Sallie Mae
FeaturedPaidLargest private student loan lender with flexible repayment options
🏦Private Student LoansAbout Sallie Mae
Sallie Mae is the most recognized name in private student loans, offering undergraduate, graduate, MBA, law, medical, dental, and career training loans. The company provides competitive rates with multiple repayment options including deferred, interest-only, and fixed repayment while in school. Sallie Mae also offers a multi-year loan approval feature that locks in approval for up to four years of college, eliminating the need to reapply each year. With robust scholarship search tools and financial literacy resources, Sallie Mae serves as a comprehensive education financing platform.
What's Great
- ✓Multi-year approval feature locks in funding for up to four years
- ✓Wide range of loan types covering undergraduate through professional degrees
- ✓Multiple in-school repayment options to manage costs while studying
- ✓Free scholarship search tool and financial literacy resources
- ✓Competitive rates for borrowers with strong credit or co-signers
Watch Out For
- !Private loans lack the borrower protections of federal student loans
- !Variable rates can increase significantly over the life of the loan
- !Co-signer release requires 12 consecutive on-time payments minimum
- !No income-driven repayment or forgiveness options available
Common Use Cases
Student who has maxed out federal aid and needs additional funding
Parent co-signing a loan wanting multi-year approval convenience
Graduate student seeking specialized professional degree financing
Pricing Model
Paid
Paid subscription required. Check the website for current pricing and free trials.
Category
Private Student Loans
Loans from banks and lenders to supplement federal aid for education costs.
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