Sallie Mae Student Loan Review

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  • Flexible repayment options
  • Choice of variable and fixed interest rates
  • 100% coverage of all school-certified expenses
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Sallie Mae offers a huge range of student loan products with the choice of fixed or variable interest rates and flexible repayment plans.

By Editorial Team | 2nd January 2019

Sallie Mae was originally a government-run enterprise that serviced Federal student loans. However, since 2004, it has been a fully private company and in 2014, it stopped serving student loans. They now have nothing to do with Federal student loans and focus solely on private loans.

The company offers a huge range of loans, for everything from K–12 education, to career colleges, to undergraduate and graduate school. They offer highly competitive rates and loans large enough to cover the entire school-certified cost of attendance. They offer both fixed and variable interest rates and flexible repayment plans to try to accommodate as many people as possible.

Different Types of Student Loans

Sallie Mae offers undergraduate student loans, parent loans, and graduate student loans.

They offer undergraduate loans of $1,000 up to 100% of the school-certified cost of attendance. They have rates of 4.37% – 11.23% Variable APR and 5.74% – 11.85% Fixed APR. However, you can get a 0.25 percentage point interest rate reduction when you enroll in and make monthly payments by auto debit. You can also apply to release your cosigner after graduation if you meet certain conditions. In general, the loan terms are 5 to 15 years of principal and interest payments. They offer three repayment options, deferred repayment, fixed repayment, and interest repayment.

The parent loans are similar. However, they have rates of 5.87% – 12.24% Variable APR and 5.74% – 12.87% Fixed APR. Once again, it is possible to receive a reduction by making monthly auto debit payments. They offer two repayment options, interest repayment and principal and interest repayment. In general, the loan term will be ten years.

Graduate students have a range of loans available depending on what they are going to study. There are Graduate School Loans, Law School Loans, Health Professions Graduate Loans, Dental School Loans, Medical School Loans, and MBA Loans. The basic information about these loans can be seen in the table below:

Loan Type Variable APR Fixed APR Repayment Options Loan Term
Graduate School 4.37% – 9.40% APR 6.25% – 9.16% APR Deferred, Fixed & Interest repayments 15 Years
Law School 4.37% – 9.16% APR 6.24% – 8.93% APR Deferred, Fixed & Interest repayments 15 Years
Health Professions 4.37% – 9.40% APR 6.25% – 9.16% APR Deferred, Fixed & Interest repayments 15 Years
Dental School 4.37% – 9.11% APR 6.24% – 8.86% APR Deferred, Fixed & Interest repayments 20 Years
Medical School 4.37% – 9.11% APR 6.24% – 8.86% APR Deferred, Fixed & Interest repayments 20 Years
MBA Loan 4.37% – 9.40% APR 6.25% – 9.16% APR Deferred, Fixed & Interest repayments 15 Years
Pros Cons
Very low interest rates High credit score required
Excellent customer service Limited information available before applying
No application fees
Cosigner release
Student Loan Eligibility

Your eligibility for a Sallie Mae student loan is dependent on your credit profile or your cosigner’s credit profile. The profile will be evaluated, together with the other information on your application, and Sallie Mae will make a decision based upon it. In general, as long as you or your cosigner have a steady income and a good credit profile then your application will be accepted.

How do I Apply?

The Sallie Mae Smart Option Student Loan application process is very straightforward and won’t keep you waiting for a decision. Either the borrower or the cosigner can start the application. They will ask for basic information such as your address, Social Security Number, school details, loan amount requested, employment information, financial information and so on. After the application has been submitted it will be reviewed. They normally provide a credit result within a few minutes. If the application is approved you can then choose your type of interest rate and your repayment option. You then need to accept the terms of the loan and sign it electronically. They will then ask your school to certify your eligibility, including enrollment verification and loan amount.

Customer Support

There is an impressive amount of information on the Sallie Mae website to help guide you through all aspects of applying for and repaying a loan. It is worth spending some time going through this information if you have any questions, as the answers will most likely be there. If you still have questions you can contact them using live online chat or telephone (Monday to Thursday 8 am to 10 pm ET, Fridays 8 am to 9 pm ET).

Reviewed by
Editorial Team
Our Editorial Team is constantly watching for new and exciting services to report on. They aim to bring balanced, honest reviews to the site to give you the best comparisons and ensure you have the knowledge to choose the product right for you. Read more.
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