Sallie Mae: Student Loans, How to Apply, Forgiveness Options
Sallie Mae is a private student loan servicer and lender that provides student loans to undergraduate students, graduate students, and parents. It also offers student loan consolidation and refinancing. is one of the largest student loan lenders in the United States, with over $120 billion in student loans under management.
- What are Sallie Mae student loans?
- Types of Sallie Mae student loans
- How to apply for Sallie Mae student loans
- Sallie Mae student loan repayment options
- Sallie Mae student loan consolidation
- Sallie Mae student loan customer service
- Sallie Mae student loan reviews
- Sallie Mae student loan forgiveness options
- How to compare Sallie Mae student loans to other lenders
- Conclusion
- FAQ’s
What are Sallie Mae student loans?
Sallie Mae student loans are private student loans that are offered by Sallie Mae, a private student loan lender. is one of the largest student loan lenders in the United States, and it offers a variety of student loans, including undergraduate student loans, graduate student loans, parent loans, consolidation loans, and refinancing loans. they are typically more expensive than federal student loans, but they may be a good option for borrowers who have exhausted their federal student loan borrowing options or who do not qualify for federal student loans. To be eligible for a Sallie Mae student loan, you must be a US citizen or permanent resident, and you must be enrolled at least half-time at an accredited college or university. You must also have a good credit history and a cosigner if you have limited credit.
Types of Sallie Mae student loans
Undergraduate student loans
Sallie Mae offers a variety of undergraduate student loans, including:
- Smart Option Student Loan: This loan is designed for undergraduate students with good credit and a cosigner. It offers competitive interest rates and a variety of repayment options.
- Career Training Student Loan: This loan is designed for undergraduate students who are enrolled in career training programs. It offers competitive interest rates and a variety of repayment options.
- Sallie Mae Graduate Loan: This loan is designed for undergraduate students who are enrolled in graduate programs. It offers competitive interest rates and a variety of repayment options.
Graduate student loans
Sallie Mae offers a variety of graduate student loans, including:
- Master’s Loan: This loan is designed for graduate students who are pursuing a master’s degree. It offers competitive interest rates and a variety of repayment options.
- MBA Loan: This loan is designed for graduate students who are pursuing an MBA degree. It offers competitive interest rates and a variety of repayment options.
- Medical School Loan: This loan is designed for graduate students who are attending medical school. It offers competitive interest rates and a variety of repayment options.
- Dental School Loan: This loan is designed for graduate students who are attending dental school. It offers competitive interest rates and a variety of repayment options.
- Law School Loan: This loan is designed for graduate students who are attending law school. It offers competitive interest rates and a variety of repayment options.
Parent loans
Sallie Mae offers a variety of parent loans, including:
- Parent PLUS Loan: This loan is designed for parents of undergraduate students who are enrolled at least half-time at an accredited college or university. It offers competitive interest rates and a variety of repayment options.
- Sallie Mae Parent Loan: This loan is designed for parents of undergraduate or graduate students who are enrolled at least half-time at an accredited college or university. It offers competitive interest rates and a variety of repayment options.
Consolidation loans
Sallie Mae offers consolidation loans to borrowers who have multiple student loans from different lenders. Consolidation loans can help borrowers simplify their loan payments and lower their monthly payments.
Refinancing loans
Sallie Mae offers refinancing loans to borrowers who want to refinance their existing student loans. Refinancing loans can help borrowers lower their interest rates and improve their repayment terms.
How to apply for Sallie Mae student loans
To apply for a Sallie Mae student loan, you can follow these steps:
- Go to the Sallie Mae website and click on the “Apply for a Loan” button.
- Select the type of loan you are interested in applying for (undergraduate, graduate, parent, consolidation, or refinancing).
- Complete the online application form. You will need to provide your personal information, financial information, and academic information.
- Submit your application.
- Sallie Mae will review your application and make a decision. If you are approved, Sallie Mae will send you a loan agreement to sign.
- Once you have signed and returned the loan agreement, Sallie Mae will disburse your loan to your school.
Sallie Mae student loan repayment options
Standard repayment
Standard repayment is the most common repayment plan. Under standard repayment, borrowers make fixed monthly payments for a set period of time, typically 10 years. This repayment plan results in the borrower paying the least amount of interest over the life of the loan.
Graduated repayment
Graduated repayment starts with lower monthly payments and gradually increases the payment amount over time. This repayment plan can be a good option for borrowers who are just starting out in their careers and who have a limited income.
Extended repayment
Extended repayment allows borrowers to extend the repayment term of their loan to up to 25 years. This can reduce the monthly payment amount, but it will increase the total amount of interest paid over the life of the loan.
Income-driven repayment (IDR)
IDR plans base the borrower’s monthly payment on their income and family size. This can be a good option for borrowers who have a low income or who are struggling to make their monthly payments.
Forbearance and deferment
Forbearance and deferment allow borrowers to temporarily suspend or reduce their loan payments. is typically granted for up to 12 months, while deferment can be granted for longer periods of time.
borrowers can also choose to make a lump sum payment on their loan at any time. This can help borrowers reduce their loan balance and save money on interest.
Sallie Mae student loan consolidation
Sallie Mae student loan consolidation allows borrowers to combine multiple student loans into a single loan with a single monthly payment and a single interest rate. This can simplify loan management and make it easier to budget for monthly payments. Consolidation can also lower monthly payments if the weighted average interest rate of the new loan is lower than the combined interest rates of the previous loans.
To qualify for Sallie Mae student loan consolidation, borrowers must have multiple student loans from different lenders and must meet Sallie Mae’s creditworthiness criteria. Borrowers can apply for consolidation online or by phone.
If approved for consolidation, Sallie Mae will pay off the borrower’s existing loans and issue a new consolidation loan. The borrower will then make monthly payments on the consolidation loan.
Sallie Mae student loan customer service
Online
- Sallie Mae website: Borrowers can log in to their Sallie Mae account online to view their loan information, make payments, set up automatic payments, and contact customer service.
- Sallie Mae mobile app: Borrowers can also use the Sallie Mae mobile app to view their loan information, make payments, set up automatic payments, and contact customer service.
Phone
- Customer service: Borrowers can call Sallie Mae customer service at 1-800-472-5543. Customer service representatives are available Monday-Friday from 8am to 8pm ET and Saturday-Sunday from 9am to 6pm ET.
- Technical support: Borrowers can call Sallie Mae technical support at 1-800-942-1759. Technical support representatives are available Monday-Friday from 8am to 8pm ET and Saturday-Sunday from 9am to 6pm ET.
- Payments: Borrowers can send loan payments to the following address:
Sallie Mae P.O. Box 8459 Philadelphia, PA 19101-8459
- Correspondence: Borrowers can send general correspondence to the following address:
Sallie Mae P.O. Box 3319 Wilmington, DE 19804-4319
Sallie Mae also offers a variety of self-service tools and resources on its website to help borrowers manage their student loan debt. For example, borrowers can log in to their Sallie Mae account to view their loan balances, make payments, set up automatic payments, and apply for forbearance or deferment. Borrowers can also use Sallie Mae’s website to learn about repayment options, loan forgiveness programs, and other financial aid resources.
Sallie Mae student loan reviews
Sallie Mae student loans have mixed reviews from borrowers. Some borrowers appreciate Sallie Mae’s competitive interest rates, variety of repayment options, and good customer service. Other borrowers complain about Sallie Mae’s aggressive collection tactics and difficulty getting help from customer service.
Here is a summary of Sallie Mae student loan reviews from the Better Business Bureau and Trustpilot:
Better Business Bureau
- Average rating of 1.5 out of 5 stars
- 71% of reviews are negative
- Common complaints include difficulty getting help from customer service, aggressive collection tactics, and inaccurate billing
Trustpilot
- Average rating of 2.5 out of 5 stars
- 41% of reviews are positive
- Common complaints include difficulty getting help from customer service, inaccurate billing, and high interest rates
Overall, Sallie Mae student loans have mixed reviews from borrowers. Some borrowers appreciate Sallie Mae’s competitive interest rates, variety of repayment options, and good customer service. Other borrowers complain about Sallie Mae’s aggressive collection tactics and difficulty getting help from customer service.
If you are considering taking out a Sallie Mae student loan, it is important to compare interest rates and repayment terms with other private student loan lenders to find the best deal. You should also consider your eligibility for federal student loans before taking out a private student loan.
Sallie Mae student loan forgiveness options
Sallie Mae does not offer any student loan forgiveness programs of its own. However, borrowers with Sallie Mae student loans may be eligible for federal student loan forgiveness programs, such as Public Service Loan Forgiveness (PSLF) and Teacher Loan Forgiveness.
Public Service Loan Forgiveness (PSLF)
PSLF is a federal program that forgives the remaining balance of a borrower’s federal student loans after they have made 120 qualifying monthly payments while working full-time for a qualifying public service employer. Sallie Mae student loans can be eligible for PSLF if they are consolidated into a federal Direct Consolidation Loan.
Teacher Loan Forgiveness
Teacher Loan Forgiveness is a federal program that forgives up to $17,500 of a borrower’s federal student loans after they have taught full-time for five consecutive years in a low-income school or educational service agency. Sallie Mae student loans can be eligible for Teacher Loan Forgiveness if they are consolidated into a federal Direct Consolidation Loan.
In addition to federal student loan forgiveness programs, there are also a number of private student loan forgiveness programs available. However, Sallie Mae student loans are not eligible for most private student loan forgiveness programs.
Borrowers who are interested in learning more about federal student loan forgiveness programs should visit the Federal Student Aid website.
How to compare Sallie Mae student loans to other lenders
- Interest rates: Sallie Mae’s interest rates are competitive with other private student loan lenders, but they are typically higher than federal student loan interest rates.
- Repayment options: Sallie Mae offers a variety of repayment options, including standard repayment, graduated repayment, extended repayment, and income-driven repayment. Other lenders may offer similar repayment options, but it is important to compare the details of each plan carefully.
- Fees: Sallie Mae charges a variety of fees, including origination fees, late payment fees, and prepayment penalties. Other lenders may charge similar fees, but it is important to compare the amount of each fee carefully.
- Customer service: Sallie Mae has mixed reviews from borrowers when it comes to customer service. Some borrowers appreciate Sallie Mae’s helpful and knowledgeable customer service representatives, while other borrowers complain about difficulty getting help and long wait times. You can read online reviews to get a sense of what other borrowers have experienced with Sallie Mae’s customer service.
In addition to the factors listed above, you may also want to consider the following when comparing Sallie Mae student loans to other lenders:
- Lender reputation: Sallie Mae is a well-known and established lender, but it is important to do your research and compare the reputations of different lenders before choosing one.
- Eligibility requirements: Sallie Mae has certain eligibility requirements for its student loans, such as a minimum credit score and income requirement. Other lenders may have different eligibility requirements, so it is important to compare the requirements of different lenders to make sure you are eligible.
- Loan terms: Sallie Mae offers a variety of loan terms, such as different loan amounts and repayment terms. Other lenders may offer different loan terms, so it is important to compare the terms of different loans to find the best fit for your needs.
Conclusion
Sallie Mae is a well-known and established private student loan lender that offers a variety of student loan options. Sallie Mae student loans have mixed reviews from borrowers, but some borrowers appreciate Sallie Mae’s competitive interest rates, variety of repayment options, and good customer service. Other borrowers complain about Sallie Mae’s aggressive collection tactics and difficulty getting help from customer service.
If you are considering taking out a Sallie Mae student loan, it is important to compare interest rates and repayment terms with other private student loan lenders to find the best deal. You should also consider your eligibility for federal student loans before taking out a private student loan.
Here are some additional tips for managing your Sallie Mae student loan debt:
- Make payments on time and in full each month. This is the best way to avoid late payments and fees, and to reduce the amount of interest you pay over the life of your loan.
- Set up automatic payments. This will ensure that your payments are always made on time and in full, even if you are busy or forget.
- Consider consolidating your student loans. If you have multiple student loans, consolidating them into a single loan with a lower interest rate can save you money.
- Apply for forbearance or deferment if needed. If you are experiencing financial hardship, you may be eligible for forbearance or deferment. This will temporarily suspend your loan payments, but interest will continue to accrue.
- Use Sallie Mae’s online tools and resources. Sallie Mae offers a variety of online tools and resources to help you manage your student loan debt. You can use Sallie Mae’s website to view your loan balances, make payments, set up automatic payments, and apply for forbearance or deferment. You can also use Sallie Mae’s website to learn about repayment options, loan forgiveness programs, and other financial aid resources.
- Contact Sallie Mae customer service for assistance. If you have any questions or concerns about your Sallie Mae student loans, you can contact Sallie Mae customer service for assistance. Sallie Mae customer service representatives are available to help you manage your debt and answer any questions you may have.
FAQ's
Private student loans from Sallie Mae are ideal for students who wish to be rewarded for making payments while still in school. Sallie Mae, for example, offers cheaper borrowing rates to students who make monthly interest-only payments.
Student Loan Marketing Association (saeli me) noun. (General Finance) Sallie Mae is a publicly traded firm that makes and sells student loans. The largest student loan company, Sallie Mae, has officially revealed that it will collect fees for loan applications.
Sallie Mae student loans cover 100% of tuition with no origination or prepayment fees. While your APR can range from 1.37% to 13.83%, you can get the best rate for your program of study and creditworthiness.
SLM Corporation paid $35,000,000 to resolve a lawsuit on January 31, 2008, for failing to sufficiently reserve for losses in Sallie Mae’s non-traditional portfolio. Dr. Oberg, a former US Department of Education scholar, filed a False Claims complaint against Sallie Mae in 2009.