Biweekly student loan payments via autopay. Application or origination fee: None. Late fees: Yes. The fee is not capitalized and is assessed on the 16th day of delinquency. Compare Sallie Mae's range of interest rates with other private student lenders. To see what rate Sallie Mae will offer you, apply on its website.
Minimum credit score: mid's. Typical credit score of approved borrowers or co-signers: Typical income of approved borrowers: Did not disclose. Maximum debt-to-income ratio: Did not disclose. Citizenship: Must be a U. DACA borrowers: Yes, with a citizen or resident co-signer. Location: Available to borrowers in all 50 states, Washington, D. Must be enrolled half-time or more: No. Available to borrowers attending school part-time. Loan can be used for past due tuition: Yes, for existing balances used to pay for an enrollment period within the past days.
Types of schools served: Borrowers must attend a degree-granting institution. Check this list of private loan relief options to see what this lender offers. Your interest rate will be 0. In-school deferment: Yes, borrowers can request to defer payments when returning to school or going to graduate school for up to 48 months.
Military deferment: Yes, but a borrower must contact the military customer service representative team for more information. Internship, residency or fellowship deferment: Borrowers can defer payments in month increments for up to 60 months during residency. Postgrad interest-only payments: Borrowers may request to make 12 monthly interest-only payments after finishing school with the Graduated Repayment Period option. Forbearance: Borrowers are eligible for 12 months of forbearance, in three-month increments, over the life of the loan.
Co-signer release available: Yes, after 12 on-time payments. Death or disability discharge available: If the student dies or becomes permanently and totally disabled, Sallie Mae will waive all remaining payments on the loan. Loan discharge if co-signer dies or becomes disabled: No. Allows greater-than-minimum payments via autopay: Yes. Allows biweekly payments via autopay: No. In-house customer service team: Yes. Process for escalating concerns: Yes.
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With scholarships, college planning calculators and educational articles, not to mention competitive rates, Sallie Mae is a good choice for new student loan borrowers looking for a well-rounded lender.
It also offers career training student loans and parent loans. Low rates, few fees and flexible repayment options make this lender worth considering.
Sallie Mae can cover up to percent of your school-certified costs of attendance, and you may be able to take advantage of extra benefits — like four months of free Chegg study help. Here are a few of the positives and negatives you should be aware of before applying for a Sallie Mae student loan.
You also must be applying for a loan from an eligible school, which you can see by starting an application. Sallie Mae is a great option for those interested in borrowing from a well-established lender with low rates, few fees and a variety of loan options.
Borrowers with more unique educational needs, like funds for an online certification course, may have more luck finding a loan with Sallie Mae than with similar lenders. Sallie Mae offers one discount of 0. The rates presented below include this discount:. Getting my degree was the highlight of my life and gave me confidence in myself during a very difficult time. They really helped me in my time need.
Their offers were great for my needs at the time and repayment was easy. Get buying tips about Student Loans delivered to your inbox. Thank you, you have successfully subscribed to our newsletter! Enjoy reading our tips and recommendations. I have been with Sallie Mae for many years, I started to pay off my loans but went back to college and had several forbearance. Because I started out late, I also went on disability until retirement and now I am in a program thru President Obama that I don't have to repay for 25 yrs then the loan will cancel.
Sallie Mae was always a good company to deal with, great customer service. This comes in handy for me as I fit both classifications and going through my online degree would be far fetched if I didn't have the option of Sallie Mae.
I am a co signer and I like being kept in the loop. I would apply with Sallie Mae for school loans in the future. I Do Not Have a loan with them. But I was helping pay the interest rate a month. Somehow in all students were required to pay the interest rate. But needless to say I was paying twenty five a month. Never look at my bank statements but I was looking for something and what did I see instead of twenty five there was a total of over Five Hundred taken out of my account for 5 months.
I had the bank stop the payments. Now all the time I paid the interest there was no statement from Sallie Mae nor to the student either. No paperwork on raising the payment. What madding is The student father left over 10 years no contact and then received a message about Sallie Mae Stating the Student used him as a Reference. I give a less favorable rating because I wasn't allowed sufficient time to graduate and secure a job before the interest on the loan began to accumulate.
This is a cutthroat and predatory practice in my opinion. Poor quality when borrowing I feel harassed every time I purchase something from anyone else lately I hate to even have a doggone student loan at all Early on after graduating they offered very little help for me. I was not working for some time unable to find a job that would pay enough to repay my student loans. They offered little help and compounded huge amounts of interest growing a relatively modest student loan into an insurmountable mountain of debt that I will never be able to repay.
Student loan servicers have ruined many young people's lives with these unfair practices Even with state grants, loans did not fully cover 3 years of an in-state university with no room and board. Then, I had to have my parents get denied a parent plus loan even though they were paying nothing for my education , in order for me to qualify for a different type of loan. This was so stressful, that it interfered with my school work.
The 2nd type of loan I needed in order to finish my bachelor's, skyrocketed my student loan debt due to compounding interest. If I could go back in time, I would not get a 4yr degree due to the unpayable interest Sallie Mae charges. Sign up to receive our free weekly newsletter. We value your privacy.
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