Sallie Mae Private Student Loans: 2026 Review
Sallie Mae has served college students for more than 50 years. Today, Sallie Mae offers a broad lineup of private student loans for a range of educational goals.
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Student loan ratings
Sallie Mae student loans have no origination fee and offer a rate discount when you enroll in automatic payments. When you apply, you can check your eligibility and view estimated rates using a soft credit check, which won’t affect you or your co-signer’s credit scores.
Sallie Mae Undergraduate Student Loan review
Pros
- Has loans for educational needs that aren’t always covered by other lenders.
- Offers a 0.25-percentage-point rate discount with automatic payments.
- Provides immediate loan decisions in most cases.
- Offers pre-qualification with a soft credit check.
- No application, origination or prepayment fees.
Cons
- Does not offer bi-weekly payments via autopay.
- Immediate principal and interest payment while in school isn’t an option.
- A six-month grace period for undergraduate loans is shorter than some other lenders.
Full Sallie Mae student loans review
Sallie Mae is one of the largest private student lenders in the U.S., offering loans across the full education spectrum. Along with financing for bachelor and graduate degrees, Sallie Mae covers the cost of associate degrees and attendance on a half-time or less-than half-time basis. It also offers several niche postgraduate products — such as a residency and relocation loan for medical and dental students.
Student loans through Sallie Mae cover up to 100% of school-certified costs with no aggregate loan limit, and borrowers can choose from multiple repayment options. Following graduation and the loan’s grace period, borrowers can opt for a graduated repayment period (GRP) of 12 monthly interest-only payments. Although GRP can ease the transition from school to career, it also increases interest and overall loan costs.
Sallie Mae stands out for its broad approach that supports students from their college search through postgraduate training and transitioning into a career. It has student loan products for a wide variety of borrowers, including international students and Deferred Action for Childhood Arrivals (DACA) recipients who apply with a qualified co-signer. For these reasons, Sallie Mae scored well for serving a variety of borrowers and product flexibility.
More about Sallie Mae student loans
Loan and borrower requirements
Loan terms: 10-15 years. MBA Loan 5-15 years; Dental and Medical School Loan 20 years; Residency and Relocation Loan 20 years; Bar Study Loan 15 years.
Loan amounts: $1,000 minimum with no aggregate limit. Exceptions are the Bar Study Loan with a $15,000 maximum and a Residency and Relocation Loan with a $30,000 maximum.
Minimum credit score: Mid-600s.
Minimum income: Does not disclose.
Maximum debt-to-income (DTI) ratio: Does not disclose.
Time requirement after filing for bankruptcy: Applicants may qualify after a bankruptcy has been discharged and no longer appears on a credit report.
Co-signer: Allows but does not require a co-signer. Approximately 92.8% of approved borrowers have a co-signer. Co-signer release available after 12 months.
Payment and repayment
Allows greater-than-minimum payments via autopay: Yes.
Allows bi-weekly payments via autopay: No.
Grace period following graduation: 6 months. Longer for some programs, such as 48 months for Medical School Loan.
In-school repayment options: Fully deferred, monthly partial payment of $25 and interest-only payment. Immediate, full payments of principal and interest aren't available.
Hardship forbearance: Borrowers can apply for a total of 12 months of forbearance over the life of the loan, but it isn't consecutive. It is in three-month increments, with a 12-month re-qualification period in between.
Graduated Repayment Period (GRP): Enables graduates to ease into repayment following their grace period. Borrowers have the option to make 12 interest-only payments.
Post-school repayment options:
Permanent loan modification
Interest-only payments
Graduated repayment
Internship deferment
Residency deferment
Administrative forbearance
Natural disaster forbearance
Temporary interest rate reduction
Temporary lower payments
Paused and decreased payment for temporary disability
Fellowship deferment
Military deferment
From Sallie Mae: Some post‑graduation repayment options and support programs are designed to address individual, real‑life situations rather than one‑size‑fits‑all scenarios. If a borrower experiences financial challenges after graduation, Sallie Mae encourages them to contact Sallie Mae’s customer service and support team. Sallie Mae specialists take time to understand each borrower’s unique circumstances and may be able to offer additional, short‑term or customized assistance options, when appropriate. Because eligibility for these programs depends on individual factors, they are reviewed and offered on a case‑by‑case basis and may not be available to all borrowers. Availability and terms can vary based on the borrower’s situation and loan status.
Customer experience
Customer service: Has both in-house and outside customer service representatives. Borrowers are not assigned a dedicated advisor. Does have a built-in process for escalating complaints. Live chat is available through the website once an application is started.
Time for application approval: Online application can be completed in about 10 minutes. Upon submission, the credit decision is typically immediate.
Loan servicer: Sallie Mae services its own loans, meaning it provides support from application through repayment.
Sallie Mae extras
Educational tools: Sallie Smart Takes helps students search for colleges, compare majors, find scholarships and grants, and complete the FAFSA. Sallie Mae also provides education on repayment and credit.
Scholarship giveaways: Sallie Mae’s Bridging the Dream Scholarship program supports high school seniors and graduate students pursuing higher education. The program includes scholarships for both groups, and the graduate student scholarship has awarded $500,000 since 2021.
Lender | Fixed APR | Min. credit score | Variable APR | |
|---|---|---|---|---|
Check Rate on Sallie Mae's website | 2.89-17.49% | Mid-600s | 3.62-16.25% | Check Rate on Sallie Mae's website |
 Check Rate on College Ave's website | 2.59-17.99% | Mid-600s | 3.89-17.99% | Check Rate on College Ave's website |
 Check Rate on Ascent's website | 2.69-16.86% | Low-Mid 600s | 3.65-16.06% | Check Rate on Ascent's website |
Best for faster repayment options  Check Rate on Monogram's website | 3.35-17.17% | 600 | 3.53-17.23% | Check Rate on Monogram's website |
 Check Rate on ELFI's website | 2.99-12.85% | 680 | 6.75-13.05% | Check Rate on ELFI's website |
Sallie Mae Graduate Student Loan review
Pros
- Has an extended term and grace period for certain fields, such as medical.
- Provides a dedicated customer support team for graduate and professional students.
- Offers a 0.25-percentage-point rate discount with automatic payments.
- Provides immediate loan decisions in most cases.
- Offers pre-qualification with a soft credit check.
Cons
- Does not offer bi-weekly payments via autopay.
- Immediate principal and interest payment while in school isn’t an option.
Sallie Mae offers these graduate and postgraduate school loans
Medical (up to 48-month grace period) | Pharmacy |
Veterinary | STEM |
Dental | Teaching and Administration |
Law | Medical and Dental Residency and Relocation |
Health Professions | Bar Study |
MBA |
Before applying for a Sallie Mae student loan
Before taking out a Sallie Mae student loan or any other private student loan, exhaust your federal student loan options first. Submit the Free Application for Federal Student Aid, known as the FAFSA, to apply.
» MORE: NerdWallet’s FAFSA Guide
Compare your private student loan options to make sure you’re getting the best rate you qualify for. In addition to interest rates, look at lenders’ repayment alternatives and the flexibility they offer to borrowers who struggle to make payments.
If you aren't eligible for a Sallie Mae student loan
If Sallie Mae denies your student loan application, the lender will let you know why. Depending on the reason, you may want to consider other lenders or, if you haven’t already, try applying with a co-signer.
If you don’t have access to a co-signer — or still aren’t eligible with one — consider lenders that don’t require co-signers or specialize in bad or no credit student loans.
Frequently asked questions
Are Sallie Mae school loans private or federal?
Sallie Mae began in the early 1970s as a federally guaranteed student loan program. Over time, it became privatized, and today Sallie Mae offers only private student loans.
Does Sallie Mae offer flight school loans?
Sallie Mae has two dedicated products for aspiring pilots, and it serves a wide network of flight schools. One is the Sallie Mae® Flight School Loan for undergraduate pilot students. The other is the Sallie Mae® Airline Career Loan for career training pilot students.