Sallie Mae Student Loans Review 2021

Sallie Mae Student Loans Review 2021

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Pros and cons

Sallie Mae undergraduate student loans

Regular APR

Fixed: 4.25% – 12.60%, Variable: 1.13% – 11.23%

  • Pros & Cons
  • Details

  • Pros
    • No prepayment or origination charges
    • Part-time students eligible
    • Four months of Chegg included together with your loan
    • International students eligible with an eligible cosigner
    Cons
    • Relatively excessive APR
    • Sallie Mae units compensation time period size
    • Credit examine required
    • Customer service unavailable on Saturday and Sunday
    • Late cost payment
    • No loan preapproval
    • Apply by way of your pc or cell system
    • Customer service out there through cellphone Monday by way of Thursday from 8 a.m. to 9 p.m. ET or on Friday from 8 a.m. to eight p.m. ET
    • Five, 10, or 15 yr compensation time period, which can be assigned by Sallie Mae
    • Late cost of 5% of the quantity due, capped at $25
    • Loan approval requires a tough credit pull
    • $1,000 loan minimal
    • Member FDIC

    You could like Sallie Mae undergraduate student loans if you wish to keep away from origination and prepayment charges, because the lender would not cost any. You additionally get 4 months of the research service Chegg totally free. Chegg affords skilled Q&A, and students can submit as much as 20 questions per thirty days.

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    However, there are vital drawbacks to Sallie Mae’s student loans. The lender expenses a 5% late cost payment, as much as $25. You will not have the ability to determine your compensation time period size — the corporate assigns you a compensation time period. Sallie Mae will even need to generate a tough credit inquiry to provide you an approval resolution, which might negatively affect your credit rating. Most lenders solely do a mushy inquiry throughout this course of, then a tough pull earlier than you obtain your funds.

    Sallie Mae graduate student loans

    Regular APR

    Fixed: 4.75% to 12.11%, Variable: 2.12% to 11.64%

  • Pros & Cons
  • Details

  • Pros
    • No prepayment or origination charges
    • Part-time students are eligible
    • International students eligible with an eligible cosigner
    Cons
    • High APR
    • Only one compensation time period size
    • Credit examine required
    • Customer service unavailable on Saturday and Sunday
    • Late cost payment
    • No loan preapproval
    • Apply by way of your pc or cell system
    • Customer service out there through cellphone Monday by way of Thursday from 8 a.m. to 9 p.m. ET or on Friday from 8 a.m. to eight p.m. ET
    • 15 yr compensation time period
    • Late cost of 5% of the quantity due, capped at $25
    • Loan approval requires a tough credit pull
    • $1,000 loan minimal
    • Member FDIC

    Graduate student loans aren’t Sallie Mae’s finest providing, because the lender has larger APRs than rivals and would not supply many perks. Your solely time period size possibility is 15 years. On the intense aspect, you’ll keep away from paying origination and prepayment charges. 

    How Sallie Mae student loans work

    Sallie Mae affords student loans for a wide range of diploma varieties, together with undergraduate, graduate, profession coaching, regulation college, MBAs, and well being professions. 

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    To get a loan, you need to meet the next {qualifications}:

    • Be enrolled in a degree-granting college full time, half time, or lower than half time
    • Be pursuing a level or certificates
    • Be the age of majority in your state (18 years or older in lots of circumstances)
    • Pass a credit examine

    You ought to contemplate your federal student loan choices earlier than making use of for any non-public student loan, together with one with Sallie Mae, as you’ll be able to usually get higher phrases and protections by way of the federal government.

    You can contact buyer help by cellphone Monday by way of Thursday from 8 a.m. to 9 p.m. ET or on Friday from 8 a.m. to eight p.m. ET. You are additionally in a position to ship mail to Sallie Mae at its Delaware deal with.

    Sallie Mae has a well-reviewed app that has obtained 4.6 out of 5 stars on the Apple retailer and 4.0 out of  5 stars on the Google Play retailer. You could like this characteristic if you wish to handle your loan on the go. 

    What choices do I’ve to repay my Sallie Mae student loans?

    After taking out your loan, you’ve three choices to repay it: deferred, mounted, and interest-only. Each possibility has its advantages for several types of debtors. 

    Is Sallie Mae reliable?

    Sallie Mae is a Better Business Bureau-accredited firm that has an A+ in trustworthiness from the BBB.  A top-grade BBB score signifies the corporate is truthful in the way it handles enterprise, responds successfully to buyer complaints, and is trustworthy in its promoting.

    However, you are not assured to have a constructive relationship with Sallie Mae just because the corporate has an excellent BBB score. Ask family and friends about their experiences with the lender and skim buyer opinions on-line.

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    Sallie Mae would not have any current public scandals, so you might determine you are comfy taking out a student loan with the lender.

    How Sallie Mae student loans compares to comparable lenders

    Sallie Mae’s charges are much like or larger than these provided by comparable lenders — although charges will rely in your creditworthiness and different monetary components. Here’s how Sallie Mae compares to the competitors:

    Sallie Mae assessment vs. College Ave assessment

    College Ave comes with a greater minimal APR in your loan than Sallie Mae, so in case your credit is in good condition, College Ave may be the higher selection. 

    You will not pay origination charges or prepayment penalties with both firm, however you’ll pay a 5% late cost payment, as much as $25, with each lenders.

    You’ll have the ability to get your fee and loan approval with College Ave through a mushy credit examine, which will not affect your credit rating. With Sallie Mae, the lender will carry out a tough credit inquiry to find out your eligibility, which can negatively have an effect on your credit rating. 

    Sallie Mae assessment vs. Discover assessment

    Sallie Mae has an identical APR vary to Discover, although you will get a decrease most mounted fee with Discover. So in case your credit is not in pretty much as good of form, Discover may be the higher possibility. 

    Discover has just one customary time period out there on its undergraduate student loans, 15 years, whereas Sallie Mae affords choices of 5, 10, and 15 years. Sallie Mae will assign your loan time period to you.