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.
Sallie Mae Student Loan: services and perks for part-time students and noncitizens alike.
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.
|Variable starting at 1.37% up to 11.48%
|Up to cost of attendance
|5 to 15 years
|5% ($25 max)
|Early Payoff Penalty
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.
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Is the Sallie Mae Student Loan good?
Now that you have been introduced to Sallie Mae, it is time to check out its pros and cons.
- Accepts part-time students and noncitizens
- Offers perks like online tutoring and credit score tracking
- Fast cosigner release
- Requires a cosigner from most applicants
- Requires a hard credit check
- Little repayment term flexibility
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.
About the author / Danilo Pereira
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