Sallie Mae Reviews
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About Sallie Mae
Sallie Mae is a private student loan company that lends to full-time, part-time and less than half-time students. It approves 95% of loans when the student signs up with a cosigner. Its loans can be used for all school-related purchases, including classes, books and housing. Sallie Mae offers the Multi-Year Advantage program, in which students can reapply for a loan easily year after year.
- High rate of approved loans
- $0 origination
- Multi-Year Advantage offering
- Unclear credit requirements
- Hard credit check
Helpful Reviews
What is Sallie Mae?
Sallie Mae is a provider of private education loans, online banking and college planning resources for students and their families. For those who have already started their research on finance options for college, Sallie Mae has likely come up in discussions because of its high approval rate and vast array of options.
How does a Sallie Mae loan work?
With Sallie Mae, students or their guardians apply for one of its loan options (it has a 95% approval rate for loans with a cosigner). Then all payments are deferred and don’t have to be paid in monthly increments until the student graduates or stops attending school. Sallie Mae offers borrowers the option to pay down the loan while in school if they prefer.
Students who get a Sallie Mae loan also receive access to online education and college planning resources. Sallie Mae also offers certain scholarships.
Sallie Mae loan requirements
Because there are so many types of loans available, requirements for approval can be pretty vast. For example, if you’re applying for a Smart Option Student Loan through Sallie Mae, you must be a U.S. citizen or permanent resident. Also, your loan amount must be more than $1,000.
There are certain credit requirements and income thresholds as well, but these vary, so your best option is to use its online calculator to figure out what’s available for you.
Students must apply for a new loan each school year, which means rates and factors can change from year to year. But it does offer a Multi-Year Advantage program that offers faster approval and convenience when applying for a loan year after year.
The amount you take out can’t be more than the cost of attendance minus any financial aid, but the money can be used to cover 100% of school-certified expenses, including books and rent.
Sallie Mae interest rates
Sallie Mae offers fairly standard interest rates. Its average variable loan rate falls between 4.54% to 14.71% APR as of publishing. For fixed-rate loans, the rates are typically between 3.49% to 15.99% APR.
If your quoted interest rate is too high when you apply as a student, you may consider adding a cosigner for more favorable rates. Variable loan rates can be lower because they’re able to change over time, meaning you might close your loan at a low rate but see it gradually increase over time. Fixed rates stay the same throughout the lifetime of the loan.
Here’s an example of how a Smart Student Loan repayment might look: If a freshman takes out a fixed loan for $10,000 with a 6.99% variable APR, they might end up owing $17,754.19 if the loan term is 15 years (the max length for this type of loan). Payments could include 51 payments of $25.00, 119 payments of $137.53 and one payment of $113.12, though this assumes the variable rate won’t increase or decrease, although it could at any time.
Sallie Mae FAQ
Is Sallie Mae a federal or private lender?
Sallie Mae is a private loan provider. Federal loans have to be borrowed directly from federal providers.
What credit score do you need for Sallie Mae?
Sallie Mae doesn’t state what its minimum credit score requirements are, but it does provide an average range of 300 to 850.
Is it hard to get a Sallie Mae loan?
No — 95% of people who apply for a Sallie Mae loan with a cosigner are approved.
Does Sallie Mae verify income?
Yes. Sallie Mae requires proof of income and will complete a credit check before providing a loan.
Is Sallie Mae forgiving student loans?
No. Nearly all student loan forgiveness programs are federal, which does not cover Sallie Mae loans.
Still have questions?
Is Sallie Mae legit?
Sallie Mae is a highly recognized name in the private student loan industry. With multiple programs, including ones for part-time students, and its 95% approval rate for students who use a cosigner, many students should be able to find a solution that works for them through Sallie Mae.
It has streamlined its application process and promises fast approvals, although a hard credit check is required in order to see your rates and options. Its additional benefits, like the Multi-Year Advantage program and $0 origination fees, do help most students take control of their loans over the entirety of their time in college for easier payments after graduation.
Sallie Mae Reviews
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Reviewed April 4, 2026
Hi, I really don't even want to give it one-star run. I say, run, run, run very fast away from this company. Do not even look into this company. They do not care what your hardship may be or your situation. And if it changes, all they want is their money, they will not work with you. They want it immediately. They'll start calling your friends, your family, anybody. And everybody that they can bother to try to get you to get you pay back, it back.
They don't care how many times they call or who they call your family and friends. They are repeat callers, it doesn't matter. If you tell them to stop, you don't have any information to send letters or whatever, they still will haunt you. To try to have that person pay back the loan, it's a horrible, horrible company. Do not ever ever take a private loan from them. Never, ever, ever. Ever, it's so sad that they're so selfish in these hard times, of you know, our world right now that they are not even willing to try and help these young people starting out with their careers and you know, on top of daily expenses, also trying to take care of you know, their past expenses. Shame on them, shame on them. I would love to hear that they had to close FOREVER....
Reviewed Nov. 28, 2025
DO NOT TRUST! Sallie Mae refused my loan unless I had a cosigner, even after giving full financial details. They also hit my credit with a hard inquiry right away. The process felt unfair and not student-friendly at all.
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Reviewed Sept. 23, 2025
Sallie Mae is the worst. If you have the option to use any other loan servicer, please do so. Sallie Mae has made my life incredibly difficult. I had to use Sallie Mae because I didn't have enough federal funding to finish my senior year of college, and I didn't have the option to use a cosigner. Sallie Mae was the only loan servicing provider that would allow me to get a loan without one. After graduating, I had to begin my payments six months later, even though I didn't secure a job until then. The job I got was minimum wage. I was barely able to pay my rent and my other bills; I was just scraping by.
I tried to explain to Sallie Mae that I was the only working person in my family and that I couldn't afford the payments. The only repayment plan they could offer me required paying a substantial sum of money upfront to slightly lower my payments in the future. Then I lost my job and tried to explain to them that I had no means to pay because I was unemployed, but they offered no assistance and had terrible customer service. They didn't try to help me or to understand my issues; they were so robotic and lacking in compassion.
I would never take out another loan from this company in my life, nor would I recommend it to anyone. This is a trap, and I advise students and others never to do use Sallie Mae because it will make your life so much harder. This company has no interest in helping you pay off your loan; the whole point is for you to remain in debt, and they either get their money or they ruin your credit. Please, please, please do not get a loan with them. They do not have your best interest at heart. I would give negative stars if I could. I'm currently crying because of the terrible position I'm in, all because I wanted to finish school and create a better life for myself, but all I've done is wind up in a distressing situation with no signs of it improving for me anytime soon, unfortunately.
Reviewed Aug. 29, 2025
They will want their payments regardless of your situation. They will not help or coordinate with you, although you will hear about options. The only options are full payments. They don’t care, but act as though they do.
Reviewed Aug. 6, 2025
I graduated 2024 and immediately was billed. They keep sending emails like "there is help making arrangement" but they are all phony. I was never offered at least a couple months delay on my payments so I can re-adjust. The next month they marked my credit report as delinquent. Avoid this service at all cost. Save yourself the stress, there are many other better services.
Reviewed July 22, 2025
Tried to cosign for nieces $32k student loan. Have 800 credit score - 1 million + tax return - no debt etc etc. They quoted an 18%+ rate!!!! TALK ABOUT PREDATORY LENDING!!! These guys should be in jail!!!
Reviewed May 16, 2025
They rejected my wife as a cosigner because she's a dreamer (DACA), even though her credit and finances are outstanding. I support my lovely wife and know that her money and credit is as good as anyone else's. Thank you.
Reviewed May 13, 2025
If I could give Sallie Mae a negative number, I would. This company makes everything difficult in order to work with them. We are currently on a Loan Modification program that is coming to an end. We wanted to proactively reapply. When we contacted them, that is not allowed. Why do they want to add additional stress to an already stressful situation. It is the worst company I have ever dealt with in my 61 years.
Reviewed March 21, 2025
This very bad crooked company has confiscated my deposits and told me to litigate in order to gain them back. They did this out of revenge because I complained about their customer service, I complained because it is so very bad. It seems they can freeze and confiscate as they please without a defined definite reason, very wrong. Stay away from this crooked company.
Reviewed Dec. 30, 2024
This company is absolutely horrible! They will loan you money, and if you dare to be late on one payment, they will call your grandmother, your aunt, your uncle, your brother, your cousin, they are relentless and disrespectful, calling all around family members who have no idea what’s going on. Stay far away from this company. Find your loan somewhere else!!
Sallie Mae Company Information
- Company Name:
- Sallie Mae
- Year Founded:
- 1972
- City:
- Newark
- State/Province:
- DE
- Country:
- United States
- Website:
- www.salliemae.com