Updated: September 24, 2024

Sallie Mae Undergraduate Student Loan Review

Smart Option Student Loan (Undergraduate)

Pricing disclosure
Undergraduate
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. Interest rates listed include an autopay discount if available.
3.59% - 15.49%
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. Interest rates listed include an autopay discount if available.
5.54% - 15.70%
Repayment Terms
10 to 15 years
Important Information

Rewards: Autopay Discount

Yearly Loan Limits: Covers up to 100% of your school-certified Cost of Attendance

Overall Loan Limits: $1,000 (minimum)

Cosigner Terms: Cosigner optional, allows borrowers to apply for Cosigner Release

after you graduate, make 12 on-time principal and interest payments, and meet certain credit requirements

The bottom line:

Perhaps the most well-known of all student loan lenders, Sallie Mae is one of the largest lenders, and also one of the best lenders for college students. They are great for borrowers without a cosigner, offer some of the best deferment and forbearance programs, and have first-rate customer service. That said, other lenders have Sallie Mae beat when it comes to costs.

Pros

  • Offers a graduated repayment plan
  • Borrowers can be enrolled full-time, half-time, or even less than half-time
  • Cosigner release option after 12 months of consecutive on-time monthly payments

Cons

  • Charges a fee on late payments
  • Ranks roughly average vs. other lenders on cost-effectiveness
  • They will perform a hard credit inquiry even when you initially check your rates
Sallie Mae College Ave Ascent Student Loans
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. Interest rates listed include an autopay discount if available.
Fixed:
3.59% - 15.49%
Variable:
5.54% - 15.70%
Fixed:
3.69% - 17.99% 1
Variable:
5.59% - 17.99% 1
Fixed:
3.59% - 14.16%
Variable:
6.00% - 15.21%
Loan repayment terms (Years) 10 to 15 years 5, 8, 10, 15 years 5, 7, 10, 12, 15 years
Cosigner release? Yes, after 12 months on-time principal and interest payments Yes, after 24 months on-time principal and interest payments Yes, after 12 months on-time principal and interest payments

If you’re worried about qualifying for a student loan, Sallie Mae is among the more lenient lenders. If you’re enrolled less than half-time, are not a U.S. citizen, and need to borrow the full cost of attendance at your school, Sallie Mae's Smart Option Student Loan can cover you. If you’re not planning on having a cosigner, we rank them as one of the best options for you. And if you are planning on having a cosigner, they allow for cosigner release after just 12 on-time monthly payments (which is very low compared to other top lenders).

Repayment-wise, there’s a lot of good news too. If you run into financial trouble or need to defer loan payments during grad school, Sallie Mae offers some of the best forbearance and deferment programs in the market. And for those interested, Sallie Mae does offer a graduated repayment plan with the Smart Option Student Loan.

Of course, no lender is perfect. When it comes to costs, you’ll probably find better rates and rewards with other top lenders. If you’re late on a payment, they’ll charge you a fee (something other top lenders won’t do). And, if you’re curious about what your rate would be, get ready for them to perform a hard inquiry on your credit.

Sallie Mae - Private Student Loan Details

Interest Rates, Fees and Terms
  • Credit Check: Hard
  • Repayment Terms: 10 to 15 years
  • Minimum Borrowing Limit: $1,000
  • Yearly Borrowing Limit: 100% of Cost of Attendance
  • Application Fee: None
  • Origination Fee: None
  • Prepayment Penalty: None
  • Late Fee: Yes
Requirements to Qualify
  • Minimum Credit Score: 640
  • Minimum Annual Income: Not specified by lender
  • Citizenship Restriction: Available to Citizens, Permanent Residents, and International Students with a credit-worthy Citizen or Permanent Resident cosigner
  • Minimum Enrollment Restriction: None
  • List of States where Loan is Not Available: None
  • Approved Schools Include: All
Repayment Options
  • Immediate Principal and Interest Repayment: None
  • Fixed Monthly Repayment: Yes, 25
  • Interest-Only Repayment: Yes
  • Full Deferment: Yes
Repayment Details
  • Length of Grace Period: 6 months
  • Maximum Deferment Period: 48 months
  • Maximum Forbearance Period: 12 months
  • Cosigner Release Option: Yes, after 12 months on-time principal and interest payments
  • Death Discharge: Yes
  • Disability Discharge: Yes
Customer Service
  • US-Based Call Center: Yes
  • Hours of Operation (in addition to weekdays): Evenings and Weekends
  • Application Timeline: 15 minutes to get credit decision, 10 business days for entire process
Extras
  • Scholarship Search Tool: Yes
  • Sponsors a Scholarship: Yes
  • Job and Career Assistance: None
  • Financial Literacy Training: Yes

Other Loans that Sallie Mae Offers:

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Savingforcollege.com provides our readers with free access to objective information, articles and tools to help them make informed decisions about saving and paying for education. We are able to do this because we are compensated by our partners, including some private student lenders. Some, though not all, of the products featured here are offered by partners who may pay us a sales commission. Our partnerships do not influence our ratings or reviews, which are based on in-depth research and objective methodologies, though they may influence which products we write about and where those products appear on our site. Our opinions are our own.