Sallie Mae Review  

By loansmack

Key Features

  • Student loans for undergraduate, graduate, and parents.
  • Can apply with & without a cosigner; cosigner release offered.
  • 5 - 15 year repayment terms.
  • Undergrad Rates:  Variable Rates - 3.25% – 10.22%  Fixed Rates - 5.74% – 11.85%.
  • Graduate Rates: Variable Rates - 3.25% – 8.21%  Fixed Rates - 5.74% – 8.56%.  
  • No origination fees or prepayment penalties.
  • Interest-rate reduction of 0.25% if you enroll in Auto Pay.

About Sallie Mae

Sallie Mae was founded in 1973 as a Government-Sponsored Enterprise, and was privatized in 2004.  Sallie Mae now has a number of services including education loan options for undergraduates, graduate students, and professional students, as well as families with children in private K–12 schools.


  • Ability to apply for a student loan without a cosigner.
  • No origination fees or prepayment penalties.


  • Rates – Since Sallie Mae lends to people without a cosigner, its rates are higher than if a borrower applied with a cosigner.

How to get started with Sallie Mae

You can get started with Sallie Mae through their online process. Remember, when you get a rate estimate from a lender, this involves a 'soft credit' check, which will not affect your credit score.  When you decide to actually apply for a loan, the lender will do a hard credit pull which will slightly affect your credit score.

Documents you'll need for when applying to most lenders:

  • Government ID (passport, driver's license, green card).
  • Income verification (if applicable); this can include pay stubs, W-2's, etc.
  • Social Security number.