Sallie Mae review

Updated September 28, 2026 · BorrowCue Editorial Team · Facts checked September 26, 2026

We earn a commission when you sign up through links on this site. Partner status can affect where a brand appears in our rankings.

Our verdict

Sallie Mae suits US students who need private cover for the gap between federal aid and fees, and rewards a cosigner with better pricing. Borrowing from from $1,000 carries a hard credit check, and interest runs 2.08% to 17.49% on fixed-rate terms with no origination fee.

Key facts

Best for
US students covering a funding gap with a creditworthy cosigner on the application.
APR
2.08% to 17.49% (Source, checked September 26, 2026)
Loan amount
from $1,000 (Source, checked September 26, 2026)
Arrangement fee
0 USD (no origination fee) (Source, checked September 26, 2026)
Credit check
Hard (Source, checked September 26, 2026)
Funding time
About 10 business days from application to disbursement (Source, checked September 26, 2026)
Representative example
$10,000 Smart Option Student Loan, fixed rate, Fixed Repayment Option, 4-year in-school period plus 6-month grace, longest term: 12.93% fixed APR, total loan cost $35,799.92 (Source, checked September 26, 2026)
Rate type
Variable (Source, checked September 26, 2026)
Lender type
Direct lender (Source, checked September 26, 2026)
Free early repayment
Yes (Source, checked September 26, 2026)
Eligibility
Student or cosigner must meet the age of majority in their state of residence; students who are not U.S. citizens or permanent residents must reside in the U.S., attend school in the U.S. and apply with a creditworthy U.S. cosigner; minimum requested amount $1,000 (Source, checked September 26, 2026)
Origination fee (%)
0% (Source, checked September 26, 2026)
Loan types
Student (Source, checked September 26, 2026)
Credit needed
Fair (Source, checked September 26, 2026)
Legal entity
Sallie Mae Bank (Source, checked September 26, 2026)
Headquarters
United States (Source, checked September 26, 2026)
Support channels
Phone, Chat, Email, Help-centre (Source, checked September 26, 2026)
Pricing model
Fixed rate
Official website
salliemae.com

Apps and profiles

Elsewhere
WikidataTrustpilotLinkedInXbbb.org

Pros and cons

Pros

  • No origination charge, so the origination fee is 0 USD (no origination fee) on a fixed-rate student loan
  • Fixed-rate pricing, with interest of 2.08% to 17.49% rather than a floating rate
  • Early repayment is free, so overpayments do not attract an extra charge
  • A hard credit check and a fair credit standard mean a cosigner can carry a weak student file

Cons

  • A hard credit check sits against a fair credit standard, so thin files need a cosigner
  • Funding takes About 10 business days from application to disbursement, which is slow for urgent costs
  • Lending is limited to student loans, so it cannot cover other borrowing needs
Sallie Mae

Ready to try Sallie Mae?

Scored 9.4 / 10 by BorrowCue.

See alternatives

Who it suits

  • US students who are not US citizens or permanent residents and apply with a creditworthy US cosigner
  • Students who want a fixed rate and can repay early without charge
  • Borrowers who value a bank licence over a marketplace

Who should look elsewhere

  • Anyone outside the US market covered by Sallie Mae Bank, which is headquartered in the United States
  • Borrowers who need a loan for something other than study costs, since student covers student lending only
  • Applicants who cannot reach a minimum age of majority in their state of residence

Safety and regulation

Sallie Mae lends as a direct lender rather than a broker, so the application and the money stay with one provider. The lending entity holds an FDIC licence, FDIC cert 58177. The representative example shows a fixed-rate student loan on a fixed repayment option, with an in-school period and a grace period, at an interest rate of 2.08% to 17.49%.

Who runs it

Loans come from Sallie Mae Bank, the legal entity named in the records, and it is based in the United States. The same bank holds the FDIC licence, FDIC cert 58177, so a named bank lends the money. Borrower support runs on phone, chat and email, covering phone, chat, email and a help centre.

How Sallie Mae compares

Where Sallie Mae is available

Available
United States
Licence in United States
FDIC (FDIC cert 58177), checked September 26, 2026

Countries from the brand (Source, checked September 26, 2026)

Frequently asked questions

How much can I borrow from Sallie Mae for study?+

Borrowing starts at from $1,000 as a minimum requested amount, and the range depends on your programme and the aid you already have. The lending covers student loans only, so it sits alongside federal aid rather than replacing it. A cosigner can support a higher amount.

What interest will I pay?+

Interest is fixed rather than variable, with rates of 2.08% to 17.49% across the range. Because the loan is fixed-rate, repayments stay level for the term and the rate does not move with the market. The cost of borrowing also includes the origination fee, which is 0 USD (no origination fee).

Is there a fee for taking out the loan?+

The origination fee is 0 USD (no origination fee), so no percentage or flat charge is added to the amount you borrow. That keeps the headline rate and the fee separate. Support on phone, chat and email can confirm what a loan costs before you sign.

How safe is my money with this lender?+

Loans come from Sallie Mae Bank, which holds an FDIC licence, FDIC cert 58177, and is based in the United States. That is a bank licence rather than a marketplace arrangement, so the lender is named and regulated. The example loan shows the total cost over the full term.

Does applying affect my credit score?+

The credit check is hard, hard, so an application puts a search on your file, and the expected standard is a fair credit score, fair. A student with a thin file can apply with a creditworthy cosigner, who then shares responsibility for the debt.

How long does it take to get the money?+

Funding runs on About 10 business days from application to disbursement from application to disbursement, so plan around a wait before the money reaches your school. A cosigner often adds steps because their identity and credit also need checking. The bank is registered in the United States, so the process runs in that market.

Can I repay early without a penalty?+

Yes. Free early repayment is confirmed for these loans, so clearing part or all of the balance ahead of schedule carries no extra charge. Overpayments then cut the balance faster, and the fixed-rate model, fixed rate, means the rate on what remains does not move.

Who can apply and what do they need?+

A student or a cosigner has to be of adult age where they live, and requests start at from $1,000. Applicants without U.S. citizenship or permanent residence need to live and study in the U.S. and add a cosigner with a solid U.S. credit history.

Sources

  • banks.data.fdic.gov/bankfind-suite/bankfind/details/58177 checked September 26, 2026

    Backs: Legal entity, Headquarters, Licences

    “CERT=58177; NAME=Sallie Mae Bank; WEBADDR=www.salliemae.com; ACTIVE=1”

  • salliemae.com checked September 26, 2026

    Backs: Lender type, Credit check

    “Sallie Mae loans are made by Sallie Mae Bank.”

  • salliemae.com/faqs checked September 26, 2026

    Backs: Support channels

    “chat with us or give us a call ... Student Loans: 800-472-5543”

  • salliemae.com/student-loans/private-student-loans checked September 26, 2026

    Backs: Credit needed, Loan types

    “If you don't have a credit history, you may need a cosigner.”

  • salliemae.com/student-loans/undergraduate-student-loans checked September 26, 2026

    Backs: Eligibility, Free early repayment, Funding time, Loan amount, Pricing model, Arrangement fee, Origination fee (%), Rate type, Representative example, APR

    “Student or cosigner must meet the age of majority in their state of residence. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend school in the U.S., and...”

Compiled from 5 source pages, checked September 26, 2026. We did not open an account.

Not confirmed yet: Term.

Sallie Mae

Sallie Mae

US students covering a funding gap with a creditworthy cosigner on the application.

9.4/10See alternatives

Your cookie choices

We use necessary cookies to make this site work. With your permission, analytics cookies help us understand usage and marketing cookies support advertising.

You can reject non-essential cookies and still use the site. Change your choices anytime in Cookie settings.

Cookie policy
Cookie settings