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Sallie Mae Private Student Loans

Sallie Mae Reviews

9

bestfor-icon Students Looking for Flexible Repayment Terms

andrewo
Written by Andrew Omalley

About Sallie Mae | Read More

9

LS Score

10

Credibility

9

Support

8

Accessibility

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Opening Hours Opening Hours drop-down-btn
Mon - Thu 8:00 AM - 9:00 PM ET
Friday 8:00 AM - 8:00 PM ET
Saturday 10:00 AM - 2:00 PM ET
Sunday Closed
Contact Information Contact Information drop-down-btn
  • (855) 756-5626
  • Headquarters: 4322, 300 Continental Dr, Newark, DE 19713, United States
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Sallie Mae Student Loans Review

Sallie Mae has been in the student loan space for decades and it offers a wide variety of products, covering nearly every need. It doesn’t charge any origination fee and there are flexible repayment terms available to borrowers.

Sallie Mae Student Loans Highlight

650

Min Credit Score

3.49-15.49%

APR. Fixed Rate

5.04-15.21%

APR. Variable Rate

Min $1K

Loan Amount

10-20 years

Repayment terms

No

Soft Credit Pull

Direct

Lender Type

Yes

Other Fees

None

Origination Fee

None

Prepayment Fee

10 days

Funding Time

Pros & Cons

drop-down-btn
  • con-icon No origination fee
  • con-icon Available in every state
  • con-icon Long track record in the space
  • con-icon Flexible repayment options
  • con-icon Deals with part-time students
  • con-icon Prefers people to use co-signers
  • con-icon No pre-qualification
  • con-icon No student loan refinancing options

Student Loan Type

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  • Private student loans
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Sallie Mae Student Loans Terms & Requirements

Sallie Mae offers many different types of student loans, covering all thinkable bases. This goes for both part-time and full-time students. You can get coverage for as much as 100% of all school-certified expenses, with the smallest sum you can borrow being $1,000. There is the option to use a co-signer if you wish. Most loans will have term lengths of between 5 and 20 years.

Both fixed-rate and variable-rate loans are available, with borrowers able to qualify for a 0.25% discount if they use autopay to make repayments. There are no origination or application fees in place, but you do need to pay late fees if your payment is delayed. Sallie Mae has not disclosed its minimum required credit score, but many reviewers mention a credit score in the mid-600s. Once you have left school and completed the grace period, various repayment options open up.

What is it good for?

Sallie Mae is a great option for students of all backgrounds and credit scores. They offer a variety of student loans, including federal loans, private loans, and co-signed loans. This means that students can find a loan that fits their needs, regardless of their financial situation.

Here are some specific examples of how Sallie Mae’s features are designed for students:

  • Flexible repayment terms: Students can choose a repayment schedule that fits their needs, so they can stay on budget after they graduate.
  • No prepayment penalty: Students can pay off their loans early without paying a penalty, which can save them money on their loan payments.

If you’re a student looking for a student loan, Sallie Mae could be a great option.

How to Apply

Required Information

  • Current address
  • Social Security Number
  • Some personal contacts
  • Employment information
  • School information
  • Any potential scholarship or financial aid
  • Other financial information
  • Total loan amount requested

State Availability

- Available in all states

Sallie Mae Certificate of Deposit Review

Sallie Mae Bank offers a variety of CD terms, from 6 months to 60 months. The bank’s CDs offer competitive interest rates, with the current maximum APY being 4.10% for a 12-month CD. The minimum deposit to open a CD at Sallie Mae Bank is $2,500. CDs are FDIC-insured, so your money is safe even if the bank fails. There are no monthly fees for CDs at Sallie Mae Bank.

Overall, Sallie Mae Bank is a good option for consumers looking for an online bank with competitive interest rates on CDs. The bank’s CDs offer a good way to grow your savings over time, and the FDIC insurance provides peace of mind.

Sallie Mae Certificate of Deposit Highlight

3.95%

6-Month APY

4.00%

9-Month APY

4.05%

11-Month APY

$3K

Minimum Deposit

$3K

Minimum Balance

None

Monthly fee

No

Daily Compounded Interest

Yes

Early withdrawal penalty

Pros & Cons

drop-down-btn
  • con-icon Competitive rates on CDs
  • con-icon Various types of savings accounts
  • con-icon No monthly fees
  • con-icon No physical locations
  • con-icon Limited customer support phone hours

Account types

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  • 6-Month APY 3.95%
  • 9-Month APY 4.00%
  • 11-Month APY 4.05%
  • 12-Month APY 4.10%
  • 13-Month APY 4.05%
  • 15-Month APY 3.95%
  • 18-Month APY 3.80%
  • 24-Month APY 3.75%
  • 30-Month APY 3.70%
  • 36-Month APY 3.60%
  • 60-Month APY 3.75%
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Sallie Mae Certificate of Deposit Terms & Requirements

The terms and requirements for opening a Certificate of Deposit (CD) at Sallie Mae Bank:

  • Minimum deposit: $2,500
  • Term lengths: 6 months to 60 months
  • Interest rates: Competitive, with the current maximum APY being 4.10% for a 12-month CD
  • FDIC insurance: Your money is safe even if the bank fails
  • No monthly fees: You can keep your savings growing without any extra costs
  • Automatic renewal: Your CD will automatically renew at the end of the term unless you tell Sallie Mae Bank otherwise. You can renew your CD for the same or a different term.
  • Transferring funds: You can transfer funds from your CD to another Sallie Mae Bank account without a penalty. However, if you transfer funds to a non-Sallie Mae Bank account, you may be subject to a penalty.

How to Apply

Qualification Requirements

  • Age: You must be at least 18 years old to open a Sallie Mae CD account.
  • Citizenship: To open a Sallie Mae CD account, you must be a U.S. citizen or permanent resident.
  • SSN: You must have a valid Social Security umber or Individual Taxpayer Identification Number (ITIN) to open a Sallie Mae CD account.
  • Minimum deposit: The minimum deposit to open a Sallie Mae CD account is $2,500.
  • Direct deposit: To earn the advertised interest rate, you must set up direct deposit to your Sallie Mae CD account.

Withdrawal Penalty 

If you close or withdraw from your CD account before the term ends, you will be subject to an early withdrawal penalty, which is typically a percentage of the interest earned.

Term of Deposit Amount of Interest
12 months or less 90 days’ worth of simple interest on the amount withdrawn
Greater than 12 months 180 days’ worth of simple interest on the amount withdrawn

State Availability

- Available in all states

andrewo
Written by Andrew Omalley facebook-icon twitter-icon

Andrew is a freelance writer who has been crafting valuable pieces of content relating to personal finance for more than five years. Previously, he studied Economics & Finance at university and he has professional qualifications relating to financial advice.

faq-icon

FAQ’s

Does Sallie Mae operate in every state?

Yes, Sallie Mae currently operates in every state.

Is there a Sallie Mae mobile app?

Yes, the Sallie Mae mobile app helps you to manage all aspects of your loans in a quick and easy way through your mobile device.

Is the phone support team available 24/7?

No, the phone support team at Sallie Mae can be reached six days a week during certain time periods.

Customer Support

Sallie Mae offers a good level of customer support. You can talk with a student loan expert over the phone six days a week, and you can also use live chat and email support.

The team is very helpful in guiding you through the student loan process, no matter your needs. Sallie Mae also helps its users in other ways, including providing online tutoring support and having comprehensive resources to help students in various ways.

Privacy & Security

Sallie Mae has been around for so many years that it has become a tried and trusted option for people who are looking to get student loans or to refinance their existing obligations. It currently has an A+ rating with the Better Business Bureau.

All private information that a person shares with Sallie Mae is completely encrypted. Sallie Mae has received mixed reviews on brand-review platforms like Trustpilot.

In Conclusion

Sallie Mae has been around for many years and has built a reputation for being a trustworthy provider of student financial services. There is coverage for most types of needs, including part-time students, which is not something that every lender caters to. You also have access to flexible repayments and don’t have to pay any origination fee.

 

 

Brand Disclaimer

Undergraduate and Graduate School loans are for students at participating degree-granting schools. Career training student loans are for students at participating non-degree-granting schools. Smart Option Student Loan information is for undergraduates only. Graduate Certificate/Continuing Education coursework is not eligible for MBA, Medical, Dental, and Law School Loans. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend a participating school in the U.S., apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident) and provide an unexpired government-issued photo ID to verify their identity. Applications are subject to a requested minimum loan amount of $1,000. Current credit and other eligibility criteria apply.