifies that its undergraduate borrowers can access three repayment options (aside from full repayment):

• Deferred repayment: Undergraduates make no payments in school and during the six-month grace period after graduation. However, interest accrues during school and the grace period, and it will be added to your loan principal balance at the end of that period. 
• Fixed repayment: Make $25 payments each month while you’re in school and during the six-month grace period. Any interest that’s unpaid will be added to your loan principal balance. This option results in lower overall loan costs than the deferred repayment option.
• Interest repayment: Make interest-only payments each month while in school and during the six-month grace period. Sallie Mae indicates that this option can lower your overall loan cost by the largest amount (aside from full repayment). 

Loan Forbearance and Discharge Options

Sallie Mae indicates that loan forbearance is available in certain circumstances, but it doesn’t specify what those circumstances are. Its website mentions that it’s committed to working with borrowers struggling to make payments, though. If you’re faced with this situation, consider speaking with a Sallie Mae representative to discuss your options.

This lender may discharge your loan balance if you die or become permanently and totally disabled. Loan discharge fees aren’t specified, though, so if you have questions, it’s best to contact a Sallie Mae representative directly. 

Is Student Loan Refinancing Available?

Student loan refinancing is not available with Sallie Mae. If you’re interested in this option, you’ll need to look for another private lender that offers refinancing loans.

Customer Service

Sallie Mae offers a convenient live chat feature on its website, and prospective and existing borrowers can also connect with a representative over the phone during certain hours.

Live Chat

• Hours: Monday to Friday, 8 a.m. to 8 p.m. Eastern Time

Phone (New Loans)

• Call: (855) 756-5626
• Hours: Monday to Thursday, 8 a.m. to 9 p.m. ET; Friday:,8 a.m. to 8 p.m. ET; Saturday, 10 a.m. to 2 p.m. ET

Phone (Existing Loans)

• Call: (800) 472-5543 or (877) 416-0012 for international students
• Hours: Monday to Friday, 8 a.m. to 8 p.m. ET

Applying for a Sallie Mae Student Loan 

To apply online for a student loan with Sallie Mae, you’ll need to share the following information and more:

• Basic personal information: Your name, address, and Social Security number
• Financial information: Gross income, bank account balances, rent or mortgage payments, and total loan amount you’re seeking
• Student aid information: Expected financial aid (federal or private) and scholarships
• School information: The school you plan to attend, degree path, and year in school. 

Alternative Choices

Final Verdict

Sallie Mae offers competitive rates on undergraduate, graduate, and professional loans. However, its repayment terms are fairly limited compared to some competitors, and the company has experienced its share of controversy in the past. Despite this, a private student loan from Sallie Mae could still be worth considering if its loan options, rates, and terms meet your needs. 

Methodology

Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of student loan lenders. We collected thousands of data points across 30 lenders—including loan types, interest rates, fees, loan amounts, and repayment terms—to ensure that we help readers make the right borrowing decision for their education needs.