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:. Undergraduate, graduate, MBA, health professions, dental school, medical school and law school student loans offer three main repayment options:.
Undergraduate, graduate, MBA and health profession loans have a six-month grace period. Law school loans have a nine-month grace period, dental school loans have a month grace period and medical school loans have a month grace period. Parent student loans have slightly different options — you can either pay principal and interest while your student is in school or elect to pay only interest while your student is in school for up to 48 months.
Medical and dental residency loans increase this grace period to three years if you remain enrolled at least half time. The rating takes into account complaint history and whether the business has appropriately responded to complaints, resolved them in a timely manner and made a good faith effort to resolve those complaints.
New student loan customers may call from 8 a. ET Monday through Thursday or from 8 a. ET on Fridays. Though Sallie Mae has several different loan options, the process for applying is generally the same across the board.
Contact the lender and ask for the reason why you were rejected for a loan. Remember, there are plenty of lenders offering student loans, and they are competing for your business. Discover , LendKey and SoFi , for example, all offer competitive rates, low fees and a variety of student loan options.
Getting a lower interest rate can save you thousands of dollars over the life of the loan. Editorial disclosure: All reviews are prepared by Bankrate. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser.
The information, including rates and fees, presented in the review is accurate as of the date of the review. Courtesy of Sallie Mae. How We Make Money. Matt Carter is a Credible expert on student loans. Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own.
Credible Operations, Inc. NMLS , is referred to here as "Credible. Ready to find a student loan? Compare rates from top private lenders to find the right student loan for you. Learn how Sallie Mae private student loans can help you pay for tuition and living expenses while you earn your undergraduate degree. Sallie Mae offers fixed-rate and variable-rate loans to full-time and part-time students with flexible repayment options.
The funds are sent directly to your school each term. With Sallie Mae, you can apply to have your cosigner released from their obligation after making 12 consecutive on-time monthly payments. Borrowers must be attending a participating U. Sallie Mae offers a range of repayment plans and loan terms. The options available to you will depend on the type of loan you take out. There are no penalties for student loan prepayment.
So no matter which repayment plan you choose, you can always make more than the minimum monthly payment use our student loan repayment calculator to see how much this strategy can save you. You also choose a loan repayment term when you apply for a private student loan. Repayment terms for Sallie Mae loans are:. Sallie Mae student loans can be a great match for many students, particularly part-time students.
But because lenders compete for your business, comparing rates from multiple lenders can help you find the best private student loans. Credible makes it easy to compare rates from multiple student loan lenders with just one form.
See Your Rates Checking rates will not affect your credit. The interest rates depicted on Credible represent the APR. 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. Unsubscribe easily. Are you this business?
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