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Who is a SallieMae Student Loan Good For?
Sallie Mae is a great option for those interested in borrowing from a well-established lender with low rates, low fees and a variety of loan options. Borrowers with more unique educational needs, like funds for an online certification course, may have more luck finding a loan with Sallie Mae than with similar lenders.
SallieMae Student Loan Eligibility Requirement
Qualification requirements to take out a loan vary by loan type, and Sallie Mae’s website is scarce on exact requirements. In general, borrowers must have a history of borrowing money and paying it back on time; if you don’t have a lot of credit to your name, you can also apply with a creditworthy co-signer. You also must be applying for a loan from an eligible school, which you can see by starting an application.
Sallie Mae accepts applications from students attending:
- Full time, half time or less than half time.
- Online or on-campus classes.
- Winter or summer classes.
- Study abroad.
- Professional certification courses.
- School in a foreign country.
Non-U.S. citizens residing in and attending school in the U.S. may also qualify for a loan if they have a co-signer who is a U.S. citizen or permanent resident.
Interest Rates and Terms
Sallie Mae offers one discount of 0.25 percent if you enroll in autopay. The rates presented below includes this discount:
|Loan product||Variable rate||Fixed rate|
|Undergraduate student loans||1.25% to 11.15% APR||4.25% to 12.35% APR|
|Graduate student loans||2.25% to 11.76% APR||4.75% to 12.11% APR|
|MBA student loans||2.25% to 11.76% APR||4.75% to 12.11% APR|
|Health profession student loans||2.25% to 11.76% APR||4.75% to 12.11% APR|
|Law school student loans||2.25% to 11.61% APR||4.75% to 11.98% APR|
|Medical residency student loans||3.03% to 9.62% APR||6.52% to 12.00% APR|
|Bar exam student loans||3.02% to 9.96% APR||5.75% to 12.68% APR|
|Career training student loans||4.25% to 11.64% APR||6.62% to 13.83% APR|
|Parent loans||3.50% to 13.12% APR||5.49% to 13.87% APR|
|Medical school student loans||2.25% to 11.60% APR||4.75% to 11.97% APR|
|Dental residency student loans||3.03% to 9.62% APR||6.52% to 12.00% APR|
There’s no origination fee, application fee or prepayment penalty with loans from Sallie Mae. It will, however, charge a late payment fee of 5 percent of the past due amount up to $25 and a returned check fee of up to $20.
How to Get a Student Loan
Though Sallie Mae has several different loan options, the process for applying is generally the same across the board. Primary borrowers or co-signers can start the application process through the lender’s website.
In order to get started, you’ll need your address, Social Security number, school information (field of study, enrollment status and degree), period of enrollment, requested loan amount, employment information and financial information, as well as two personal contacts and any financial aid or scholarships you’ll be receiving.
Here are the main steps to apply for a loan through Sallie Mae:
- Start the process on Sallie Mae’s website. After clicking “Apply for a Loan,” you’ll provide your loan purpose, school information, name, Social Security number and contact information.
- Complete the loan application. Answer questions and information about the loan amount desired, employment info, financial aid info and personal contacts.
- Add a co-signer if needed. You can choose to add a co-signer or apply on your own. Sallie Mae will review your credit history after you submit your application.
- Finish the loan process. After you complete the application, Sallie Mae might request additional info. If approved, you’ll choose a variable or fixed interest rate option and repayment option. Co-signers will need to accept the terms and sign as well. Your eligibility will be certified with your school.