US

Sallie Mae Student Loan review: how does it work and is it good?

If you’re looking for a solid student loan option, the Sallie Mae Student Loan should certainly worth checking out.

Advertisement

Sallie Mae Student Loan: services and perks for part-time students and noncitizens alike.

sallie mae logo
Sallie Mae Student Loan review. Source: The Mad Capitalist.

In this Sallie Mae Student Loan review you will learn everything you need to know to make an informed decision about whether they fit your needs. Sallie Mae offers three types of student loans: Undergraduate student loans, Career training student loans and Graduate student loans.

Rates vary according to each loan category. Undergraduate student loans offer variable rates from 1.13% to 11.23%. You may also qualify for fixed rates from 3.5% to 12.6% depending on your creditworthiness. Career training student loans offer variable rates of 6.62% to 13.83% or fixed rates from 4.12% to 11.32%. For graduate students, rates vary according to the loan.

There are no application or origination fees, but late fees are 5%, up to a maximum of $25 dollars . Here are a few other numbers you should know about.

sallie mae logo

How to apply for the Sallie Mae Student Loan

See how to apply for the Sallie Mae student loan and get approved today!

APRVariable starting at 1.37% up to 11.48%
Loan PurposeStudent Loan
Loan AmountsUp to cost of attendance
Credit NeededUndisclosed
Terms5 to 15 years
Origination FeeN/A
Late Fee5% ($25 max)
Early Payoff PenaltyN/A

What is the Sallie Mae Student Loan?

Sallie Mae is a U.S. corporation that provides private student loans to pay for a number of educational needs. Sallie Mae started in 1972 when congress passed it as a government-sponsored entity. In 2004 the lender became a private institution and continues to service student loans to this day.

But it is also a consumer bank, and therefore offers other products such as savings, cash-back-earning credit cards which help pay off student debt, among other tools to help individuals and families plan and pay for college.

Is the Sallie Mae Student Loan good?

sallie mae logo
Time to consider pros and cons. Source: Pexels

Now that you have been introduced to Sallie Mae, it is time to check out its pros and cons.

Pros

  • Accepts part-time students and noncitizens
  • Offers perks like online tutoring and credit score tracking
  • Fast cosigner release

Cons

  • Requires a cosigner from most applicants
  • Requires a hard credit check
  • Little repayment term flexibility

Multiple personalized credit card offers

Applying won't hurt your credit score

You will be redirected to another website

Does Sallie Mae Student Loan check credit scores?

To get a Sallie Mae Student Loan you must be prepared to go through a hard credit inquiry. They do not specify minimum score requirements. Make sure you shop around for lenders who offer a soft credit check. If and when you decide to go for Sallie Mae, make sure your cosigner also has a good credit score.

Want to get a Sallie Mae Student Loan? We will help you!

After reading through this Sallie Mae Student Loan review, you may be ready to pull the trigger and start the application process. This is very easy to do. Everything is done online, and it takes only a few minutes. If you would like a more thorough guide on how to get your Sallie Mae Student Loan, just hit the link below and we’ll take you there.

sallie mae logo

How to apply for the Sallie Mae Student Loan

See how to apply for the Sallie Mae student loan and get approved today!

Trending Topics

content

70K bonus points: Apply for American Express® Business Gold Card

Get an in-depth understanding of the American Express® Business Gold Card and its application process. Earn up to 4 points on purchases!

Keep Reading
content

0% intro APR: Apply for the PNC Core® Visa® Credit Card

Apply now for the PNC Core® Visa® Credit Card with our assistance. Learn what is required, where, and how to get it - $0 annual fee!

Keep Reading
content

Walmart MoneyCard® application: how does it work?

Learn how the Walmart MoneyCard® application process works and how you can earn cash back on all of your Walmart purchases!

Keep Reading

You may also like

content

One-Stop Guide: How to Apply for Torrid Credit Card

Are you a Torrid lover? Learn to apply for the Torrid Credit Card now and score a 5% discount on all your purchases. Keep reading!

Keep Reading
content

Cheap Southwest Airlines flights: Get the best deals on airfare with Southwest Airlines

Find out how to get Southwest Airlines cheap flights. Take advantage of these tips and save big! Keep reading to learn more!

Keep Reading
content

What is a good credit score to rent a house?

Find out what is the minimum credit score to rent a house and make the renting process as smooth as possible! Keep reading and learn more!

Keep Reading