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Sallie Mae is one of the largest private student loan providers in the country. Since 2014, it has provided financing to over 1.4 million families.

Like other lenders, it offers competitive rates on undergraduate and graduate student loans. But unlike other lenders that only have loan options for those pursuing degrees, Sallie Mae also provides loans for career training, certificate programs, bar exam preparation and medical school residencies. Those offerings help the lender snag a spot on our best private student loans list as the top lender for non-degree programs.

Table of contents:

• Sallie Mae Student Loans Overview
• Sallie Mae’s Services
• Sallie Mae’s Credentials
• Sallie Mae’s Accessibility
• Sallie Mae’s Customer Satisfaction
• Sallie Mae FAQ

Sallie Mae Student Loans Overview

Just how big is Sallie Mae? It has a 57% market share of private student loan originations, meaning more than half of all private student loans come from Sallie Mae. Last year, it originated over $7 billion in loans.

Sallie Mae is a common choice because it has many loan options for borrowers, multiple in-school repayment options and some additional features.

With most private student loan lenders, enrollment in a degree-granting school — usually in a bachelor’s degree program or above — is required to qualify for a loan. For students in certificate programs or trade schools, finding loans can be more difficult.

Sallie Mae addresses that problem with its Smart Option student loan for career training programs. Students can borrow up to the total cost of attendance, making those programs more accessible. And student loan borrowers can take advantage of multiple in-school repayment options to make their monthly payments more affordable while in school.

Sallie Mae doesn’t list its credit score or income requirements, but it generally requires very good to excellent credit, especially for its lowest interest rates. According to the lender's 2024 annual report, the average credit score (FICO score) of approved students or their cosigners was 752 at the time of approval. Since many college students don’t have established credit histories, most applicants will need a cosigner. In fact, Sallie Mae reported that about 90% of its private student loans were cosigned in 2024.

If you do need a cosigner, keep in mind that Sallie Mae allows borrowers to apply for cosigner releases. And while some lenders make you wait two to four years before you can apply for a cosigner release, Sallie Mae permits borrowers to apply after 12 months of consecutive, full interest and principal payments.

Sallie Mae doesn’t charge application or origination fees, and there are no prepayment penalties. However, there are late fees if your payment is past due. The late fee is 5.00% of the late payment amount or $25, whichever is less.

Sallie Mae’s Services

Through Sallie Mae, students can apply for private student loans for undergraduate school, graduate or professional programs and career training programs. Sallie Mae also offers savings accounts and certificates of deposit (CDs).

What they offer: Private student loans

Sallie Mae’s loan minimum for all of its private loans is $1,000. For undergraduate, career training and graduate students, the maximum loan amount is the total cost of attendance at your school. For other loan options, such as bar exam study or medical residency, loan maximums may vary. Sallie Mae offers fixed rates and variable rates for all its loan products.

Unlike other lenders that only offer loans to full-time students, Sallie Mae allows part-time students and individuals enrolled less-than-half-time to take out loans.

Depending on the type of loans you have, you may have the following repayment options:

• Immediate: Full monthly payments against the interest and principal while you’re in school
• Interest-only: Payments only cover accrued monthly interest while you’re in school
• Flat: Pay just $25 per month while in college
• Deferred: Defer payments until after you leave school. You’ll typically have a six-month grace period before payments are required.

What they don’t offer

When considering borrowing from Sallie Mae, consider these limitations:

• No parent lending options: Previously, Sallie Mae offered parent student loans. Unlike other lenders, which only allow parents to borrow money to cover the cost of their child’s undergraduate degrees, Sallie Mae let parents take out loans to help children pay for graduate school and career training programs, too. However, Sallie Mae discontinued its parent loan program at the end of 2021.
• No prequalification: Sallie Mae doesn’t have a prequalification tool. Instead, you have to complete an application and agree to a hard credit check to view your eligibility.
• No refinancing: Unlike other lenders, Sallie Mae doesn’t offer student loan refinancing. If you have existing loans you’d like to consolidate, you’ll have to work with another lender.

Sallie Mae’s Credentials

Unlike other student loan companies, Sallie Mae originates and services its own loans. Its loans are originated through Sallie Mae Bank, which is regulated by the Utah Department of Financial Institutions, the Consumer Financial Protection Bureau (CFPB) and the Federal Deposit Insurance Corporation (FDIC).

Licenses and Registrations

Sallie Mae issues loans to borrowers in all 50 states.

Third-Party Ratings

With Sallie Mae’s size, it's unsurprising that it has received some negative attention. According to the CFPB’s complaint database, more than 1,000 complaints were submitted over the past three years, including 770 complaints related to student loans. Common complaints concerned struggling with payments, receiving incorrect information, and problems dealing with their loan servicer.

Regulatory Actions

Sallie Mae has a complicated history. Navient, formerly part of Sallie Mae before the company split in two in 2014, has been the target of lawsuits from the CFPB over how it handled borrowers in repayment. The Navient suit resulted in a $1.7 billion settlement.

Sallie Mae’s Accessibility

Sallie Mae has educational resources and calculators on its site, and customer support can be reached in several ways.

Availability

Sallie Mae’s customer support team can be reached via online chat or phone during its business hours.

Contact Information

Sallie Mae’s business hours for applicants are:

• Chat: Monday through Friday from 8:00 a.m. until 8:00 p.m. EST
• Phone: Monday through Thursday from 8:00 a.m. until 9:00 p.m. EST; Friday from 8:00 a.m. until 8:00 p.m. EST; Saturday from 10:00 a.m. until 2:00 p.m. EST

Contact customer support at 855-756-5626.

User Experience

Unlike other companies, Sallie Mae doesn’t use a third-party loan servicer; it services loans originated through its platform. Sallie Mae is who you should contact with questions about your account or repayment options.

For existing borrowers, customer support is available Monday through Friday from 8:00 a.m. until 8:00 p.m. EST. You can get assistance by calling 800-472-5543. Online agents are also available.

Limitations

Sallie Mae’s website can be difficult to navigate, and some pages are outdated. Finding information about loan terms isn’t always easy, and requires some digging. And because there isn’t a prequalification option, you have to fill out an application and consent to a hard credit inquiry to view loan terms and rates.

Sallie Mae’s Customer Satisfaction

Despite its size, there are relatively few Sallie Mae student loan reviews on consumer sites like TrustPilot. However, the few reviews tend to be fairly negative.

Customer Complaints

On TrustPilot, Sallie Mae has a TrustScore of 1.3 out of 5 stars on TrustPilot.

Sallie Mae is accredited by the Better Business Bureau and has an A+ rating. However, consumer reviews gave Sallie Mae a 1.08 out of 5 star rating.

Third-Party Ratings

Sallie Mae has not been rated by third-party consumer rating agencies.