Sallie Mae Student Loans: 2022 Review
Sallie Mae is a exquisite choice for the ones inquisitive about borrowing from a well-hooked up lender with low prices, few expenses and plenty of mortgage alternatives
Sallie Mae is one of the greater famous pupil mortgage corporations out there, imparting non-public loans for undergraduates and graduates in plenty of diploma packages. While it doesn’t provide pupil mortgage refinancing, its university making plans gear positioned it a reduce above competition in phrases of the borrowing enjoy as a whole. With scholarships, university making plans calculators and academic articles, now no longer to say aggressive prices, Sallie Mae is a great desire for brand new pupil mortgage debtors seeking out a well-rounded lender.
Sallie Mae features
Sallie Mae’s non-public pupil mortgage services encompass undergraduate, MBA, scientific college, scientific residency, dental college, dental residency, fitness professions, regulation college, bar look at and graduate college loans. It additionally gives profession-education pupil loans.
Low prices, few expenses and bendy compensation alternatives make this lender really well worth considering. Sallie Mae can cowl as much as 100% of your college-licensed prices of attendance, and you’ll be capable of take benefit of more benefits — like 4 months of loose Chegg look at assist.
Sallie Mae pupil mortgage snapshot
Loan kinds – Undergraduate, graduate, MBA, scientific, scientific residency, dental, dental residency, fitness professions, regulation, bar look at, profession education
Loan amounts – $1,000 to 100% of overall value of attendance
Interest prices – Undergraduate: 2.62% to 12.97% variable APR, 3.75% to 13.72% constant APR (with autopay)
Graduate: 3.12% to 12.80% variable APR, 4.25% to 12.92% constant APR (with autopay)
Repayment phrases – Undergraduate: 10 to fifteen years
Graduate: 15 years
Grace length – 6 months to a few years
Co-signer required? – No
Pros and cons of Sallie Mae pupil loans
Here are among the positives and negatives you have to be aware about earlier than making use of for a Sallie Mae pupil mortgage.
- Large mortgage amounts: You may want to get 100% of your college-licensed prices protected at an accepted college or institution.
- Educational resources: Sallie Mae helps college students at a couple of factors of their academic journey, with loose look at assist and university cost calculators to be had to modern-day and potential debtors.
- Variety of packages supported: Most creditors require you to be attending college as a minimum 1/2 of time, however Sallie Mae gives loans for college kids attending much less than 1/2 of time, college students attending on-line or summer time season classes, college students reading overseas and college students enrolled in expert certification courses.
- Unspecified forbearance: While Sallie Mae says that it’ll paintings with debtors who’re experiencing monetary hardship, it doesn’t have a clean forbearance policy.
- Website lacks transparency: Sallie Mae doesn’t listing many eligibility necessities, like a minimal credit score score, on its internet site.
- Limited compensation phrases: If you’re attending any sort of graduate college program, you’ll have handiest one compensation time period choice: 15 or 20 years, relying at the sort of program. Undergraduates are restricted to a time period among 10 and 15 years.
Sallie Mae pupil mortgage necessities
Qualification necessities to take out a mortgage range through mortgage type, and Sallie Mae’s internet site is scarce on genuine necessities. In preferred, debtors ought to have a records of borrowing cash and paying it returned on time; in case you don’t have a whole lot of credit score for your name, you could additionally practice with a creditworthy co-signer. You additionally ought to be making use of for a mortgage from an eligible college, which you could see through beginning an utility.
Sallie Mae accepts programs from college students attending:
- Full time, 1/2 of time or much less than 1/2 of time.
- Online or on-campus classes.
- Winter or summer time season classes.
- Study overseas.
- Professional certification courses.
- School in a overseas country.
Non-U.S. residents living in and attending college withinside the U.S. might also qualify for a mortgage in the event that they have a co-signer who’s a U.S. citizen or everlasting resident.
Who is that this mortgage correct for?
Sallie Mae is a exquisite choice for the ones inquisitive about borrowing from a well-hooked up lender with low prices, few expenses and plenty of mortgage alternatives. Borrowers with greater specific academic needs, like budget for a web certification course, may also have greater good fortune locating a mortgage with Sallie Mae than with comparable creditors.
Interest prices and phrases
Sallie Mae gives one bargain of 0.25% in case you join in autopay. The prices offered underneath encompass this bargain:
Loan product | Variable fee | Fixed fee
Undergraduate pupil loans | 2.62% to 12.97% APR | 3.75% to 13.72% APR
Graduate pupil loans | 3.12% to 12.80% APR | 4.25% to 12.92% APR
MBA pupil loans | 3.12% to 12.80% APR | 4.25% to 12.92% APR
Health career pupil loans | 3.12% to 12.80% APR | 4.25% to 12.92% APR
Law college pupil loans | 3.12% to 12.73% APR | 4.25% to 12.85% APR
Medical residency pupil loans | 4.36% to 9.97% | APR 5.93% to 10.19% APR
Bar examination pupil loans | 4.39% to 14.03% | APR 5.25% to 13.66% APR
Career-education pupil loans | 2.62% to 13.40% | APR 3.75% to 14.08% APR
Medical college pupil loans | 3.12% to 12.72% | APR 4.25% to 12.84% APR
Dental residency pupil loans | 4.36% to 9.97% | APR 5.93% to 10.19% APR
Fees and penalties
There’s no origination price or utility price with loans from Sallie Mae. It will, however, price a overdue price price of 5% of the past-due quantity as much as $25 and a back test price of as much as $20.
Repayment phrases and charm length
Undergraduate, graduate, MBA, fitness professions, dental college, scientific college and regulation college pupil loans provide 3 principal compensation alternatives:
Deferred: With the deferred choice, you’re making no bills even as in college and throughout the grace length after leaving college. After that length of time, you pay major and hobby.
Fixed: The constant choice calls for you to pay $25 according to month even as you’re in college and throughout the grace length.
Interest: With the hobby-handiest choice, you pay handiest the hobby to your mortgage even as you’re in college and throughout the grace length. After that length, you pay hobby and major to your mortgage.
Undergraduates can pick a compensation time period among 10 and 15 years. MBA, regulation, fitness professions and preferred graduate college loans have a 15-12 months compensation time period, even as scientific and dental college loans have a 20-12 months compensation time period.
Undergraduate, graduate, MBA and fitness career loans have a 6-month grace length. Law college loans have a 9-month grace length, dental college loans have a 12-month grace length and scientific college loans have a 36-month grace length.
Bar look at loans have the choice of deferred compensation even as you’re in college as a minimum 1/2 of time and throughout the 9-month grace length. Medical and dental residency loans boom this grace length to a few years in case you stay enrolled as a minimum 1/2 of time.
Sallie Mae receives an “A+” score from the Better Business Bureau, the very best viable grade. The score takes into consideration criticism records and whether or not the enterprise has accurately spoke back to complaints, resolved them in a well timed way and made an excellent religion attempt to remedy the ones complaints.
Sallie Mae’s customer support branch is to be had thru telecellsmartphone or mail. New pupil mortgage clients may also name 855-756-5626 from 8 a.m. to 9 p.m. ET Monday thru Thursday, from 8 a.m. to 8 p.m. ET on Fridays and from 10 a.m. to 2 p.m. on Saturdays.
How to use for a mortgage with Sallie Mae
Though Sallie Mae has numerous extraordinary mortgage alternatives, the manner for making use of is typically the identical throughout the board. Primary debtors or co-signers can begin the utility manner thru the lender’s internet site.
Here are the primary steps to use for a mortgage thru Sallie Mae:
Start the manner on Sallie Mae’s internet site. After clicking “Apply for a Loan,” you’ll offer your mortgage purpose, college statistics, name, Social Security quantity and get in touch with statistics.
Complete the mortgage utility. Answer questions and statistics approximately the mortgage quantity desired, employment information, monetary resource information and private contacts.
Add a co-signer if needed. You can pick to feature a co-signer or practice to your own. Sallie Mae will evaluate your credit score records when you post your utility.
Finish the mortgage manner. After you whole the utility, Sallie Mae would possibly request extra information. If accepted, you’ll pick a variable or constant hobby fee choice and compensation choice. Co-signers will want to simply accept the phrases and signal as well. Your eligibility might be licensed together along with your college.
Rates of Sallie Mae
Overall Score 4.6
Repayment Options 4.8 Sallie Mae has many mortgage kinds and no most borrowing restrict, aleven though it does restrict the selection of compensation phrases.
Affordability 4.6 Sallie Mae gives aggressive prices for creditworthy debtors however does price a overdue price and a back test price.
Customer Experience 4.5 While it does provide a cellular app, that’s uncommon amongst creditors, Sallie Mae has barely greater restricted customer service hours than competition.