On this page14 sections
- Ratings and complaints
- Sallie Mae vs. competitors
- Pricing
- Step by step
- Sallie Mae legitimacy and licensing
- Sallie Mae interest rates and fees
- Who can borrow and how repayment works
- Sallie Mae BestGuide Rating
- Cosigner release at Sallie Mae
- Sallie Mae complaints and how to avoid problems
- Federal loans vs. Sallie Mae
- What customers say
- Alternatives
- FAQ
Sallie Mae is a reasonable pick if you've used up federal loans, need a cosigner off the loan quickly (it publishes a 12 payment release path) or attend school less than half time. It is a legitimate, FDIC-insured bank and one of the largest private student lenders still taking applications. The tradeoffs are a wide APR range that tops out at 17.49% fixed for undergrads, a 10 to 15 year term you don't choose, and servicing complaints: the CFPB lists 2,629 complaints naming SLM Corporation in the last three years, most about dealing with the servicer or struggling to repay. Borrow federal first, then compare Sallie Mae's prequalified rate against at least two other lenders.
- Lender
- Sallie Mae Bank, Salt Lake City, UT (FDIC certificate 58177), owned by SLM Corporation (Nasdaq: SLM)1
- Undergrad fixed APR
- 2.08% to 17.49%, valid as of September 15, 2026, with auto debit discount2
- Undergrad variable APR
- 3.75% to 16.95%, tied to 30-day average SOFR2
- Fees
- No origination fee or prepayment penalty; late fee 5% of the past-due payment, up to $25; returned check fee up to $204
- Loan amount
- $1,000 minimum, up to 100% of school-certified cost of attendance2
- Loan term
- 10 to 15 years, set by Sallie Mae based on the amount and your total Sallie Mae balance4
- Cosigner release
- After 12 on-time principal and interest payments plus proof of graduation, income and a credit review3
- Refinancing
- Not offered; Sallie Mae lists only new private loans6
Pros
- One of the shortest published cosigner release paths (12 payments)
- Lends to students enrolled less than half time, online or in certificate programs
- No origination fee or prepayment penalty
- Three in-school repayment options, plus a new parent loan
- FDIC-insured bank with A+ BBB rating
Cons
- Undergrad APR can reach 17.49% fixed
- You don't choose the term; it's set at 10 to 15 years
- Charges a late fee (5% of the past-due amount, up to $25)
- No refinancing product
- Thousands of CFPB complaints about servicing and hardship help
Best for: Students who've maxed out federal aid and have a creditworthy cosigner who wants off the loan soon after graduation.
Skip it if: You haven't taken your federal loans yet, or you want to pick your own repayment term or avoid late fees.
Sallie Mae vs. competitors
| Company | Undergrad fixed APR (Oct 2026) | Cosigner release | Fees | Stands out for |
|---|---|---|---|---|
| Sallie Mae | 2.08% to 17.49% | After 12 on-time principal and interest payments plus proof of graduation | No origination fee | Less than half-time students can apply |
| College Ave | 1.94% to 17.99% | After half the repayment term | No origination fee | Choose your own term |
| Citizens | 3.24% to 13.49% | Apply once in full repayment; no set payment count | None | Multi-Year Approval |
| Earnest | From 1.99% | After 36 months of payments and balance at or below 50% of original principal | No origination or late fees | 9 month grace period |
Sallie Mae pricing at a glance
Sallie Mae student loan APRs, as listed October 2026 (valid as of September 15, 2026)2
| Loan | Fixed APR | Variable APR | Notes |
|---|---|---|---|
| Undergraduate (Smart Option) | 2.08% to 17.49% | 3.75% to 16.95% | Full, half or less than half-time students |
| Career Training | 2.08% to 17.64% | 3.75% to 17.14% | Certificate and professional training programs |
| Graduate School | 2.08% to 14.99% | 3.75% to 14.48% | 12 interest-only payments available after grace |
| Parent Loan | 3.99% to 15.49% | 4.75% to 14.99% | Loan in the parent's name only; launched June 30, 2026 |
Lowest rates include a 0.25 point auto debit discount and, for students, the interest repayment option. Undergraduate APRs assume a $10,000 loan, a 4-year in-school period and a 6-month grace. Sallie Mae's own example: a $10,000 loan at 12.93% fixed with $25 in-school payments costs $35,799.92 over the longest term.
Sallie Mae, step by step
Prequalify
Check your rate with a soft credit check. Prequalification isn't a firm offer, and the full application runs a hard check.
Apply with or without a cosigner
The application takes about 10 minutes. Sallie Mae says 91% of approved undergraduate loans last year were cosigned.
Pick rate type and repayment option
Choose fixed or variable and one of three in-school options: pay interest, pay $25 a month, or defer.
School certifies and gets paid
Your school confirms the amount and Sallie Mae sends money to the school, typically about 10 business days from application.
Repay and release your cosigner
Full payments start after a 6-month grace period. After 12 on-time principal and interest payments and graduation, you can apply to release your cosigner.
Sallie Mae legitimacy and licensing
Yes. Sallie Mae loans are made by Sallie Mae Bank, a Utah industrial bank (FDIC certificate 58177) owned by SLM Corporation, which trades on Nasdaq. The bank reported about $28.5 billion in assets as of June 30, 2026. SLM split off its federal loan servicing into Navient in 2014, so older federal loans you may remember as “Sallie Mae” are now handled elsewhere.
The BBB rates Sallie Mae A+ and lists 397 complaints in three years. The CFPB database shows 2,629 complaints naming SLM Corporation in the same period, with almost all answered on time. That’s a lot of complaints in absolute terms, but it reflects a very large loan book.
Watch for impostors. Sallie Mae warns about debt relief offers, and fake social media pages have asked borrowers for Social Security numbers. Only log in at salliemae.com.
Sallie Mae interest rates and fees
Undergraduate loans run 2.08% to 17.49% fixed APR or 3.75% to 16.95% variable, as of September 15, 2026. The lowest rates require the 0.25 point auto debit discount, the interest repayment option and excellent credit. Variable rates follow 30-day average SOFR and can rise.
There’s no origination fee or prepayment penalty. Sallie Mae’s loan disclosure lists a late fee of 5% of the past-due payment, capped at $25, and a returned check fee up to $20.
Your in-school choice changes the total cost. Sallie Mae estimates a freshman saves 17% by paying interest in school, or 7% by paying $25 a month, compared with deferring. Its own example shows a $10,000 loan at 12.93% fixed costing $35,799.92 over the longest term.
Who can borrow and how repayment works
Sallie Mae lends to undergraduates, graduate and professional students (medical, dental, law, MBA), career training students and, since June 30, 2026, parents through a Parent Loan in the parent’s name only. Students can borrow even if enrolled less than half time. Non-citizens, including DACA students, can apply with a U.S. citizen or permanent resident cosigner.
Loans cover up to 100% of the school-certified cost of attendance minus other aid, with a $1,000 minimum. You get a 6-month grace period after school, then a 10 to 15 year term that Sallie Mae sets based on how much you owe it. Graduate borrowers can make 12 interest-only payments after grace, and medical and similar residents can defer for up to four 12-month periods (interest still accrues).
Key Takeaway: Sallie Mae (Expert Score: 4.1/5.0)
Sallie Mae scores 4.1/5.0 from BestGuide, driven by its exceptional 90% score in Services and Scalability. Its strongest operational advantage is a 95% approval rate when applying with a creditworthy cosigner, paired with an industry-leading 12-month cosigner release option.
Sallie Mae earns an Expert Score of 4.1/5.0 from BestGuide, ranking it as a highly accessible option for private student loans. In this Sallie Mae review, our expert panel evaluates the lender’s overall performance, interest rates, and loan structures. Reading Sallie Mae reviews reveals mixed customer feedback regarding long-term repayment, but its broad program support remains a significant benefit for undergraduate and graduate borrowers alike.
Private student loans can bridge the financial gap when federal student loans do not cover the entire cost of attendance. Sallie Mae specializes in these private options, offering loans for undergraduate, graduate, and professional programs. However, because private student loans lack the extensive safety nets of federal programs, choosing the right lender requires careful analysis of costs and terms.
Compare Sallie Mae with other top-rated student loans companies to see how it stacks up.
Sallie Mae BestGuide Rating
According to the BestGuide expert panel, Sallie Mae earns an Expert Score of 4.1/5.0. This rating is derived from our standard Service Evaluation framework, which weights five core operational criteria.
Reputation is scored at 80%, reflecting Sallie Mae’s long history and independence from the old Navient brand, balanced by ongoing customer complaints regarding complex repayment setups. Services scored 90% due to complete coverage of attendance costs, professional certification loans, and retail banking alternatives. Transparency is rated at 80% due to standard interest rate disclosures and explicit cosigner release terms, though pricing depends heavily on individual credit scores. Customer Satisfaction lands at 70% as customer portals indicate mixed experiences, with several borrowers highlighting high interest balances. Scalability earns 90% representing nationwide service with robust digital platforms, accessible on-time tracking, and automated repayment tools.
This average of 82% places Sallie Mae above the student loans vertical average of 3.8/5.0, making it a leading choice for private student loans.
What customers say about Sallie Mae
Recurring themes across the review sites and complaint records listed above, not individual quotes.
Common praise
- Quick, simple online application and fast decisions
- Helpful, friendly phone representatives
- Clear instructions during school certification
- No origination fee and an auto debit discount
Common complaints
- Higher rates than expected after the hard credit check
- Trouble getting hardship help or lower payments once repayment starts
- Collection calls, including to cosigners
- Credit reporting disputes after late payments
- Interest added to the balance when payments are deferred in school
Cosigner release at Sallie Mae
Only the borrower can apply. You need proof of graduation, proof of income, 12 on-time principal and interest payments on each loan (or paying ahead), no 30-day late payments or hardship forbearance in the past 12 months, and a credit review showing no bankruptcy, foreclosure, default or 90-day delinquency in the past 24 months. That’s shorter than Earnest’s 36 payments or College Ave’s half-term rule, but approval isn’t automatic.
Sallie Mae complaints and how to avoid problems
Most CFPB student loan complaints about SLM fall into two buckets: dealing with the servicer (651) and struggling to repay (548). Credit reporting disputes are next. Reviews praise the fast application but complain about rates that come in higher than hoped and limited help when money gets tight.
- Prequalify before the hard pull so you see a real rate range.
- Pay interest in school if you can; deferred interest is added to your balance.
- Set up auto debit for the 0.25 point discount, and keep it active.
- Call before you miss a payment. Private loans have no income-driven plans, so options are limited to forbearance and modified programs.
- If you can’t resolve a dispute, file with the CFPB.
Federal loans vs. Sallie Mae
For loans first disbursed from July 1, 2026 to June 30, 2027, federal undergraduate loans carry a fixed 6.52% with no credit check, and they come with income-driven repayment, forgiveness and deferment rights that Sallie Mae’s own disclosures say private loans aren’t required to offer. Starting July 1, 2026, Grad PLUS loans closed to new borrowers and Parent PLUS loans were capped, which is why private lenders like Sallie Mae launched parent products. Take federal aid first and use Sallie Mae to fill a gap.
Alternatives to Sallie Mae
- Federal Direct Loans (FAFSA) Undergraduates pay a fixed 6.52% for 2026 to 2027 with no credit check, plus income-driven repayment and forgiveness options Sallie Mae can't offer.
- Citizens A lower top APR (13.49% fixed) if you attend a four-year school and want Multi-Year Approval. Read review
- College Ave Better if you want to choose your exact repayment term instead of getting 10 to 15 years. Read review
- Earnest No late fees and a 9 month grace period after you leave school. Read review
Sallie Mae reviews
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Frequently asked questions
Is Sallie Mae a federal or private student loan?
Private. Sallie Mae Bank makes private student loans; it hasn't serviced federal loans since spinning that business off to Navient in 2014. Federal loans come through the FAFSA and StudentAid.gov.
What credit score do you need for a Sallie Mae student loan?
Sallie Mae doesn't publish a minimum. Most students apply with a cosigner; it says 91% of approved undergraduate loans last year were cosigned and students with cosigners were 5 times more likely to be approved.
How long does it take to get a Sallie Mae loan?
About 10 minutes to apply and get a decision. Sallie Mae says it typically takes 10 business days from application to the school receiving the money, since the school has to certify the amount.
Does Sallie Mae charge fees?
There's no origination fee or prepayment penalty. Its loan disclosure lists a late fee of 5% of the past-due payment, up to $25, and a returned check fee up to $20.
How do I get my cosigner released?
Graduate, then make 12 on-time principal and interest payments with no 30-day lates or hardship forbearance in the past year. You apply, show proof of income, and pass a credit review.
Can I choose my repayment term?
No. Sallie Mae sets a 10 to 15 year term based on your loan amount and total Sallie Mae balance. College Ave lets you pick a term if that matters to you.
Does Sallie Mae refinance student loans?
Not as of October 2026. Its site lists only new loans for students, parents and career training. You can refinance a Sallie Mae loan with another lender.
Does Sallie Mae offer parent loans?
Yes. It launched a Parent Loan on June 30, 2026, at 3.99% to 15.49% fixed APR. The loan is in the parent's name only, unlike cosigning, where the student also owes.
What happens if I can't pay my Sallie Mae loan?
Call before you miss a payment and ask about forbearance or modified repayment. Private loans don't have income-driven repayment or federal forgiveness, and missed payments hurt both your credit and your cosigner's.
Can international students get a Sallie Mae loan?
Yes, if they live and attend school in the U.S. and apply with a creditworthy cosigner who is a U.S. citizen or permanent resident. DACA students qualify under the same rule.
Sources (12)
Facts on this page come from company websites, government agencies and regulators, checked on the dates shown. Editorial standards
- FDIC BankFind: Sallie Mae Bank, certificate 58177 (accessed October 13, 2026)
- Sallie Mae: Undergraduate Student Loans (Smart Option) (accessed October 13, 2026)
- Sallie Mae: Parent Loan and Cosigners (accessed October 13, 2026)
- Sallie Mae: Smart Option Student Loan application disclosure (degree-granting, undergraduate) (accessed October 13, 2026)
- Sallie Mae: Graduate School Loan (accessed October 13, 2026)
- Sallie Mae: Student loans (accessed October 13, 2026)
- Sallie Mae: Career Training Loan (accessed October 13, 2026)
- Sallie Mae newsroom: Sallie Mae Launches New Parent Loan (June 30, 2026) (accessed October 13, 2026)
- BBB: Sallie Mae business profile (accessed October 13, 2026)
- CFPB: Consumer complaint database, SLM Corporation (accessed October 13, 2026)
- Trustpilot: Sallie Mae reviews (accessed October 13, 2026)
- Federal Student Aid: Federal Interest Rates and Fees (accessed October 11, 2026)
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