Best student loan for cosigners
- Competitive interest rates compared to the current market.
- A range of student loans, catering to undergraduate, graduate, and career training students.
- No origination fees, allowing students to use their full loan amount.
- Cosigner release after 12 on-time principal and interest payments.
Sallie Mae has been helping students pay for college for more than 40 years. Once a government program, it’s now a private company focused on making higher education possible.
Sallie Mae offers private student loans for undergraduates, graduate students, and career training. We’ll look at its loan terms, the application process, and borrowers’ experience. We’ll also answer questions about how its loans may affect your credit, cosigner needs, and using the funds.
In this review:
- How does Sallie Mae work?
- Sallie Mae’s undergraduate student loan
- Sallie Mae’s graduate student loan
- Sallie Mae’s career-training student loan
- How can Sallie Mae improve its private student loans?
- How do Sallie Mae private student loans compare to other lenders?
- Is Sallie Mae a reputable lender?
- Does Sallie Mae have a customer service team?
- How to apply for a Sallie Mae student loan
- What if I’m denied a student loan from Sallie Mae?
- How we rated Sallie Mae student loans
- Sallie Mae FAQ
- Recap of our Sallie Mae student loans review
How does Sallie Mae work?
Sallie Mae makes getting a student loan straightforward. You apply for undergraduate, graduate, or career school loans on its website. It asks for personal details, school costs, and the desired loan amount.
Sallie Mae bases your loan amount on your school’s total cost of attendance minus any other aid you’ve received. Once you’re approved, it sends funds to your school. There’s no limit to the number of Sallie Mae loans you can take, as long as you don’t borrow more than your total college costs.
Sallie Mae’s undergraduate student loan
Why it’s the best for cosigners
One of the standout features of Sallie Mae’s undergraduate student loans is its consideration for cosigners. A cosigner can improve your chances of loan approval and might even help secure a better interest rate. But what makes Sallie Mae stand out is its cosigner release policy.
If you make 12 consecutive monthly payments to Sallie Mae on time—covering both principal and interest—it lets your cosigner off the hook. That means whoever lent you their good credit is free of responsibility for your loan and its impact on their credit score.
If your parents or another relative helped you qualify for the loan, you can now repay it yourself. Releasing a cosigner frees them from repayment obligations if you stop making payments, and it drops the loan from their credit report.
Rates, terms, and fees
Sallie Mae’s undergraduate student loan rates are competitive, although the higher end of its APR range can be steep compared to other lenders.
Its fees are standard for the industry, and it offers a rate discount when you enroll in automatic payments. Multiple loan amounts, various in-school repayment options, and repayment assistance programs make it an attractive choice for many students.
| Undergraduate student loans | Details |
| Fixed rates (APR) | 4.50% – 14.83% |
| Variable rates (APR) | 5.87% – 16.20% |
| Rate discounts | 0.25% autopay |
| Loan amounts | $1,000 – 100% of the school-certified cost of attendance |
| In-school repayment plans | Deferred (no payments while in school) Fixed $25 per month Monthly interest-only payments |
| Repayment terms | 10 – 15 years |
| Grace period | 6 months |
| Repayment assistance | In-school payment assistance: Postpone your payments while in school; can help you avoid delinquency if you’re struggling. Graduated repayment period: Request to make interest-only payments for 12 months after you leave school. Forbearance: Postpone your payments if you’re having trouble; can help you avoid delinquency and default. Options for delinquent customers include a temporary rate reduction, temporary term and rate modification, payment extension, and reduced payment plan. |
| Cosigner release | Yes, after 12 months of consecutive on-time payments |
| Fees | Late fee Returned check fee |
| Unique features | Option to make interest-only payments for 1 year after leaving school 12-month cosigner release Offers loan to part-time students Allows non-U.S. citizens, including DACA students, to apply with a U.S. cosigner |
What are the eligibility requirements?
To qualify for an undergraduate student loan from Sallie Mae, the applicant must meet a range of requirements, which include citizenship status, state of residence, and minimum age.
Sallie Mae advised that in 2022, students were three times more likely to be approved for a student loan when applying with a cosigner, and 87% of its undergraduate loans had a cosigner.
The lender states applying with a cosigner increases approval chances and could result in a better interest rate.
| Eligibility requirement | Details |
| U.S. citizen or permanent resident | Must be a 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 the District of Columbia |
| Minimum age | Borrower or cosigner must meet age of majority in borrower’s state of residence (18 in most states) |
| School | Participating degree-granting schools |
| Enrollment status | Full-time, half-time, or less than half-time |
| Credit score | Not disclosed |
| Income | Not disclosed |
Follow the flow chart below to see whether you might be eligible. (Remember: Applicants must also meet Sallie Mae’s credit and income requirements, which it doesn’t disclose.)
How does repayment work?
When it comes to repayment options, Sallie Mae offers a range of choices to help students manage their debt load while still focusing on their academics:
- No payments: Students can focus on their studies and delay payments until after graduation.
- Fixed $25 payment: Students can opt to make small, manageable payments while still in school.
- Monthly interest-only payments: Students can choose to pay just the interest that accumulates each month.
Here’s how payments may differ based on these in-school repayment plans for the following loan:
- $40,000 loan amount
- 5% APR
- 10-year repayment plan
| In-school repayment option | Total owed after graduation | Monthly payment after grace period ends | Total cost of the loan |
| Deferred | $48,000 | $530 | $63,600 |
| $25 fixed per month | $46,000 | $511 | $61,320 |
| Interest-only | $40,000 | $424 | $50,880 |
Please note: These numbers are approximations and may vary due to the specifics of the loan and how interest is calculated.
Here’s what in-school payments might look like each year depending on your selected plan for the loan described above:
| Year | Total borrowed | Monthly interest-only payment | Deferred payments | $25 fixed |
| 1 | $10,000 | $41.67 | $0 | $25 |
| 2 | $20,000 | $83.33 | $0 | $25 |
| 3 | $30,000 | $125.00 | $0 | $25 |
| 4 | $40,000 | $166.67 | $0 | $25 |
Unlike lenders that allow borrowers to choose their postgraduation repayment plan, Sallie Mae assigns one to borrowers based on undisclosed criteria. (It does, however, let them choose an in-school repayment plan.)
Sallie Mae also offers several repayment assistance programs for those facing financial hardships, including:
- In-school payment assistance
- Graduated repayment periods
- Forbearance options
These programs can help borrowers avoid delinquency and default. But remember, prolonging the repayment period or pausing payments can increase the overall cost of the loan due to accrued interest.
Sallie Mae’s graduate student loan
Why it’s the best for cosigners
We chose Sallie Mae as the best choice for cosigners for graduate student loans for its 12-month cosigner release period.
This period provides an opportunity to remove the burden and risk for a cosigner. The cosigner can help the student get approval and the lowest possible rate, but they maintain the risk of having to make payments if the borrower stops paying. This short release period can reassure anyone considering cosigning a student loan.
Not all private lenders provide the option of cosigner release, but for those that do, the number of required on-time monthly payments often exceeds Sallie Mae’s 12-month policy.
Below is a comparison of Sallie Mae’s policy with five other lenders.
| Lender | On-time monthly payments required for cosigner release |
| Sallie Mae | 12 |
| LendKey | 24 |
| SoFi | 24 |
| Citizens Bank | 36 |
| PNC | 48 |
| College Ave | Half the length of repayment term (i.e., 60 months—5 years—for a 10-year term) |
Rates, terms, and fees
Sallie Mae’s graduate student loan rates, terms, and fees are competitive. The company’s loan options include several specialized loans for popular programs.
Sallie Mae’s loan offerings benefit students enrolled in specific graduate programs and sets it apart from many of its competitors.
Here’s a detailed overview of Sallie Mae’s general graduate student loan features:
| Feature | Details |
| Fixed rates (APR) | 5.25% – 14.48% |
| Variable rates (APR) | 6.37% – 15.97% |
| Rate discounts | 0.25% autopay Pay graduate school loan interest every month you’re in school and in grace, and your interest rate will be 0.50% lower than with the deferred repayment option and 0.25% lower than with the fixed repayment option |
| Loan amounts | $1,000 – 100% of the school-certified cost of attendance |
| In-school repayment plans | Deferred (no payments while in school) Fixed $25 per month Monthly interest-only payments |
| Repayment terms | Up to 15 years |
| Grace period | 6 months |
| Repayment assistance | In-school payment assistance: Postpone your payments while in school; can help you avoid delinquency if you’re struggling Graduated repayment period: Request to make interest-only payments for 12 months after you leave school Forbearance: Postpone your payments if you’re having trouble; can help you avoid delinquency and default. Deferment: 48 months during internship or fellowship Options for delinquent customers include a temporary rate reduction, temporary term and rate modification, payment extension, and reduced payment plan |
| Cosigner release | 12 months |
| Fees | Late fee Returned check fee |
| Unique features | Has a general graduate loan as well as several loans tailored to specific graduate programs 48 months of deferment during medical internship or fellowship Option to make interest-only payments for 1 year after leaving school 12-month cosigner release Offers loans to part-time students Allows non-U.S. citizens, including DACA students, to apply with a U.S. cosigner |
Sallie Mae’s other graduate student loans
Sallie Mae offers degree-specific student loans for various graduate programs, including MBA, medical, dental, and law. Each loan comes with its own unique set of features:
| Type of loan | Fixed rates (APR) | Variable rates (APR) | Loan amounts | Repayment term | Grace period |
| MBA loans | 5.25% – 14.48% | 6.37% – 15.97% | Up to 100% of the school-certified cost of attendance | Up to 15 years | 6 months |
| Medical school loans | 5.25% – 14.46% | 6.37% – 15.95% | Up to 100% of the school-certified cost of attendance | Up to 20 years | 36 months |
| Medical residency loans* | 6.40% – 10.26% | 7.59% – 13.01% | Up to $30,000 total | Up to 20 years | 36 months |
| Health professions graduate loans | 5.25% – 14.48% | 6.37% – 15.97% | Up to 100% of the school-certified cost of attendance | Up to 15 years | 6 months |
| Dental school loans | 5.25% – 14.47% | 6.37% – 15.96% | Up to 100% of the school-certified cost of attendance | Up to 20 years | 12 months |
| Dental residency loans* | 6.40% – 10.26% | 7.59% – 13.01% | Up to $30,000 total | Up to 20 years | 36 months |
| Law school loans | 5.25% – 14.47% | 6.37% – 15.96% | Up to 100% of the school-certified cost of attendance | Up to 15 years | 9 months |
| Bar study loans* | 7.01% – 15.26% | 7.63% – 17.23% | Up to $15,000 total | Up to 15 years | 9 months |
*Deferred in-school repayment is the only option available; money is sent to the borrower, not the school.
What are the eligibility requirements for Sallie Mae’s graduate student loans?
U.S. citizens and permanent residents are eligible for Sallie Mae graduate student loans. International students can also be eligible with a cosigner who is a U.S. citizen or permanent resident.
Sallie Mae recommends cosigners because they can increase the chances of loan approval and lower interest rates.
Here’s a look at the general eligibility requirements for Sallie Mae’s graduate loans. Regardless of your specific graduate loan type, these requirements will apply to you:
| Eligibility requirements | Details |
| Citizenship requirement | U.S. citizen or permanent resident, or international student with U.S. citizen or permanent resident cosigner |
| State of residence | All 50 states and the District of Columbia |
| Minimum age | Borrower or cosigner must meet age of majority in borrower’s state of residence (18 in most states) |
| School | Participating degree-granting schools |
| Enrollment status | Full-time, half-time, or less than half-time |
| Credit score | Not disclosed |
| Income | Not disclosed |
Each specific graduate loan type also has unique eligibility considerations. Here’s a look at those requirements:
| Loan type | Unique requirements |
| MBA loan | For graduate students in an MBA program at participating degree-granting schools |
| Medical school loan | For graduate students in an M.D., D.O., D.V.M., V.M.D., or D.P.M. program at participating degree-granting schools |
| Medical residency loan | For students pursuing or have received a M.D., D.O., D.D.S., D.M.D., D.P.M., D.V.M., or V.M.D. degree |
| Health professions loan | For graduate students at participating degree-granting schools |
| Dental school loan | For graduate students in a D.D.S. or D.M.D. program at participating degree-granting schools |
| Dental residency loan | For students pursuing or have received a M.D., D.O., D.D.S., D.M.D., D.P.M., D.V.M., or V.M.D. degree |
| Law school loan | For graduate students in a J.D. or L.L.M. program at participating degree-granting schools |
| Bar study loan | For students in their final year of study at a participating ABA-accredited law school or recent graduates |
How does repayment work?
Below are the repayment terms of various Sallie Mae graduate student loans:
- General graduate loan: 10 – 15 years
- Medical school loans: 10 – 20 years
- Medical residency loans: 10 – 20 years
- Dental school loans: 10 – 20 years
- Dental residency loans: 10 – 20 years
- Other specific graduate loans: 10 – 15 years
Sallie Mae’s graduate student loans come with assigned repayment terms that range from 10 to 20 years. This method differs from many other lenders, which often let borrowers select their preferred repayment period.
In addition to the postgraduation repayment policy, Sallie Mae offers three in-school repayment options:
- Defer payments while in school
- Make fixed payments of $25 per month
- Make interest-only payments each month
These options allow students to manage debt according to their personal financial needs while still in school.
Despite less flexible repayment terms, Sallie Mae offers assistance programs to provide additional support, including a graduated repayment period, forbearance, and deferment.
When you’re evaluating graduate loans to finance your education, it helps to know how the overall cost of your loan can change based on the term assigned. In general, longer repayment terms mean paying smaller monthly payments but more in interest over the life of the loan.
You can see this in the table below. All three examples are for a $20,000 loan at 8% APR where the borrower deferred payments while in school.
| Repayment term | Monthly payments | Total interest paid | Total amount paid |
| 10 years | $242.73 | $9,127.60 | $29,127.60 |
| 15 years | $191.29 | $14,432.20 | $34,432.20 |
| 20 years | $167.53 | $20,207.20 | $40,207.20 |
Sallie Mae’s career-training student loan
Why Sallie Mae is the best for cosigners for career-training student loans
Sallie Mae’s generous cosigner policy gives it an edge for career school students who need a cosigner’s help to qualify.
If you need a cosigner to get a career school loan, Sallie Mae might stand out for two reasons:
- Fast cosigner release: Unlike most private lenders that require years of payments or don’t allow it at all, Sallie Mae lets cosigners off the hook after just 12 on-time payments. Your cosigner’s obligation and liability end after that, which gives them major peace of mind. Rather than trapping cosigners for the life of the loan or keeping them committed indefinitely, Sallie Mae rewards responsibility by releasing them as early as possible.
- Clear terms: Sallie Mae spells out what you need to do to release your cosigner—show a solid track record of repaying on time each month. Sallie Mae wants to see you’re responsible before ending your cosigner’s commitment. The transparent terms mean no surprises and help you and your cosigner understand the deal upfront.
Rates, terms, and fees
Sallie Mae’s career-training student loan rates, terms, and fees are competitive with others in the industry.
| Feature | Details |
| Fixed rates (APR) | 4.50% – 15.10% |
| Variable rates (APR) | 5.87% – 16.34% |
| Rate discounts | 0.25% autopay |
| Loan amounts | $1,000 – 100% of the school-certified cost of attendance |
| In-school repayment plans | Deferred Fixed $25 per month Monthly interest-only payments |
| Repayment terms | 10 – 15 years |
| Grace period | 6 months |
| Repayment assistance | In-school payment assistance: Postpone your payments while in school; can help you avoid delinquency if you’re struggling. Graduated repayment period: Request to make interest-only payments for 12 months after you leave school. Forbearance: Postpone your payments if you’re having trouble; can help you avoid delinquency and default. Options for delinquent customers include a temporary rate reduction, temporary term and rate modification, payment extension, and reduced payment plan. |
| Cosigner release | 12 months |
| Fees | Late fee Returned check fee |
| Unique features | Option to make interest-only payments for 1 year after leaving school 12-month cosigner release Loan is available to part-time students Allows non-U.S. citizens, including DACA students, to apply with a U.S. cosigner |
What are the eligibility requirements for Sallie Mae’s career-training student loans?
If you’re considering a career-training student loan from Sallie Mae, you must meet certain eligibility requirements.
| Eligibility requirement | Details |
| U.S. citizen or permanent resident | Must be a 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 the District of Columbia |
| Minimum age | Borrower or cosigner must meet age of majority in borrower’s state of residence (18 in most states) |
| School | Participating non-degree-granting schools |
| Enrollment status | Full-time, half-time, or less than half-time (undergraduates only) |
| Credit score | Not disclosed |
| Income | Not disclosed |
How does repayment work?
Sallie Mae’s career-training student loan gives you three options for repayment while you are in school: You can defer your payments, pay a fixed $25 per month, or make monthly interest-only payments.
Once you’re out of school, you have a six-month grace period before the repayment term begins, which can range from 10 to 15 years. Sallie Mae assigns this term; borrowers can’t choose.
Here’s how Sallie Mae’s terms differ from two competitors that offer career-training loans:
| Sallie Mae | College Ave | Ascent | |
| In-school repayment options | Deferred, fixed $25 per month, or monthly interest-only payments | Full deferment, $25 monthly, interest-only, full principal and interest | Full deferment, interest-only, or full principal and interest |
| Repayment term | 10 – 15 years | 5, 8, 10, or 15 years | 5, 7, or 10 years |
| Can borrowers choose repayment terms? | No | Yes | Yes |
Here’s how much a $10,000 career school loan with a 6% APR might cost over the life of the loan:
| Repayment term (years) | Monthly payments | Total interest paid | Total amount paid |
| 5 | $193.33 | $1,599.80 | $11,599.80 |
| 7 | $150.30 | $2,261.04 | $12,261.04 |
| 8 | $136.08 | $2,621.95 | $12,621.95 |
| 10 | $111.02 | $3,322.79 | $13,322.79 |
| 15 | $84.07 | $5,132.93 | $15,132.93 |
We made the above calculations using the formula for fixed-rate loan repayments and assuming the borrower makes all the payments on time.
Sallie Mae offers several assistance programs if you’re struggling with repayment, including in-school payment assistance, a graduated repayment period, and forbearance options.
How can Sallie Mae improve its private student loans?
Sallie Mae offers several appealing features with its student loans, but it could improve in certain areas.
Where it falls short, we’ve recommended alternatives to consider. Here’s a rundown of Sallie Mae’s drawbacks and recommended lenders that excel in each area:
| Sallie Mae drawback | Suggested lender(s) |
| No prequalification | Ascent (checks your eligibility with a soft credit check) |
| Can’t choose your repayment term | College Ave, Earnest, Ascent (allow borrowers to choose their term length) |
| Mixed customer service reviews | Earnest (in-house customer service with high Trustpilot score) |
| Charges late payment fees | Earnest (no late fees) |
How do Sallie Mae private student loans compare to other lenders?
Comparing Sallie Mae’s private student loans with other student loan companies can offer a clearer view of its standing in the market. Here’s how it stacks up against three competitors—College Ave, Ascent, and Earnest—for undergraduate student loans:
| Criteria | Sallie Mae | College Ave | Ascent | Earnest |
| Our rating | 4.7 | 4.8 | 4.7 | 4.7 |
| Best for | Best for cosigners | Best overall | Best for eligibility | Best for no fees |
| Rates (APR) | 4.50% – 14.83% (fixed) 5.87% – 16.20% (variable) | 4.44% – 15.99% (fixed) 5.09% – 15.99% (variable) | 4.48% – 15.27% (fixed, cosigned credit-based) 5.98% – 15.63% (variable, cosigned credit-based) | 4.43% – 14.90% (fixed) 5.32% – 16.20% (variable) |
| Loan amount | $1,000 – 100% of the school-certified cost of attendance | $1,000 – 100% of the school-certified cost of attendance | $2,001 – $200,000 | $1,000 – 100% of the school-certified cost of attendance |
| Repayment terms | 10 – 15 years | 5, 8, 10, or 15 years | 5, 7, 10, 12, or 15 years | 5, 7, 10, 12, or 15 years |
| Grace period | 6 months | 6 months | 9 months | 9 months |
| View rates | View rates | View rates | View rates |
To see how Sallie Mae compares to other private lenders, check out the following:
Read our resource if you’re interested in refinancing your Sallie Mae student loan.
Is Sallie Mae a reputable lender?
| Source | Customer rating | Number of reviews |
| Better Business Bureau | 1.13 out of 5 | 109 |
| 1.1 out of 5 | 20 | |
| Trustpilot | 1.5 out of 5 | 32 |
Ratings collected on June 8, 2023.
As you can see in the table, customer reviews of Sallie Mae reveal concerning trends. On the Better Business Bureau (BBB), Google, and Trustpilot platforms, the ratings are notably low, indicating 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.
Common threads in the reviews are reports of harassing phone calls, difficulty getting forbearance when requested, and issues with customer service representatives. Over the last three years, 465 complaints have been closed on BBB, but the low average customer rating persists.
Keep in mind that online reviews often represent the most extreme experiences of customers. People with neutral or mild experiences may be less likely to leave reviews. Nevertheless, the consistency of these themes suggests areas where Sallie Mae could improve its customer service.
Does Sallie Mae have a customer service team?
Speaking of Sallie Mae’s customer service, it’s unique among lenders because it services its loans internally, meaning it maintains direct communication with borrowers throughout the life of the loan, from disbursement to repayment.
This internal servicing model provides a degree of consistency in communication and helps ensure that the team managing your loans is familiar with Sallie Mae’s policies and procedures.
You can reach out to Sallie Mae’s customer service team through various channels:
- 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.
- General correspondence: Send mail to Sallie Mae, P.O. Box 3319, Wilmington, DE 19804-4319.
How to apply for a Sallie Mae student loan
To apply for a Sallie Mae student loan, follow these steps:
1. Gather necessary information
Be ready with your:
- Address
- Social Security number
- School information (including enrollment status, degree, and course of study)
If you’ve lived at your address for less than a year, you’ll need to provide your previous address.
2. Prepare financial documents
Have information on hand about:
- The academic period of enrollment and year in school
- Your requested loan amount
- Expected financial aid and scholarships
- Employment information
- Financial details including bank accounts
- Monthly mortgage or rent payments
- Information for two personal contacts (other than your cosigner)
3. Submit your application
Submit your application with the gathered information. You and your cosigner can complete it together, or one person can invite the other using an access code.
4. Wait for credit review
After submission, Sallie Mae reviews your credit. In most cases, a credit result is provided when you submit the application, but the lender might request additional information or documentation.
5. Choose loan terms
If approved, select your interest rate type and in-school repayment option.
6. Accept loan terms and sign
Accept the terms of the loan and sign it electronically.
7. Wait for school certification
Sallie Mae will then ask your school to certify your eligibility, which includes enrollment verification and loan amount. Once it certifies your eligibility, Sallie Mae will disburse the funds to your school.
What if I’m denied a student loan from Sallie Mae?
If Sallie Mae denies your student loan application, it’s not the end of the road. You can consider reapplying, especially if you first applied without a cosigner. A cosigner might improve your chances of approval.
Sallie Mae should provide reasons for the denial, giving you a chance to address any issues before you reapply. For example, if the issue is with your credit score, you can take the time to secure a cosigner or take steps to improve your score.
If you’re still unable to secure a loan from Sallie Mae, alternatives are available. Check out our resource on the best private student loans.
How we rated Sallie Mae student loans
We compared Sallie Mae to 18 student loan lenders offering undergraduate, graduate, and career-training student loans. Its editorial rating for each student loan reflects how it compared to similar products.
We considered factors such as rates, repayment terms, fees, unique benefits, and more. In the end, these were our picks for Sallie Mae:
- Undergraduate student loan: Best for cosigners
- Graduate student loan: Best for cosigners
- Career-training student loan: Best for cosigners
Sallie Mae FAQ
Does Sallie Mae offer private or federal student loans?
Sallie Mae specializes in private student loans. It doesn’t offer federal student loans.
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.
Does Sallie Mae allow cosigners to be released?
Yes, Sallie Mae offers a cosigner release after the primary borrower has made 12 on-time payments and meets other eligibility requirements.
What can Sallie Mae student loans be used for?
You can use funds from Sallie Mae student loans for a variety of school-related expenses, including:
- Tuition
- Fees
- Books
- Housing
- Meals
- Travel
- Personal school expenses (such as a laptop)
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.
Recap of our Sallie Mae student loans review
| Student loan | Best for | Our rating | |
| Undergraduate | Cosigners | 4.7 out of 5 | View rates |
| Graduate | Cosigners | 4.7 out of 5 | View rates |
| Career and training | Cosigners | 4.3 out of 5 | View rates |