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Business Insider's personal finance team compared Sallie Mae to the best private student loans and found it to be a standard offering.
There are many options to help pay for college. Scholarships and grants — aid that doesn't need to be repaid — should be your first stop, with federal student loans next. If you still have financial gaps to fill after that, private student loans can be an option.
Sallie Mae is one of many private student loan lenders you might consider for these loans.
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A five pointed star
A five pointed star
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Icon of check mark inside a promo stamp It indicates a confirmed selection. Perks 0.25% discount on regular rates with auto debit Regular Annual Percentage Rate (APR) 5.54% - 15.70% variable and 3.69% - 15.49% fixed Fees late payment of 5% of the amount due, capped at $25 Recommended Credit Undisclosed Loan Amount Range Starts at $1,000Sallie Mae is a solid lender that includes four months of Chegg with its undergraduate loans. Sallie Mae charges late fees, though, and you can get better student loan interest rates elsewhere.
Sallie Mae is a private lender offering a variety of student loan options. There are undergraduate loans, career training loans, graduation student loans, and loans for specific career paths, including law, medical, dental, and MBAs.
Sallie Mae's offers private student loans, which are different from federal student loans — loans offered by the U.S. federal government. Unlike federal student loans, which are available to everyone, have set interest rates and terms, and do not require a credit check, private student loans are offered at the lender's discretion.
Amounts, rates, terms, and eligibility requirements can vary widely, and you'll usually need to submit to a credit check in order to qualify. Your credit will also play a role in what interest rate and terms you get.
Sallie Mae's student loans come with both variable and fixed interest rates, and you can get a rate discount for setting up autopay. You can be enrolled full-time, half-time, or less than half-time (something most competitors don't allow), and there are both cosigned and non-cosigned options, as well as loans for many career paths and degree programs.
Sallie Mae doesn't charge origination fees, and you also get four months of Chegg (online study support) with its undergraduate loans.
Sallie Mae offers student loans for many types of degrees, including graduate and undergraduate loans.
Sallie Mae undergraduate student loans have no origination and prepayment fees, and you also get four months of the study service Chegg for free. Chegg offers expert Q&A, and students can submit up to 20 questions per month. There are three repayment options to choose from, including two that allow you to defer student loan payment while in school.
Sallie Mae charges a late payment of 5% of the amount due, capped at $25.
Sallie Mae offers a general graduate student loan, as well as graduate loans for MBAs, medical/dental students and residents, and law school students. There is also a bar study loan to help cover the costs of studying for the bar exam. There are no origination or prepayment fees on these loans.
Sallie Mae's career training student loans are designed for students in professional training, trade school, or certificate courses. The loans can be used for tuition, books, equipment, travel, and more, and there are no origination fees. There are three repayment options to choose from.
Sallie Mae's loans can help you finance your educational goals. Here's who may be eligible and how to apply for one:
To get a student loan with Sallie Mae, you must meet the following qualifications:
You will also need to agree to a credit check. The exact score you will need depends on your loan program and amount. It will also impact your interest rate.
You can contact customer support by phone Monday through Thursday from 8 a.m. to 9 p.m. ET or on Friday from 8 a.m. to 8 p.m. ET. You are also able to send mail to Sallie Mae at its Delaware address.
Sallie Mae has a well-reviewed app that has received 4.6 out of 5 stars on the Apple store and 4.0 out of 5 stars on the Google Play store. You may like this feature if you want to manage your loan on the go.