Sallie Mae Student Loan review
Considering a Sallie Mae student loan to finance your education? Here's what you need to know about the pros and cons of borrowing from this lender.
Sallie Mae Student Loan: Get the help you need to reach your educational goals!
It’s no secret that student loans are a necessary evil for most students. However, navigating the world of student loans doesn’t have to be difficult. In this Sallie Mae Student Loan review, we’ll take a look at one of the largest providers of student loans in the country.
We’ll discuss what kind of loans they offer, interest rates, and repayment options. By the end of this article, you’ll have a better understanding of whether or not Sallie Mae is the right lender for you.
See below for Sallie Mae’s top features and keep reading our Sallie Mae Student Loan review to learn everything you need to know about this loan and what sets it apart from all others.
- APR: Undergraduate students get variable rates between 2.62% – 12.97% and fixed rates between 3.75% – 13.72%. Career training students get variable rates between 2.62% – 13.40% and fixed rates between 3.75% – 14.08%. Graduate students’ rates vary by loan.
- Loan Purpose: Education.
- Loan Amount: According to the borrower’s credit profile.
- Credit Score Needed: At least 600.
- Terms: 5 to 20 years.
- Origination Fee: None.
- Late Fee: 5% of the past due amount but no greater than $25.
- Early Payoff Penalty: None.
Sallie Mae Student Loan: is it a good student loan?
Sallie Mae offers three types of loans: undergraduate student loans, career training student loans and graduate student loans. You can also get a loan based on your major like law school loans and medical school loans. You can choose between variable and fixed APR and the rating varies according to your creditworthiness.
For instance, undergraduate students who are earning their bachelor’s or associate’s degree can get a fixed rate ranging from 3.75% to 13.72%. The variable rate is between 2.62% and 12.97%.
For career training students who are taking certificate courses or professional training, the fixed rates vary between 3.75% and 14.08%. The variable rates are between 2.62% and 13.40%. Graduate students looking for specific loans to fit their major need to go through a credit check and only then the APR will be disclosed.
Sallie Mae offers repayment flexibility with terms from 5 to 20 years and you can get lower ratings if you start making payments while still in school.
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Sallie Mae Student Loan: should you get one?
Sallie Mae is a well known lender in the country and can provide you with all the assistance you need in order to fund your higher education. However, taking a private student loan takes serious commitment and you should learn about all the pros and cons before making a decision. See what they are next in our Sallie Mae Student Loan review.
- Flexible repayment terms;
- Doesn’t charge origination or prepayment fees;
- Offers personalized options according to your major;
- Lends to part-time students.
- Performs a hard pull on your credit score.
What is the required credit score?
While you can apply for this loan with a co-signer, which should increase your chances in case you have an average score, the recommended rating is of at least 600.
Sallie Mae Student Loan application
If you want to learn more about the Sallie Mae Student Loan application process, follow the link below. In it, we’ll give more details on how to request your student loan easily and online.
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