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Sallie Mae

Additional information

Fixed APR

3.75% to 13.72%

Loan Amounts

$1,000 Maximum, annual loan limit: Up to 100% of the certified total cost of attendance minus other aid

Minimum Credit Score

mid-600’s

Term Duration

5 – 15 years

Variable APR

2.62% to 12.97%

Financeive’s rating

4/5

Sallie Mae

Sallie Mae might be a better choice if you were simply taking a few classes. This is ideal for borrowers who are returning to school and simply need to take a few preparatory courses or who are still working full-time job.

Pros

  • a rare lender that offers loans to part-time students.
  • The ability to track their credit score for free online is available to borrowers.
  • Non-U.S. applicants who have a U.S. co-signer may include DACA students.

Cons

  • Without a rigorous credit check, it is impossible to determine your eligibility and rate.

Private student loans are available through Sallie Mae, a publicly listed consumer bank, to cover the cost of undergraduate, graduate, and professional degrees, among other educational requirements. As a government-sponsored organization that managed student loans, Sallie Mae was established by Congress in 1972. Since going private in 2004, the lender has continued to provide a variety of student loan packages.

Chech the Ascent vs Sallie Mae comparison to see which one is better for your situation.

Sallie Mae has a score of A+ with the Better Business Bureau and a score of 2 out of 5 stars (bad) with Trustpilot.

In 2020, SLM Corp., Sallie Mae’s holding corporation, was the subject of 170 complaints from consumers regarding student loans. The most common concerns included dealing with the lender or servicer and having trouble paying back the loan.