Sallie Mae - Reviewed & Compared

Summary

Sallie Mae provides a comprehensive suite of private student loan options designed to help students cover the cost of their education. Whether you are an undergraduate, graduate, or pursuing career training, Sallie Mae has a loan option to meet your needs. The company offers competitive interest rates, and flexible repayment plans, and doesn't charge origination fees or prepayment penalties. With multiple repayment options, students can find a plan that fits their financial situation both during and after school.

MORE: Find The Right Student Loan For You

Company Overview

Sallie Mae, originally created as a government-sponsored enterprise, is now a publicly traded company offering private student loans and other financial services. Over the years, Sallie Mae has become a well-known name in the student loan industry, providing financial solutions to help students achieve their educational goals.

What They Do Best

Sallie Mae excels in providing a wide range of loan options that cater to various educational pursuits. The company offers loans for undergraduate and graduate programs, career training, and more. Sallie Mae is known for its competitive interest rates and flexible repayment plans, which include options to make interest-only or fixed payments while in school.

Negatives

One downside to Sallie Mae student loans is that they are private loans, which means they do not offer the same benefits as federal loans, such as income-driven repayment plans and public service loan forgiveness. Additionally, some borrowers may find the interest rates higher compared to other private lenders if they do not have excellent credit.

MORE: Find The Right Student Loan For You

Qualifications

To qualify for a Sallie Mae student loan, applicants typically need to have a good credit history or a creditworthy co-signer. The application process also involves providing proof of enrollment in an eligible educational institution.

Our Final Verdict: 9.7/10

Sallie Mae is a strong option for students seeking private loans to finance their education. With a wide range of loan options, competitive rates, and flexible repayment plans, Sallie Mae makes it easier for students to cover their educational expenses.

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