Why It’s Considered to Be One of the Best
Sallie Mae Private Student Loan- Due to the fact that Sallie Mae has a relatively quick cosigner release term, we consider it to be the ideal option for cosigners. After the student borrower makes just 12 consecutive on-time monthly payments toward their Sallie Mae student loan, the cosigner may request that they be released from their obligation.
Sallie Mae Private Student Loan Rates
Variable Rates
3.37% – 13.72% APR
Fixed Rates
3.75% – 13.72% APR
Loan Amounts
$1,000 – 100% of the school-certified cost of attendance
Sallie Mae Private Student Loan Pros and Cons
Pros
- A short cosigner release period
- Four months of free Chegg® study help1
- Multi-Year Advantage
- Students attending school less than half-time are eligible
- Covers up to the total cost of attendance2
- A+ rating from the BBB
Cons
- Can’t prequalify with a soft credit check
Sallie Mae Private Student Loan Eligibility Requirements
Student loans from Sallie Mae are offered to students at various academic levels, including undergraduates, graduates, parents, and those pursuing career training. When a student applies for a loan with a cosigner, the lender claims that the student’s chances of being approved increase to almost four times what they were before. The following are some of the requirements that must be met in order to qualify for a student loan from Sallie Mae:
Financial Requirements
- Minimum credit score: Not disclosed
- Minimum income: Not disclosed
- Approval after prior bankruptcy: Yes, with no open bankruptcy
Educational Requirements
- School eligibility: Must be enrolled in a degree-granting program at an eligible school
- Enrolled half-time or more: Yes
Other Requirements
- Citizenship: U.S. citizen or permanent resident or non-U.S. citizen with a cosigner who is a U.S. citizen or permanent resident
- State: Available in all 50 states, plus Washington D.C. and Puerto Rico
Sallie Mae in a Nutshell
The headquarters of Sallie Mae, the most well-known provider of student loans, are located in Newark, Delaware. When it was first established, it was a government agency that was responsible for servicing loans for federal education. Then, between the years 1997 and 2004, Sallie Mae completed its transformation into a fully privatized bank and initiated the provision of private student loans.
At this time, the major portion of the market for private student loans is controlled by Sallie Mae. In addition to this, it has broadened the kind of products it sells to include credit cards, savings accounts, and other options.
Borrowers with Sallie Mae are eligible for a number of incentives, including free access to Chegg for a period of four months, the Multi-Year Advantage, and no origination or application costs. Returning undergraduate students who have a cosigner and apply for a future loan through Multi-Year Advantage have a 95% chance of having that loan approved.