Sallie Mae student loan ; Previously the Student Loan Marketing Association is a publicly trading U.S. corporation that deals with consumer banking.
Sallie Mae was founded in 1972 (48 years ago) in the United States of America.
However the company changed with the time dramatically. At first, it was a government entity that serviced federal education loans.
It has now become a private loan offering company which offers private student loans.
Do you know🤷♂ What federal loans are?
Loans given via the federal government come under the category of federal loans. In general, they have more benefits than loans from private sources or in some cases better than banks as well.
However, In case of Sallie Mae, they stopped giving federal loans to the students in 2014, Now they are focussed in providing the best Private student loan with flexible repayment offers.
One must not forget that the Sallie Mae bank is the largest federal student loan servicer in the United States. That’s why many part time working students relied on Sallie mae student loans. Probably because of their flexible repayment schedule.
For example : Sallie Mae may offer lower interest rates to the students who make monthly $25 or less & interest-only payments while in school.
Sallie Mae allows a UG (Undergraduate), PG ( Post Graduate) or even vocational students to borrow loans for the entire college cost and can give the student a time period of 15 years to repay that loan.
Detailed Analysis of Sallie Mae Student loans
As we mentioned above, Sallie mae has various options for a borrower. But every coin has two sides.
So let us look at both sides of the coin first and then we will come to the conclusion.
- Death and Disability Release : Unlike many other loan lenders, Sallie Mae forgives the entire amount of the loan if the student dies or gets permanently disabled. Even if the loan was actually holded by parents.
- Boon for Part time students : It is one of those selected companies that provide private loans to the Part time students.
- Non US Citizens allowance : Non United states citizens can also apply for the loan with a US Cosigner who is the permanent citizen of the United states of America.
- Online Tutoring: : Borrower can get benefited by free credit score tracking & availability of online tutorials.
- Cosigner Release :You can request that your cosigner be removed from your Sallie Mae loan after just 12 months of on-time payments.
- Late fee bombardment : In case you missed your payment due date. Sallie Mae will charge you 5% of the past due date amount as late fees. It can exceed upto maximum of 25$. That’s pretty insane.
- Hard credit Enquiry Needed : To know whether you qualify for the loan or not, you won’t have the facility of prequalification. Rather you will have to submit an application for a hard credit inquiry which can have a severe impact on your credit score.
Student Loans Offered by Sallie Mae
Sallie Mae offers a wide variety of loans. We kept it as short as possible for you. Have a look at the table below
|Loan Product||Variable Rate (APR)||Fixed Rate (APR)|
|Undergraduate||4.25% – 11.35%||5.49% – 11.85%|
|Graduate||4.50% – 10.11%||5.50% – 10.23%|
|MBA||4.50% – 10.11%||5.50% – 10.23%|
|Health professions||4.50% – 10.11%||5.50% – 10.23%|
|Law||4.50% – 9.86%||5.50% – 9.99%|
|Residency||5.21% – 11.67%||NA|
|Bar examination||5.26% – 12.18%||NA|
|Career training||6.49% – 13.83%||NA|
|Parent||5.49% – 12.87%||5.74% – 12.37%|
|K-12||9.49% – 16.14%||NA|
|Medical||4.50% – 9.86%||5.50% – 9.99%|
|Dental||4.50% – 9.86%||5.50% – 9.99%|
Conclusion & Rating
Sallie Mae offers flexible repayment options and is one of the only lenders serving part-time students. And it is one of the largest Companies which provide affordable private student loans.
After analyzing each and every part of it we found that Sallie mae is a good option for you, if you are looking for a student loan in the United States.
As far as rating is concerned : We will give them 4 out of 5 stars.