Sallie Mae student loans: 2025 review

Student loan types with Sallie Mae 

Unlike many student loan servicers, Sallie Mae doesn't offer refinance loans. It does, however, offer private student loans for a variety of programs and residencies.

Private student loans 

Sallie Mae's private student loan, the Smart Option Student Loan, can be used to cover undergraduate costs up to the total cost of attendance. They come with two repayment term options: a 10- and a 15-year option. Borrowers have three in-school repayment options that come with a six-month grace period after graduating or leaving the school. 

• Deferred: With the deferred option, you make no payments while in school and during the grace period after leaving school. After that period of time, you pay principal and interest.
• Fixed: The fixed option requires you to pay $25 per month while you’re in school and during the grace period.
• Interest only: With the interest-only option, you only pay the interest on your loan while in school and during the grace period. After that period, you pay interest and principal on your loan.

The lender's alternative and hardship repayment options are some of the best out of private student loan servicers. For those experiencing payment difficulty while enrolled, the in-school payment assistance program will temporarily pause your payments to avoid delinquency. There is also a general forbearance period offered to borrowers at any stage of their college career. 

The Graduated Repayment Period (GRP) is a plan that extends interest-only payments to 12 months after you leave the school or graduate. It doesn't extend your loan term, and you must apply during the six months before and the 12 months immediately after you begin making both the principal and interest payments. 

If you're nearing — or facing — delinquency, your eligibility for the following options depends on a review of your financial situation. To learn more about your available repayment plans, you need to call Sallie Mae directly to speak with an account manager. 

• Loan modification: This helps bring your monthly costs down by lowering your interest rate and possibly extending your loan terms. 
• Payment extension: To bring your loan back to good standing status, you'll make payments that are equal to — or greater than — the total amount due for three consecutive months. 
• Reduced payment plan: Allows you stall your principal payment and make interest-only payments for six months.

Graduate student loans 

All of Sallie Mae's graduate loans also cover up to 100 percent of school-certified expenses. The general graduate school loans, MBA, law and health professionals loans have a 15-year repayment period and the medical and dental loans have a 20-year repayment term. 

Law school loans have a nine-month grace period, dental school loans have a 12-month grace period and medical school loans have a 36-month grace period. Bar study loans have the option of deferred repayment while you’re in school at least half-time and during the nine-month grace period. Medical and dental residency loans increase this grace period to three years if you remain enrolled at least half-time. 

All of the loan options, with the exception of residency and bar study loans, are eligible for the three basic repayment options. Because these specific loans are designed to cover post-graduate expenses, the deferred repayment option is the only in-school repayment plan available.

Sallie Mae customer service 

Sallie Mae gets an A+ rating from the Better Business Bureau, the highest possible grade. However, the reviews on Trustpilot tell a different story — out of 5 stars, Sallie Mae has an average ranking of 1.4. Out of 52 reviews, 96 percent of commenters left a 1-star rating and 4 percent left a 2-star rating. Most of the comments are about poor customer service. 

Sallie Mae’s customer service department is available via phone or mail. Its customer service hours are from 8 a.m. to 8 p.m. ET Monday through Thursday, and from 8 a.m. to 5 p.m. ET on Fridays.

Sallie Mae vs. Sofi 

SoFi has a similar student loan portfolio to Sallie Mae, offering loans that cover up to the cost of attendance. However, SoFi is better for students who plan on refinancing — both undergraduate and graduate refinance loans are available to borrowers who qualify. 

Despite this, Sallie Mae may be the better choice for borrowers looking to save money. Aside from the refinance loans, SoFi's maximum rates are higher than Sallie Mae's.

Sallie Mae vs. College Ave 

College Ave is a comparable online lender that offers loans with similar APR ranges. While it offers refinance loans, unlike Sallie Mae, this option comes with higher rate ranges for both variable- and fixed-rate loans. 

Both lenders allow cosigners and will finance up to the total cost of attendance, but College Ave's repayment terms set it apart from the rest. Both undergraduate and graduate borrowers can choose a term of five, eight, 10 or 15 years, while Sallie Mae offers two undergraduate terms and one graduate term option. 

Do you qualify for a loan with Sallie Mae?

Qualification requirements to take out a loan vary by loan type, and Sallie Mae’s website is scarce on exact minimum requirements. In general, borrowers must have a history of borrowing money and paying it back on time. If you don’t have a lot of credit to your name, you can also apply with a creditworthy cosigner. You also must be applying for a loan from an eligible school, which you can see by starting an application.

Sallie Mae accepts applications from students attending:

• Full time or half time.
• Online or on-campus classes.
• Winter or summer classes.
• Study abroad.
• Professional certification courses.
• School in a foreign country.

Non-U.S. citizens residing in and attending school in the U.S. may also qualify for a loan if they have a cosigner who is a U.S. citizen or permanent resident.

How to apply for a loan with Sallie Mae

Though Sallie Mae has several different loan options, the process for applying is generally the same across the board. Primary borrowers or cosigners can start the application process through the lender’s website.

1. Start on Sallie Mae’s website: After clicking “Apply for a Loan,” you’ll provide your loan purpose, school information, name, Social Security number and contact information.
2. Complete the loan application: Answer questions and information about the loan amount desired, employment info, financial aid info and personal contacts.
3. Add a cosigner if needed: You can choose to add a cosigner or apply on your own. Sallie Mae will review your credit history after you submit your application.
4. Finish the loan process: After you complete the application, Sallie Mae might request additional information. If approved, you’ll choose a variable or fixed interest rate option and repayment option. Cosigners will need to accept the terms and sign as well. Your eligibility will be certified with your school.

Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.

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