If the school issues a refund directly to the student, the borrower and cosigner if applicable are still responsible for repaying that amount. Loan amount cannot exceed the cost of attendance less financial aid received, as certified by the school. Sallie Mae reserves the right to approve a lower loan amount than the school-certified amount.
Miscellaneous personal expenses such as a laptop may be included in the cost of attendance for students enrolled at least half time. Interest is charged starting when funds are sent to the school. Variable rates may increase over the life of the loan. Advertised variable rates reflect the starting range of rates and may vary outside of that range over the life of the loan.
It works out to Available for loans used to pay qualified higher education expenses at a degree-granting institution. The Graduated Repayment Period GRP allows interest-only payments for 12 billing periods after principal and interest repayment begins.
At the time of the GRP request, the loan cannot be past due. Customers can request the GRP during the six billing periods before and the 12 billing periods immediately after the loan first enters principal and interest repayment. Monthly payments after the GRP will be higher than they would have been without it. The borrower or cosigner must enroll in auto debit through Sallie Mae to receive a 0.
We had answers to our questions within minutes. If you still need money to pay for school, you can then apply for a Sallie Mae student loan.
Once you submit your application, you could receive your results in as little as 15 minutes. College costs have skyrocketed in recent years, and federal direct subsidized and direct unsubsidized loans have strict caps on how much you can borrow.
If you need additional money to pay for school, using a private student loan from a lender such as Sallie Mae can be a good option. On the plus side, Sallie Mae offers a wide range of loans, with multiple repayment options, for students of all types. It also has loan forbearance and discharge programs that compare favorably to federal loan discharge policies, and it allows you to apply for a cosigner release in just 12 months, setting it apart from other lenders.
However, on the downside, Sallie Mae doesn't allow you to get a rate quote before you apply, which means a hard credit inquiry is required to see your rate. Much depends on your financials. The lender does offer variable interest rates on its loans—unlike the government—and that can be an advantage in an environment of declining interest rates.
Before making a decision, make sure you compare offers from other private student loan lenders. Sallie Mae has more loan options than any other lender, offering loans for career training, bar study, and medical residency. With multiple loan options, repayment plans, and loan terms, you can customize your loan to meet your needs.
And, if you have a creditworthy cosigner, the lender offers competitive rates that can help make the loan more affordable. Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of student loan lenders. We collected over 45 data points across more than 15 lenders—including interest rates, fees, loan amounts, and repayment terms—to ensure that our content helps users make the right borrowing decision for their education needs.
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At any time, you can update your settings through the "EU Privacy" link at the bottom of any page. These choices will be signaled globally to our partners and will not affect browsing data. We and our partners process data to: Actively scan device characteristics for identification. I Accept Show Purposes. Your Money. Personal Finance. Your Practice. Popular Courses. Get a Quote. Pros and Cons. Pros Loans available to often-neglected groups, including part-time students and non-U.
Cons Late fees and returned payment fees apply Pre-qualification not available. Company Overview. Year Founded Official Website www. ET, Fri: 8 a.
Pros Explained. Cons Explained. Student Loans Offered. Customer Service. Is Sallie Mae the Right Fit? With Sallie Mae, you may qualify for a loan even if you're a part-time student or foreign born including DACA students.
Death and Disability Discharge — Unlike many lenders, Sallie Mae will discharge forgive the loan balance if the student dies or becomes totally and permanently disabled —even if parents actually hold the loans. Cosigner Release — You can request that your cosigner be removed from your Sallie Mae loan after just 12 months of on-time payments.
Other private lenders usually require you to make on-time payments for several years before you can request a cosigner release. Other lenders, such as Discover , don't charge any fees at all, including late fees.
No Pre-qualification — Some lenders, such as SoFi , allow you to prequalify for a loan. More features of our High-Yield Savings Account.
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