Written by
Hanneh Bareham
Hanneh Bareham, a Certified Financial Education Instructor℠, was a personal finance writer with Bankrate between 2020 and 2024.
Edited by
Rhys Subitch
Rhys Subitch is a Bankrate editor who leads an editorial team dedicated to developing educational content about personal loans products for every part of life.
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Bankrate's take: Sallie Mae is a great option for those interested in borrowing from a well-established lender with low rates, few fees and a variety of loan options. It is also one of the few lenders that allows borrowers to be part-time students.
$1,000-total cost of attendance
3.69% fixed; 5.54% variable
Unlike many student loan servicers, Sallie Mae doesn't offer refinance loans. It does, however, offer private student loans for a variety of programs and residencies.
| Fixed APR | Variable APR | Dollar amount | |
|---|---|---|---|
| Private student loans | 3.69%-15.49% | 5.54%-15.70% | $1,000 to 100% cost of attendance |
| MBA & Graduate | 3.69%-14.48% | 5.54%-14.97% | 100% total cost of attendance |
| Health profession | 3.69%-14.48% | 5.54%-14.97% | $1,000 to 100% cost of attendance |
| Medical school | 3.69%-14.46% | 5.54%-14.96% | 100% total cost of attendance |
| Dental school | 3.69%-14.47% | 5.54%-14.96% | $1,000 to 100% cost of attendance |
| Law school | 3.69%-14.47% | 5.54%-14.97% | $1,000 to 100% cost of attendance |
| Bar exam | 7.01%-15.26% | 8.13%-17.72% | $1,000 to 100% cost of attendance |
| Medical residency | 6.40%-11.89% | 7.94%-13.34% | $1,000 to 100% cost of attendance |
| Dental residency | 6.40%-11.89% | 7.94%-13.34% | $1,000 to 100% cost of attendance |
| Career training | 3.69%-15.69% | 5.54%-16.46% | 100% total cost of attendance |
Sallie Mae's private student loan, the Smart Option Student Loan, can be used to cover undergraduate costs up to the total cost of attendance. They come with two repayment term options: a 10- and a 15-year option. Borrowers have three in-school repayment options that come with a six month grace period after graduating or leaving the school.
The lender's alternative and hardship repayment options are some of the best out of private student loan servicers. For those experiencing payment difficulty while enrolled, the in-school payment assistance program will temporarily pause your payments to avoid delinquency. There is also a general forbearance period offered to borrowers in any stage of their college career.
The Graduate Repayment Period (GRP) is a plan that extends interest-only payments to 12 months after you leave the school or graduate. It doesn't extend your loan term and you must apply during the six months before and the 12 months immediately after you begin making both the principal and interest payments.
For you're nearing — or facing — delinquency, your eligibility for the following options are dependent on a review of your financial situation. To learn more about your available repayment plans, you need to call Sallie Mae directly to speak with an account manager.
All of Sallie Mae's graduate loans also cover up to 100 percent of school-certified expenses. The general graduate school loans, MBA, law and health professionals loans have a 15 year repayment period and the medical and dental loans have a 20 year repayment term.
Law school loans have a nine-month grace period, dental school loans have a 12-month grace period and medical school loans have a 36-month grace period. Bar study loans have the option of deferred repayment while you’re in school at least half time and during the nine-month grace period. Medical and dental residency loans increase this grace period to three years if you remain enrolled at least half time.
All of the loan options, with the exception of residency and bar study loans, are eligible for the three basic repayment options. Because these specific loans are designed to cover post-graduate expenses, the deferred repayment option is the only in-school repayment plan available.
Sallie Mae gets an A+ rating from the Better Business Bureau, the highest possible grade. However, the reviews on Trustpilot tell a different story — out of 5 stars, Sallie Mae has an average ranking of 1.3. Out of 48 reviews, 98 percent of commenters left a 1-star rating and 2 percent left a 2-star rating. Most of the comments are about poor customer service.
Sallie Mae’s customer service department is available via phone or mail. Its customer service hours are from 8 a.m. to 8 p.m. ET Monday through Thursday, and from 8 a.m. to 5 p.m. ET on Fridays.
