Borrow responsibly
We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Evaluate all anticipated monthly loan payments, and how much the student expects to earn in the future, before considering a private student loan.
Loans for Undergraduate & Career Training Students are not intended for graduate students and are subject to credit approval, identity verification, signed loan documents, and school certification. Student must attend a participating school. Student or cosigner must meet the age of majority in their state of residence. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend school in the U.S., and apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident). Requested loan amount must be at least $1,000.
1. Loan application must be submitted to see available rates.
2. Although we do not charge you a penalty or fee if you prepay your loan, any prepayment will be applied as provided in your promissory note — first to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal.
3. Based on a comparison of the percentage of students who were approved with a cosigner to the percentage of students who were approved without a cosigner from October 1, 2023 to September 30, 2024.
4. The borrower or cosigner must enroll in auto debit through Sallie Mae to receive a 0.25 percentage point interest rate reduction benefit. This benefit applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment.
5. Advertised APRs for undergraduate students assume a $10,000 loan with a 4-year in-school period, a 6-month grace, and the longest loan term offered. Interest rates for variable rate loans may increase or decrease over the life of the loan based on changes to the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent. Advertised variable rates are the starting range of rates and may vary outside of that range over the life of the loan. Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. To receive a 0.25 percentage point interest rate discount, the borrower or cosigner must enroll in auto debit through Sallie Mae. The discount applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment.
6. Savings comparison assumes a freshman student receives a $10,000 Smart Option Student Loan with the most common variable rate as of January 2025 and the longest loan term offered.
7. Examples of typical transactions for a $10,000 Smart Option Student Loan with the most common fixed rate, Fixed Repayment Option, two disbursements, a 4-year in-school period, and a 6-month grace: For a borrower with the shortest loan term, it works out to 16.16% fixed APR, 51 payments of $25.00, 119 payments of $296.32 and one payment of $41.82, for a total loan cost of $36,578.90. For a borrower with the longest loan term, it works out to 16.38% fixed APR, 51 payments of $25.00, 177 payments of $265.54 and one payment of $173.00, for a total loan cost of $48,448.58. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 10 years. A variable APR may increase over the life of the loan. A fixed APR will not.
Information advertised valid as of 05/26/2026.
ALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE. CHECK SALLIEMAE.COM FOR THE MOST UP-TO-DATE PRODUCT INFORMATION.
Sallie Mae loans are made by Sallie Mae Bank.
LendEDU’s Take
Sallie Mae offers a wide range of private student loans for undergrads, grad students, and even professional expenses like residencies or the bar exam. It stands out for quick cosigner release and flexible enrollment, but poor customer reviews, no prequalification, and no refinancing options are drawbacks.
Fixed APRs
2.89% – 17.49%ⓘ
Based on undergrad, varies by loan typeVariable APRs
4.37% – 16.99%ⓘ
Based on undergrad, varies by loan typeFunding
$1K – 100% of costs
What we like
- Quick 12-month cosigner release
- Loans for niche educational expenses
- Less-than-half-time enrollment allowed
- No origination fees
- Long grace periods on professional loans
What to keep in mind
- No prequalification
- No refinancing
- Poor customer reviews
- Limited repayment flexibility
- Rates can be high without great credit
Sallie Mae is one of the largest private student loan lenders in the U.S., offering loans for undergraduate, graduate, career training, and professional programs. Its biggest strengths are flexible enrollment requirements, a wide range of loan options, and cosigner release after 12 months of on-time payments.
But Sallie Mae also has drawbacks. It doesn’t let you prequalify before applying, it doesn’t offer student loan refinancing, and borrower reviews are poor across several major review platforms.
In this Sallie Mae review, we’ll cover its loan options, rates, requirements, repayment choices, customer reviews, and who should compare other lenders first.
Table of Contents
- Sallie Mae at a glance
- What is Sallie Mae?
- Is Sallie Mae legit?
- Pros and cons
- How Sallie Mae student loans work
- Sallie Mae loan options
- Sallie Mae loan requirements
- Repayment options
- Customer reviews
- Sallie Mae alternatives
- Applying for a Sallie Mae student loan
- Sallie Mae customer service
- Is Sallie Mae a good loan option?
- FAQ
Sallie Mae at a glance
| Feature | Details |
|---|---|
| Best for | Fast cosigner release |
| Loan types | Undergraduate, graduate, career, medical, law, MBA, residency, bar exam |
| Repayment terms | 5 – 15 years, depending on loan type |
| Cosigner release | Available after 12 months of on-time payments if requirements are met |
| Prequalification | Not available |
| Refinancing | Not available |
| Fees | No origination fees or prepayment penalties |
| Autopay discount | 0.25% |
| Credit score needed | Typically mid-600s+ |
| Repayment terms | 5 – 15 years |
| Rates | Fixed and variable |
| Minimum loan | $1,000 |
What is Sallie Mae?
Sallie Mae is a private student loan lender that offers financing for many education-related costs, including undergraduate degrees, graduate programs, career training, medical school, dental school, law school, bar exam costs, and residency expenses.
Sallie Mae was created in 1972 as a government-sponsored enterprise involved in federal student lending, but it became fully private in 2004. Today, Sallie Mae loans are private student loans. That means they don’t come with federal benefits such as income-driven repayment plans, federal forgiveness programs, or protections for deferment and forbearance.
Sallie Mae may be worth considering if you need a private student loan and want a quick path to cosigner release. But because it doesn’t offer prequalification, you’ll need to submit a full application to see your rates.
Is Sallie Mae legit?
Yes, Sallie Mae is a legitimate private student loan lender. It has been involved in student lending for decades and offers a wide range of private loans for students, graduates, and professional borrowers.
However, “legit” doesn’t always mean it’s the best fit. Sallie Mae receives poor reviews from many borrowers, especially around customer service, billing, and repayment flexibility. Its mobile apps are rated much higher, but independent customer review platforms show a weaker borrower experience than you may find with some competitors.
Our take: Sallie Mae is a real lender with useful loan options, but we always recommend comparing rates and repayment features with other private student loan companies before applying.
Sallie Mae pros and cons
What we like
- Cosigner release available after 12 months
- Loans for many education paths
- Available to some less-than-half-time students
- No origination fees or prepayment penalties
- Long grace periods for some professional loans
What to keep in mind
- No prequalification option
- No student loan refinancing
- Poor borrower reviews
- Limited repayment flexibility compared with federal loans
- Rates can be high for borrowers with weaker credit
How Sallie Mae student loans work
Sallie Mae student loans are private student loans that help cover education costs after federal financial aid, scholarships, grants, and savings have been used.
Unlike federal student loans, Sallie Mae loans are credit-based. Approval depends on factors such as credit history, income, debt, and whether you apply with a cosigner. Because many students have limited credit history, applying with a cosigner is common and can improve approval odds.
Here’s how the process works:
- Apply directly with Sallie Mae: You’ll choose the loan type that matches your program and submit an online application.
- Credit review: Sallie Mae reviews your credit profile and, if applicable, your cosigner’s credit.
- School certification: Your school confirms your enrollment status and how much you’re eligible to borrow.
- Loan disbursement: Sallie Mae sends funds to your school for most loan types. Any leftover amount is typically refunded to you.
- Repayment begins later: Depending on your repayment option, you may make payments while in school or wait until after your grace period ends.
Sallie Mae offers several repayment choices while you’re enrolled, including deferred payments, fixed monthly payments, and interest-only payments. Interest generally starts accruing as soon as the loan is disbursed, which is standard for private student loans.
One feature that helps Sallie Mae stand out is its cosigner release policy. Borrowers may apply to remove a cosigner after making 12 months of consecutive on-time principal and interest payments and meeting credit requirements.
Sallie Mae loan options
Sallie Mae offers more loan types than many private student lenders. In addition to serving undergraduate and graduate students, it offers loans for career training, professional programs, bar exam costs, and residency expenses.
| Loan type | Best for | Grace period | Notable feature |
|---|---|---|---|
| Undergraduate loan | Bachelor’s degree students | 6 months | Available for full-time, half-time, and some less-than-half-time students |
| Career training loan | Trade school and certificate programs | 6 months | Can cover non-degree programs at participating schools |
| Graduate school loan | Master’s and doctoral students | 6 months | Available for many graduate programs |
| MBA loan | Business school students | 6 months | Repayment terms from 5 – 15 years |
| Law school loan | JD students | 9 months | Clerkship and bar study deferment options |
| Medical school loan | Medical students | 36 months | Long grace period and residency deferment |
| Dental school loan | Dental students | 12 months | Fellowship and residency deferment options |
| Health professions loan | Health-related graduate programs | 6 months | Residency or fellowship deferment available |
| Bar exam loan | Law graduates studying for the bar | 9 months | Funds can be sent directly to the borrower |
| Medical residency loan | Medical, dental, podiatry, or veterinary residency costs | 9 months | Can cover living, travel, and exam costs |
| Flight school loan | Aviation students | 6 – 12 months | Available at participating flight schools |
Undergraduate loans
Sallie Mae’s Smart Option Student Loan for Undergraduates is designed for students earning a bachelor’s or associate degree at a participating school. Borrowers can use funds for tuition, fees, books, supplies, housing, transportation, and other certified education costs.
This loan stands out because Sallie Mae may work with students enrolled full-time, half-time, or less than half-time, depending on the school and program. That flexibility can help nontraditional students who don’t qualify with lenders that require at least half-time enrollment.
Sallie Mae’s undergraduate loan may be a good fit if you need a cosigner now but want the option to release that person after 12 months of on-time payments.
Graduate and professional loans
Sallie Mae offers graduate loans for several advanced degree paths, including general graduate school, MBA programs, law school, medical school, dental school, and other health professions programs.
These loans often include features tailored to the program. For example, medical school loans may offer a longer grace period, while law school loans may include clerkship deferment. These details matter because graduate and professional students often need more time before earning full-time income.
Sallie Mae’s graduate loans may be worth comparing if you’re borrowing for a high-cost professional program and want repayment flexibility tied to your career path.
Career training loans
Sallie Mae’s career training loans can help pay for trade school, technical programs, certificate programs, and other nondegree education at participating schools.
This option can be helpful if you’re pursuing a career-focused credential instead of a traditional degree. Funds may cover tuition, books, equipment, supplies, and other school-certified costs.
The main limitation is that your school must participate with Sallie Mae. Before applying, confirm that your program is eligible.
Residency and bar exam loans
Sallie Mae also offers loans for costs that come after graduation but before full professional employment. These include bar exam loans, medical residency loans, and dental residency loans.
These loans can cover expenses such as exam fees, study materials, travel, relocation, and living costs. Unlike most school-certified student loans, some of these funds may be sent directly to you.
These loans can be useful if you’re entering a licensed profession and need short-term funding before your income increases. But rates can be higher than Sallie Mae’s standard student loans, so compare alternatives before borrowing.
Sallie Mae loan requirements
To qualify for a Sallie Mae student loan, you generally need to meet requirements related to school eligibility, enrollment, citizenship, credit, and income. Sallie Mae doesn’t publish every underwriting requirement, so approval depends on your full application.
Credit score requirements
Sallie Mae does not disclose a minimum credit score. In general, private student loan borrowers often need at least fair to good credit to qualify, and stronger credit is usually needed to get the lowest rates.
Many students don’t have enough credit history or income to qualify on their own. That’s why applying with a creditworthy cosigner can improve your chances of approval and may help you qualify for a lower rate.
Income requirements
Sallie Mae does not publish a minimum income requirement. However, private lenders usually review your ability to repay, which may include income, debt, credit history, and other financial factors.
If you have limited income, adding a cosigner with steady income and good credit may improve your application.
Cosigner requirements
Sallie Mae does not require a cosigner for every borrower, but many students will need one to qualify. A cosigner is often a parent, relative, or another trusted adult who agrees to share legal responsibility for the loan.
A Sallie Mae cosigner generally must be creditworthy and meet citizenship or residency requirements. Sallie Mae offers cosigner release after 12 months of on-time principal and interest payments if the borrower meets credit and underwriting criteria.
That 12-month timeline is one of Sallie Mae’s strongest features because many lenders require 24 to 48 months of payments before cosigner release is available.
School eligibility requirements
You must attend a participating school or an eligible program to borrow from Sallie Mae. Most loans require your school to certify the loan amount, which means your school confirms your enrollment status and the cost of attendance.
Sallie Mae may work with full-time, half-time, and less-than-half-time students for certain loans, but eligibility varies by loan type and school.
Citizenship requirements
Sallie Mae loans are available to U.S. citizens and permanent residents. Some non-U.S. citizens may qualify with a creditworthy cosigner who is a U.S. citizen or permanent resident.
International students should check eligibility before applying because private student loan citizenship rules can vary by lender.
Sallie Mae repayment options
Sallie Mae offers several in-school repayment options, depending on the loan type:
| Repayment option | How it works | Best for |
|---|---|---|
| Deferred repayment | Make no payments while in school and during your grace period | Borrowers who need the lowest payment while enrolled |
| Fixed repayment | Make small fixed monthly payments while in school | Borrowers who want to reduce interest without large payments |
| Interest-only repayment | Pay interest while in school | Borrowers who want to prevent interest from adding to the balance |
After your grace period ends, you’ll enter full repayment. Most Sallie Mae student loans have terms of 10 to 15 years, though some loans offer different term options.
Does Sallie Mae offer income-based repayment?
No. Sallie Mae does not offer federal income-driven repayment plans. Those plans are only available for federal student loans.
Sallie Mae may offer certain deferment or forbearance options, but private-loan repayment flexibility is more limited than federal-loan flexibility. If you expect to need income-based payments, federal student loans should usually take priority over private loans.
Sallie Mae customer reviews
Sallie Mae receives mixed-to-poor customer feedback overall. Its mobile apps tend to receive strong ratings, but borrower reviews on independent platforms are often negative.
Common concerns include:
- Confusing billing or payment processing
- Difficulty reaching helpful customer service
- Limited repayment flexibility
- Problems applying extra payments correctly
- Frustration that Sallie Mae doesn’t offer refinancing
This doesn’t mean every borrower has a poor experience. Many customers use Sallie Mae without major problems. But if customer service quality is a top priority, it’s worth comparing Sallie Mae with lenders such as College Ave, Ascent, and Earnest.
Sallie Mae alternatives
Sallie Mae is competitive for fast cosigner release and niche loan options, but it isn’t the only private student lender worth considering.
Borrow responsibly
We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Evaluate all anticipated monthly loan payments, and how much the student expects to earn in the future, before considering a private student loan.
Loans for Undergraduate & Career Training Students are not intended for graduate students and are subject to credit approval, identity verification, signed loan documents, and school certification. Student must attend a participating school. Student or cosigner must meet the age of majority in their state of residence. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend school in the U.S., and apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident). Requested loan amount must be at least $1,000.
1. Loan application must be submitted to see available rates.
2. Although we do not charge you a penalty or fee if you prepay your loan, any prepayment will be applied as provided in your promissory note — first to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal.
3. Based on a comparison of the percentage of students who were approved with a cosigner to the percentage of students who were approved without a cosigner from October 1, 2023 to September 30, 2024.
4. The borrower or cosigner must enroll in auto debit through Sallie Mae to receive a 0.25 percentage point interest rate reduction benefit. This benefit applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment.
5. Advertised APRs for undergraduate students assume a $10,000 loan with a 4-year in-school period, a 6-month grace, and the longest loan term offered. Interest rates for variable rate loans may increase or decrease over the life of the loan based on changes to the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent. Advertised variable rates are the starting range of rates and may vary outside of that range over the life of the loan. Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. To receive a 0.25 percentage point interest rate discount, the borrower or cosigner must enroll in auto debit through Sallie Mae. The discount applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment.
6. Savings comparison assumes a freshman student receives a $10,000 Smart Option Student Loan with the most common variable rate as of January 2025 and the longest loan term offered.
7. Examples of typical transactions for a $10,000 Smart Option Student Loan with the most common fixed rate, Fixed Repayment Option, two disbursements, a 4-year in-school period, and a 6-month grace: For a borrower with the shortest loan term, it works out to 16.16% fixed APR, 51 payments of $25.00, 119 payments of $296.32 and one payment of $41.82, for a total loan cost of $36,578.90. For a borrower with the longest loan term, it works out to 16.38% fixed APR, 51 payments of $25.00, 177 payments of $265.54 and one payment of $173.00, for a total loan cost of $48,448.58. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 10 years. A variable APR may increase over the life of the loan. A fixed APR will not.
Information advertised valid as of 05/26/2026.
ALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE. CHECK SALLIEMAE.COM FOR THE MOST UP-TO-DATE PRODUCT INFORMATION.
Sallie Mae loans are made by Sallie Mae Bank.
Information advertised valid as of 06/15/2026. Variable interest rates may increase after consummation. Approved interest rate will depend on creditworthiness of the applicant(s).
All rates shown include the auto-pay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. If a payment is returned, you will lose this benefit.
College Ave Student Loan Servicing, LLC, NMLS#1263410 NMLS Consumer Access
College Ave’s student loan products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or BTG Pactual Bank, N.A., member FDIC
Ascent Funding, LLC products are made available through Bank of Lake Mills or DR Bank, each Member FDIC. Subject to credit approval. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations, terms and conditions may apply for Ascent‘s Terms and Conditions please visit AscentFunding.com/Ts&Cs. Annual Percentage Rates (APRs) displayed above are effective as of 06/01/2026 and reflect an Automatic Payment Discount (ACH). The ACH discount consists of 0.25% on credit-based college student loans submitted prior to 6/1/2025, a 0.5% discount for on credit-based college student loans submitted on or after 6/1/2025 and a 1.00% discount on outcomes-based loans when you enroll in automatic payments. Loans subject to individual approval, restrictions and conditions apply. Loan features and information advertised are intended for college student loans and are subject to change at any time. For more information, see repayment examples or review the Ascent Student Loans Terms and Conditions. The final amount approved depends on the borrower’s credit history, verifiable cost of attendance as certified by an eligible school and is subject to credit approval and verification of application information. Lowest interest rates require full principal and interest (Immediate) payments, the shortest loan term, a cosigner, and are only available for our most creditworthy applicants and cosigners with the highest average credit scores. Actual APR offered may be higher or lower than the examples above, based on the amount of time you spend in school and any grace period you have before repayment begins. Variable rates may increase after consummation.1% Cash Back Graduation Reward subject to terms and conditions. For details on Ascent borrower benefits, visit AscentFunding.com/
In-School Loans Disclosures
Earnest Private Student Loans are subject to credit approval. Before applying for private student loans, it’s best to maximize your other sources of financial aid first. It’s recommended to use a 3-step approach to assembling the funds you need: 1) Look for funds you don’t have to pay back, like scholarships, grants, and work-study opportunities. 2) Next, fill out a FAFSA® form to apply for federal student loans options. 3) Finally, consider a private student loan to cover any difference between your total cost of attendance and the amount not covered in steps 1 and 2. For more information, visit the Department of Education website at studentaid.gov.
Auto Pay Discount
You can take advantage of the Auto Pay interest rate reduction by setting up and maintaining active and automatic ACH withdrawal of your loan payment from a checking or savings account. The interest rate reduction for Auto Pay will be available only while your loan is enrolled in Auto Pay. Interest rate incentives for utilizing Auto Pay may not be combined with certain private student loan repayment programs that also offer an interest rate reduction. It is important to note that the 0.25% Auto Pay discount is not available when loan payments are deferred during the interim period as a result of selecting the deferred repayment option.
Cosigner Release
To qualify for automatic cosigner release, the outstanding principal balance of your loan must be paid down to 50% or less of the original principal balance. The primary borrower must have made 36 months of required payments after the end of the Interim Period. The primary borrower must meet our eligibility and minimum credit requirements. Additional terms and conditions may apply.
To request cosigner release, the primary borrower must have made 12 consecutive, monthly on-time principal and interest payments (or an amount equal thereto) immediately preceding the cosigner release application. The primary borrower must satisfy certain eligibility and credit criteria at the time of application. Additional terms and conditions may apply.
Grace Period
Nine-month grace period is not available for borrowers who choose our Principal and Interest Repayment plan while in school.
Loan Cost Examples
Available interest rates are subject to change. Interest rates as of 03/19/2026. Earnest’s Loan Cost Examples:
1.) These examples provide estimates based on principal and interest payments beginning immediately upon loan disbursement. Variable annual percentage rate (“”APR””): A $10,000 loan with a 15-year term (180 monthly payments of $152.84) and a 16.85% interest rate without Auto Pay (16.85% APR) would result in a total estimated payment amount of $27,511.20. For a variable loan, after your starting rate is set, your rate will then vary with the market. Fixed APR: A $10,000 loan with a 15-year term (180 monthly payments of $150.30) and a 16.49% interest rate without Auto Pay (16.49% APR) would result in a total estimated payment amount of $27,054.10.
2.) These examples provide estimates based on interest-only payments while in school. Variable interest rate: A $10,000 loan with a 15-year term (180 monthly payments of $152.84) and a 16.85% interest rate without Auto Pay (16.85% APR) would result in a total estimated payment amount of $35,515.14. For a variable loan, after your starting rate is set, your rate will then vary with the market. Your actual repayment terms may vary. Other repayment options are available. The calculation assumes that the “in-school” period is 4 years (48 months) and includes our 9 month grace period, during which the monthly payment will be $140.42 for 57 months. Fixed interest rate: A $10,000 loan with a 15-year term (180 monthly payments of $150.30) and a 16.49% interest rate without Auto Pay (16.49% APR) would result in a total estimated payment amount of $34,886.94. Your actual repayment terms may vary. Other repayment options are available. The calculation assumes that the “in-school” period is 4 years (48 months) and includes our 9 month grace period, during which the monthly payment will be $137.42 for 57 months.
3.) These examples provide estimates based on fixed $25 payments while in school. Variable interest rate: A $10,000 loan with a 15-year term (180 monthly payments of $253.39) and a 16.85% interest rate without Auto Pay (14.92% APR) would result in a total estimated payment amount of $47,035.20. For a variable loan, after your starting rate is set, your rate will then vary with the market. Fixed interest rate: A $10,000 loan with a 15-year term (180 monthly payments of $246.61) and a 16.49% interest rate without Auto Pay (14.65% APR) would result in a total estimated payment amount of $45,814.80. Your actual repayment terms may vary. Other repayment options are available. The calculation assumes that the “in-school” period is 4 years (48 months) and includes our 9 month grace period, during which the monthly payment will be $25.00.
4.) These examples provide estimates based on deferred payments. Variable interest rate: A $10,000 loan with a 15-year term (180 monthly payments of $275.17) and a 16.85% interest rate without Auto Pay (14.67% APR) would result in a total estimated payment amount of $49,530.60. For a variable loan, after your starting rate is set, your rate will then vary with the market. Fixed interest rate: A $10,000 loan with a 15-year term (180 monthly payments of $268.03) and a 16.49% interest rate without Auto Pay (14.39% APR) would result in a total estimated payment amount of $48,245.40. Your actual repayment terms may vary. Other repayment options are available. It is important to note that the 0.25% Auto Pay discount is not available when the deferred repayment option has been selected and the loan is in the interim period. The calculation assumes that the “in-school” period is 4 years (48 months) and includes our 9 month grace period, during which the monthly payment will be $0.
Loan Minimum
Residents of Hawaii must request a loan of at least $1,501.
Repayment Terms and Options
Repayment terms and repayment options available vary based on loan type.
Skip a Payment
Earnest clients may skip a payment through a single, one-month forbearance during a 12 month period. Your first request to skip a pay can be made once you’ve made at least 6 months of consecutive on-time full principal and interest payments, and your loan is in good standing. The interest accrued during the skipped month will result in an increase in your remaining minimum payment. The final payoff date on your loan will be extended by the length of the skipped payment periods. Any unpaid accrued interest may capitalize (added to the principal balance) at the end of the forbearance period by adding unpaid accrued interest to the outstanding principal as permitted by law and the terms of the loan agreement. Please note that skipping a payment is not guaranteed and is at Earnest’s discretion. Your monthly payment and total loan cost may increase as a result of postponing your payment and extending your term.
No Fees
Earnest does not charge fees for origination, late payments, returned check, or prepayments. Florida Stamp Tax: For Florida residents, Florida documentary stamp tax is required by law, calculated as $0.35 for each $100 (or portion thereof) of the principal loan amount, the amount of which is provided in the Final Disclosure. Lender will add the stamp tax to the principal loan amount. The full amount will be paid directly to the Florida Department of Revenue. Certificate of Registration No. 78-8016373916-1.
Earnest Private Student Loans are made by FinWise Bank, Member FDIC. FinWise Bank, 756 East Winchester, Suite 100, Murray, UT 84107. Earnest student loans are serviced by Earnest Operations LLC, 300 Frank H. Ogawa Plaza, Suite 340, Oakland, CA 94612. NMLS #1204917, with support from Higher Education Loan Authority of the State of Missouri (MOHELA) (NMLS# 1442770). FinWise Bank and Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by agencies of the United States of America.
Interest Rates Disclosure:
Includes 0.25% Auto Pay discount. Actual rate and available repayment terms will vary based on your financial profile. Fixed annual percentage rates (APR) range from 3.04% to 16.74% (2.79% – 16.49% with Auto Pay discount). Variable annual percentage rates (APR) range from 5.24% to 17.1% (4.99% – 16.85% with Auto Pay discount). Earnest variable interest rate student loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent plus a margin and will change on the 1st of each month. The rate will not increase more than once a month, but there is no limit on the amount that the rate could increase at one time. Our lowest rates are only available for our most credit qualified borrowers and requires selection of our shortest term offered, full principal and interest payment while in school, and enrollment in our 0.25% Auto Pay discount. Enrolling in Auto Pay is not required as a condition for approval. Interest rates are subject to change.
fixed apr
4.13% – 17.99%
4.13% – 17.99%
2.89% – 14.41%
4.13% – 17.99%
variable apr
4.13% – 17.99%
4.13% – 17.99%
4.34% – 14.75%
4.13% – 17.99%
funding amounts
$1K – total costs
$1K – total costs
$2K – $200K
$1K – total costs
min. credit score
Mid-600s
Not disclosed
620
650
best for
Fast cosigner release
Best overall
Best graduation reward
Best repayment perks
Applying for a Sallie Mae student loan
You can apply for a Sallie Mae student loan online in just a few minutes, though approval and school certification may take longer depending on your situation.
Before applying, gather:
- Your Social Security number or permanent residency information
- School and enrollment details
- Estimated financial aid information
- Income and employment information
- Cosigner information, if applicable
Most borrowers complete these steps:
One important drawback: Sallie Mae does not offer prequalification. That means you can’t preview estimated rates without submitting a full application, which may result in a hard credit inquiry.
To minimize the impact on your credit, try comparing multiple lenders within a short rate-shopping window. Credit scoring models often treat multiple student loan inquiries within a limited period as a single inquiry.
Watch below: How to Get a Student Loan
Sallie Mae customer service
Sallie Mae offers customer support by phone, online chat, and mail.
You can contact Sallie Mae if you have questions about applications, payments, cosigner release, deferment, forbearance, or account access.
Before contacting support, log in to your online account and gather your loan number, school information, and any payment details related to your question. This can help speed up the process.
Is Sallie Mae a good loan option?
Sallie Mae can be a great private student loan option if you need flexible repayment options, have a creditworthy cosigner, and want one of the fastest cosigner release timelines available.
It may be especially useful if:
- You’re enrolled less than half-time and need a lender that may still consider you.
- You need funding for a professional program, bar exam, or residency.
- You want to release your cosigner as soon as possible.
- You’ve already maxed out federal student loan options.
Sallie Mae may not be the best fit if:
- You want to prequalify before applying.
- You want the option to refinance with the same lender later.
- You need strong customer service ratings.
- You want income-driven repayment or federal loan protections.
Our recommendation: Compare Sallie Mae with at least two other private student loan lenders before applying. If you haven’t used federal student loans yet, start there first.
How we rated Sallie Mae
LendEDU evaluates student loan lenders to help readers find the best student loans. Our latest analysis reviewed 725 data points from 25 lenders and financial institutions, with 29 data points collected from each. This information is gathered from company websites, online applications, public disclosures, customer reviews, and direct communication with company representatives.
These star ratings help us determine which companies are best for different situations. We don’t believe two companies can be the best for the same purpose, so we only show each best-for designation once.
FAQ
What credit score does Sallie Mae require?
Sallie Mae does not publish a minimum credit score requirement. In general, borrowers with good credit are more likely to qualify and receive lower rates. Many students apply with a creditworthy cosigner because they don’t have enough credit history or income to qualify on their own.
Does Sallie Mae require a cosigner?
Sallie Mae doesn’t always require a cosigner, but many students will need one. A cosigner can improve your approval odds and may help you qualify for a lower interest rate. Sallie Mae offers a cosigner release after 12 months of on-time payments, provided the requirements are met.
Is Sallie Mae good for student loans?
Sallie Mae can be good for borrowers who need private student loans, want fast cosigner release, or need financing for a specialized education path. But it may not be ideal if you want prequalification, strong customer reviews, or refinancing options.
Does Sallie Mae offer student loan refinancing?
No. Sallie Mae does not offer student loan refinancing. If you want to refinance your student loans after graduation, you’ll need to use another lender.
Does Sallie Mae offer income-based repayment?
No. Sallie Mae does not offer federal income-based repayment or other income-driven repayment plans. Those options are only available for eligible federal student loans.
Can international students get Sallie Mae loans?
Some international students or non-U.S. citizens may qualify with a creditworthy cosigner who is a U.S. citizen or permanent resident. Eligibility depends on the borrower, cosigner, school, and loan type.
Are Sallie Mae loans federal or private?
Sallie Mae loans are private student loans. Sallie Mae used to be connected to federal student lending, but today its loans are private and do not include federal student loan protections.
Does Sallie Mae affect your credit score?
Yes, a Sallie Mae student loan can affect your credit. Applying may result in a hard credit inquiry, and your payment history can help or hurt your credit depending on whether you make payments on time.
Article sources
At LendEDU, our writers and editors rely on primary sources, such as government data and websites, industry reports and whitepapers, and interviews with experts and company representatives. We also reference reputable company websites and research from established publishers. This approach allows us to produce content that is accurate, unbiased, and supported by reliable evidence. Read more about our editorial standards.
- Ascent, Student Loans That Help You Plan, Pay, and Succeed in School
- Better Business Bureau, Sallie Mae
- College Ave, A Better Student Loan Experience
- Consumer Financial Protection Bureau, Consumer Complaint Database
- Earnest, Your Loan, Your Terms, Your Way – With Zero Fees to Hold You Back
- FICO, Does Checking Your Credit Score Lower it?
- Sallie Mae, Got School Costs Coming Up? We’ve Got You Covered With a Student Loan.
- Sallie Mae, Contact Us
- Sallie Mae, Following the Loan Origination Process
- Trustpilot, Sallie Mae
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About our contributors
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Written by Lindsay VanSomerenLindsay VanSomeren is a personal finance writer living in Suquamish, Washington. She's passionate about helping people manage their money better so that they can live the life they want. In her spare time, she enjoys outdoor adventures, reading, and learning new languages and hobbies.
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Edited by Kristen Barrett, MATKristen Barrett is a managing editor at LendEDU. She lives in Cincinnati, Ohio, with her wife and their pack of senior rescue dogs. She has edited and written personal finance content since 2015.