If you want to know is Sallie Mae legit, the answer is yes! This company offers a huge range of student loan products with the choice of fixed or variable interest rates and flexible repayment plans.
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, while still being possibly the best place for student loans as it’s such a large enterprise.
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 which still make some of the best student loans out there. They offer both fixed and variable interest rates and flexible repayment plans to try to accommodate as many people as possible. If you check out student loan reviews on the internet, you’ll see Sallie Mae’s name a lot, but you’ll also see a lot of praising!
Aside from Sallie Mae personal loans, this company offers undergraduate student loans, parent loans, and graduate student loans. These are some of the best college loans available on the market.
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, making them one of the best private student loans companies and one with definitely the widest variety of offers.
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.
If you’re looking for a different type of loan, check out some Sallie Mae personal loan reviews to see what other options are at your disposal!
|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|
|Very low interest rates||High credit score required|
|Excellent customer service||Limited information available before applying|
|No application fees|
As with most of the best student loan banks, 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.
Sallie Mae student loan reviews show that 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 after Sallie Mae reviews your application.
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 enrolment verification and loan amount. All good student loan companies try to make your life easier through an easier application process, but Sallie Mae exceeds at this as well. When reading any student loan review about Sallie Mae, it’s impossible not to notice how easy it has been for everyone to apply.
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, cementing their place as one of the best student loan companies. It is worth spending some time going through this information if you have any questions, as the answers will most likely be there, and if they’re not, you can always find any Sallie Mae student loans review on the internet. If you still have questions you can contact them using live online chat or telephone as the Sallie Mae customer service is one of the most efficient and responsive customer support services out there. They are available Monday to Thursday, from 8 am to 10 pm ET, and Fridays from 8 am to 9 pm ET.