Sallie Mae Parent Student Loan Review
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.
How does this loan compare?
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
- 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
- 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
- Immediate Principal and Interest Repayment: Yes
- Fixed Monthly Repayment: None
- Interest-Only Repayment: Yes
- Full Deferment: None
- 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
- US-Based Call Center: Not specified by lender
- Hours of Operation (in addition to weekdays): Evenings and Weekends
- Application Timeline: Not specified by lender
- Scholarship Search Tool: Yes
- Sponsors a Scholarship: Not specified by lender
- Job and Career Assistance: None
- Financial Literacy Training: Not specified by lender