Sallie Mae Student Loans Review: Is Sallie Mae Legit?

Best for Cosigners

4.8 _/5

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Private Student Loans

• Student loans for undergraduates, graduates, and career training
• Lower interest rates when you choose an in-school repayment plan
• Cosigner release after 12 on-time principal and interest payments
• No prepayment penalties or origination fees
• Part-time enrollment accepted (half-time or full-time not required)

• Doesn’t offer a soft credit check to check your eligibility
• The shortest repayment term is 10 years

Rates (APR)	4.50% – 16.70%
Loan amounts	$1,000 – 100% of certified costs
Repayment terms	10 – 15 years

Let’s talk about Sallie Mae, a name that’s become almost synonymous with student loans in the U.S. With Americans collectively shouldering a staggering $1.77 trillion in student debt as of the fourth quarter of 2024 , we’re not surprised that many borrowers are exploring options to refinance or eliminate their loans.

We’ve observed an interest in strategies to get out of Sallie Mae loans, leading us to compile resources like “Lenders to Refinance Sallie Mae Loans With” and “How to Get Rid of Sallie Mae Loans.”

Sallie Mae has been a major player in the student loan industry for decades, offering private loans to undergraduates, graduates, and those pursuing career training. It provides a range of loan options, but it’s essential to understand the nuances, especially if you’re considering borrowing from Sallie Mae.

In this review, we’ll examine the specifics of Sallie Mae’s private student loans, including the terms, application process, and overall borrower experience. This comprehensive overview will equip you with the information you need to make informed decisions.

Table of Contents

1. Sallie Mae undergrad, graduate, and career loans
2. Credit score and loan requirements
3. Repayment plans
4. Pros and cons
5. Alternatives to Sallie Mae
6. Sallie Mae FAQ

What is Sallie Mae and its role in student lending?

Sallie Mae, originally established as a government-sponsored enterprise in 1972, has evolved into a leading private student loan lender. It offers a variety of loan products for undergraduates, graduates, and career training programs, aiming to bridge the financial gap when federal loans and other aid aren’t sufficient.

Why Sallie Mae is the best for cosigners

Sallie Mae recognizes that many students may not have an extensive credit history, which can make getting approved for a student loan challenging. To address this, the lender allows applicants to add a creditworthy cosigner—often a parent or another trusted individual—to their loan application. This inclusion can boost the chances of approval and may even lead to lower interest rates.

Sallie Mae’s cosigner release policy stands out to us. After the borrower makes 12 consecutive on-time principal and interest payments, they can apply to have their cosigner released from the loan. This means the cosigner’s financial obligation isn’t indefinite, offering them peace of mind.

In essence, Sallie Mae not only provides students with access to necessary funding but also offers a clear path for cosigners to step back from their commitments responsibly.

Sallie Mae undergrad, graduate, and career loans

Sallie Mae’s private student loans have competitive interest rates and will cover all your school-certified attendance costs.

Type of loan	Rates (APR)	Loan amounts	Fees
Undergrad	4.50% – 16.70%	$1,000 – 100% of costs	Late payment
Graduate	5.25% – 15.97%	$1,000 – 100% of costs	Late payment
Career-training	4.50% – 16.34%	$1,000 – 100% of costs	Late payment

Eligibility criteria: Sallie Mae credit score and loan requirements

To qualify for a private student loan from Sallie Mae, you must meet the requirements below. 

Sallie Mae advised that in 2024, students were 3.5 times more likely to be approved for a student loan when applying with a cosigner, and 88% of its undergraduate loans had a cosigner.

Requirement	Details
Citizenship	U.S. citizen or permanent resident or international student with a cosigner who is a U.S. citizen or permanent resident
State of residence	All 50 states and D.C.
Minimum age	Age of majority in borrower’s state of residence
School	Participating degree-granting schools
Enrollment status	Full-time, half-time, or less than half-time

International students: Does Sallie Mae offer loans for non-U.S. citizens?

Yes, Sallie Mae offers student loans to international students, but there’s a catch: You’ll need a creditworthy U.S. citizen or permanent resident to cosign your loan. This cosigner acts as a guarantor, boosting your chances of approval and potentially securing better interest rates.

After making 12 consecutive on-time principal and interest payments, you can apply to release your co-signer from the loan. This feature provides flexibility and can ease the financial commitment for your co-signer down the line.

Keep in mind, that as an international student, you won’t be eligible for federal student loans in the U.S. Therefore, exploring private loan options like those Sallie Mae offers, along with scholarships and grants, becomes essential in financing your education.

If you’re an international student without a cosigner, check out MPOWER student loans, which our team named best for international students.

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Follow the flow chart below to see whether you might be eligible.

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Tip

You must also meet Sallie Mae’s credit and income requirements, which it doesn’t disclose.

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Sallie Mae payment plans

Terms	Details
Repayment options	In-school (interest-only or $25 flat) or deferred
Repayment terms	10 – 15 years
Grace period	6 months
Cosigner release	After 12 months of consecutive payments

Here’s how Sallie Mae’s repayment plans work:

• Deferred: Make no payments until after graduation.
• Fixed $25 payment: Make small, manageable payments while in school.
• Interest-only payments: Pay the interest that accumulates each month while in school.

The following repayment example can demonstrate how costs vary depending on your repayment plan. It assumes a $40,000 student loan, 5% APR, and a 10-year term.

Plan	Balance after grad	Monthly pmt.	Total loan cost
Deferred	$48,000	$530	$63,600
$25 fixed per month	$46,000	$511	$61,320
Interest-only	$40,000	$424	$50,880

Additional assistance programs:

• In-school payment assistance: Postpone your payments if you’re facing financial challenges while in school.
• Graduated repayment period: Make interest-only payments for 12 months after leaving school to ease into full payments.
• Forbearance: Pause payments during financial hardships to avoid delinquency or default.

Remember, while these programs offer flexibility, pausing or reducing payments can lead to increased overall loan costs due to accrued interest.

Is Sallie Mae a good student loan option?

Sallie Mae is a good student loan option for many borrowers, and especially their cosigners. When considering Sallie Mae or any student loan provider, it’s essential to weigh the advantages and disadvantages.

Pros

• Many loan options

  Loans for undergraduates, graduates, and career training programs.

• Rate discounts

  Get a lower rate if you opt for in-school repayment.

• Generous cosigner release program

  Release your cosigner from the loan after just 12 on-time consecutive monthly payments.

• Flexible enrollment requirements

  Accepts students enrolled part-time, including those attending less than half-time.

Cons

• No soft credit check for prequalification

  Can’t check your eligibility or potential rates without a hard credit inquiry, which can affect your credit score.

• Longer minimum repayment terms

  Shortest term available is 10 years.

• Limited transparency on credit requirements

  Because Sallie Mae doesn’t disclose this information, it’s hard to assess your eligibility without applying.

Alternatives to Sallie Mae

Comparing Sallie Mae’s private student loans with other student loan companies can help you understand whether it’s right for you. Here’s how it stacks up against several other top-rated student loan lenders.

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As a Managing Editor at LendEDU, I’ve seen plenty of folks looking for ways to get rid of their Sallie Mae student loans. After in-depth research on the options, here are several specific areas in which Sallie Mae compares to the lenders listed above:

• College Ave, Earnest, SoFi, and ELFI all allow a soft credit check. (Sallie Mae doesn’t.)
• College Ave and SoFi offer cosigner release, but the terms aren’t as generous as Sallie Mae’s.
• College Ave, Earnest, SoFi, and ELFI all offer repayment terms as low as five years, unlike Sallie Mae’s 10-year minimum.
• Earnest, SoFi, and ELFi require at least half-time enrollment in classes, but College Ave, like Sallie Mae, doesn’t have a minimum requirement.

Read our resource if you’re interested in refinancing your Sallie Mae student loan.

How to reach Sallie Mae customer service

Sallie Mae is one of a few lenders that services its student loans internally, meaning it maintains direct communication with borrowers from disbursement to repayment.

You can reach out to Sallie Mae’s customer service team these ways:

• Chat with an agent: Monday – Friday, 8 a.m. to 8 p.m. Eastern.
• Phone: Call 855-756-5626 Monday – Thursday, 8 a.m. to 9 p.m. Eastern, Friday, 8 a.m. to 8 p.m., and Saturday, 10 a.m. to 2 p.m.

Sallie Mae customer reviews

Source	Customer rating	Number of reviews
Better Business Bureau (BBB)	1.08/5	137
Trustpilot	1.3/5	57
Google	1.4/5	126

As you can see in the table, customer reviews of Sallie Mae are notably low, which indicates customer dissatisfaction. Despite being accredited by the BBB since 2015 and holding an A+ score for its business practices, Sallie Mae has struggled with customer service, according to public reviews. 

The reviews commonly mention reports of harassing phone calls, difficulty obtaining forbearance when requested, and issues with customer service representatives.

If you’re looking for a company that offers a more consistent positive service experience, our research shows that these lenders offer the best customer service:

Company	Trustpilot ratings	Our rating
College Ave	4.5/5 (1,995 reviews)	5.0/5
SoFi	4.3/5 (9,356 reviews)	4.7/5
Earnest	4.6/5 (6,986 reviews)	4.7/5

How to apply for a Sallie Mae student loan

1. Gather your info: You’ll need your address, Social Security number, school details (enrollment status, degree, major), and previous address if you’ve lived at your current one for less than a year.
2. Prep your financial details: Have ready your loan amount, school year, expected aid, job info, bank accounts, monthly housing costs, and two personal contacts.
3. Complete the application: Fill out the online application solo or with a cosigner—either way, you can share access using an invite code.
4. Get a credit decision: Sallie Mae will review your credit, often right after you apply. Sometimes, it may ask for extra documentation.
5. Choose your terms: If approved, pick your interest rate and in-school payment option.
6. Sign and accept: Review the loan terms and sign electronically.
7. Wait for school certification: Your school will confirm your enrollment and loan amount before Sallie Mae sends the funds.

Sallie Mae FAQ

Is Sallie Mae a federal loan?

No, Sallie Mae offers private student loans, not federal loans. It used to service federal loans but now only provides private loans you apply for directly—not through the FAFSA. These loans don’t include federal protections like income-driven repayment or forgiveness programs.

Does Sallie Mae offer income-based repayment plans?

No, Sallie Mae does not offer income-based repayment plans like federal student loans do. However, it does offer temporary repayment assistance options, such as interest-only or forbearance periods, if you’re facing financial hardship. These options are typically short-term and must be requested directly.

What are the credit score requirements for Sallie Mae student loans?

Sallie Mae doesn’t publish a minimum credit score, but it generally looks for applicants with good credit or a creditworthy cosigner. Many borrowers—especially students with limited credit history—apply with a cosigner to improve their chances of approval and qualify for better rates.

Can international students apply for Sallie Mae loans?

Yes, international students can apply for Sallie Mae loans, but they must have a U.S. citizen or permanent resident as a creditworthy cosigner. Without a cosigner, international students are not eligible to borrow through Sallie Mae.

Does applying with Sallie Mae hurt my credit?

Applying for a student loan with Sallie Mae will result in a hard inquiry on your credit report. While this might lower your credit score by a few points, the impact is often minimal and short-lived.

Does Sallie Mae require a cosigner?

Sallie Mae does not always require a cosigner, but having one can increase your chances of approval. Sallie Mae recommends a cosigner if you have a limited credit history or a low credit score.

How long does it take to receive funds from Sallie Mae?

The time it takes to get funds from Sallie Mae can vary. After loan approval and acceptance, Sallie Mae will ask your school to certify your eligibility, including enrollment verification and loan amount. Once your school certifies the loan, the funds are disbursed to the school.

Can Sallie Mae student loans be forgiven?

Sallie Mae’s private student loans do not have a built-in loan forgiveness program like federal loans. However, in cases of permanent disability or death, Sallie Mae may forgive the loan.

How we rated Sallie Mae

We designed LendEDU’s editorial rating system to help readers find companies that offer the best student loans. Our system awards higher ratings to companies with affordable solutions, positive customer reviews, and online transparency of benefits and terms.

We compared Sallie Mae to several student loan lenders, using hundreds of data points from company websites, public disclosures, customer reviews, and direct communication with company representatives. We weighted, scored, and combined each factor to produce a final editorial rating. This rating is expressed on a scale from 1 to 5, with 5 being the highest possible score. Our take is represented in our rating and best-for designation, recapped below.