Updated: September 22, 2021

Sallie Mae Parent Student Loan Review

Parent Loan

Advertising disclosure
Parents
Student Loan Rating
4.5 of 5
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
5.49% - 13.87%
Variable APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
3.37% - 12.99%
Repayment Terms
10 years
Important Information

Rewards: Autopay Discount

Yearly Loan Limits: 100% Cost of Attendance

Overall Loan Limits: $1,000 (minimum)

Cosigner Terms: Cosigner optional, offers cosigner release after 12 months

The bottom line:

Apart from being one of the most well-known lenders, Sallie Mae offers a particularly flexible parent loan. Though their costs are roughly average, you can expect better-than-average repayment terms and customer service.

Pros

  • Offers cosigner release after 12 months
  • Covers up to 100% of annual cost of attendance
  • Does not have enrollment status limitations

Cons

  • Performs a hard credit inquiry, even to check your rates
  • Offers only one repayment term of 10 years
  • Does not offer a full deferment in-school repayment option
Sallie Mae Discover Student Loans College Ave
Rates from (APR) i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
Fixed:
5.49% - 13.87%
Variable:
3.37% - 12.99%
Fixed:
5.49% - 13.99%
Variable:
3.99% - 12.99%
Fixed:
3.59% - 13.24%
Variable:
1.29% - 12.23%
Loan repayment terms (Years) 10 years 15 years 5 years to 15 years
Cosigner release? Yes, after 12 months on-time payments None Not specified

If you’re new to student loans, the name Sallie Mae might still ring a bell, and for good reason. They are the most well-known of all education lenders.

Sallie Mae is the leader when it comes to minimizing qualification barriers and simplifying repayment policies. They will cover up to 100% of the student’s annual cost of attendance, will not restrict their lending to borrowers with a certain enrollment status, will lend their parent loans to any friend or family member of the student, and do not require that the student maintain Satisfactory Academic Progress. Having a cosigner is optional, but if you choose to have one, they can be released after only 12 months.

The catch is their costs. Sallie Mae parent loans are roughly average when it comes to interest rates, meaning you’ll find lower costs with other lenders. They also charge a fee on late payments, so beware of that. And if you want to check your rates before finalizing your application, they will perform a hard credit inquiry.

Sallie Mae - Private Student Loan Details

Interest Rates, Fees and Terms
  • Credit Check: Hard
  • Repayment Terms: 10 years
  • Minimum Borrowing Limit: $1,000
  • Yearly Borrowing Limit: 100% of Cost of Attendance
  • Aggregate Borrowing Limit: Not specified by lender
  • Application Fee: None
  • Origination Fee: None
  • Prepayment Penalty: None
  • Late Fee: Yes
Requirements to Qualify
  • Minimum Credit Score: Not specified by lender
  • Minimum Annual Income: Not specified by lender
  • Citizenship Restriction: Citizens or Residents
  • Minimum Enrollment Restriction: None
  • List of States where Loan is Not Available: None
  • Approved Schools Include: All
Repayment Options
  • Immediate Principal and Interest Repayment: Yes
  • Fixed Monthly Repayment: None
  • Interest-Only Repayment: Yes
  • Full Deferment: None
Repayment Details
  • Length of Grace Period: None
  • Maximum Deferment Period: Does not offer
  • Maximum Forbearance Period: 12 months
  • Cosigner Release Option: Yes, after 12 months on-time payments
  • Death Discharge: Yes
  • Disability Discharge: Yes
Customer Service
  • US-Based Call Center: Not specified by lender
  • Hours of Operation (in addition to weekdays): Evenings and Weekends
  • Application Timeline: Not specified by lender
Extras
  • Scholarship Search Tool: Yes
  • Sponsors a Scholarship: Not specified by lender
  • Job and Career Assistance: None
  • Financial Literacy Training: Not specified by lender
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