Sallie Mae

Last updated: August 12, 2026

Sallie Mae is the largest private student loan originator in the United States, and it earns a 9.6/10 from us for the sheer breadth of its no-fee, in-school loan lineup. Whether you are heading to an undergraduate program, law or medical school, or a career-training bootcamp, there is a Sallie Mae loan built for it – with a standout 12-payment cosigner release that beats most competitors. Its main limitation is that it does not refinance, so you would use a third party for that later on.

What Is Sallie Mae? (Quick Answer)

Sallie Mae is a Newark, Delaware-based lender operating as Sallie Mae Bank, and it is the largest private student loan originator in the U.S. Chartered in 1972, it offers in-school private student loans for undergraduate, graduate, professional, and career-training students, plus a Parent Loan. It does not offer refinancing or federal loan consolidation.

Sallie Mae Student Loan Products

Sallie Mae focuses exclusively on in-school private loans, but within that lane its catalog is one of the widest in the industry. Rather than a single generic product, it tailors loans to specific programs and degrees, which means the terms, limits, and repayment structures match how those students actually borrow. The lineup includes:

• Undergraduate Loan – for students pursuing a bachelor’s or associate degree
• Graduate School Loan – for master’s, doctoral, and other graduate programs
• MBA Loan – for business school students
• Law School Loan – for J.D. and other law programs
• Medical School Loan – for medical students
• Dental School Loan – for dental students
• Health Professions Loan – for allied health and other health-focused programs
• Bar Study Loan – to cover bar exam prep and living costs (capped around $15,000)
• Medical Residency & Relocation Loan – to bridge the gap between school and residency (capped around $30,000)
• Career Training Loan – for trade, technical, and bootcamp programs at degree and non-degree schools
• Parent Loan – so parents can borrow directly to fund a student’s education

How Sallie Mae Works

1. Prequalify with a soft credit check. You can see whether you are likely to be approved and preview potential rates without hurting your credit score. Sallie Mae is known for fast decisions, and roughly 9 in 10 approved undergraduates apply with a cosigner to strengthen the application.
2. Choose your loan and repayment option. Pick the loan that fits your program and select one of three in-school repayment plans – deferred, fixed, or interest-only – based on how much you want to pay while enrolled.
3. Borrow through school, then repay. Funds are certified by and disbursed to your school. After you graduate or drop below half-time, a 6-month grace period gives you breathing room before full repayment begins over a term of roughly 10 to 15 years.

Sallie Mae at a Glance

• APR range: Undergraduate fixed 1.99%-17.49% (effective 11 August 2026), variable 3.75%-16.95% (as of July 2026, including the 0.25% autopay discount at the low end)
• Loan amounts: $1,000 minimum up to 100% of the school-certified cost of attendance
• Minimum credit score: No official published minimum (reviewers estimate typically mid-600s)
• Fees: No origination fee, no application fee, no prepayment penalty
• Cosigner release: After just 12 on-time principal-and-interest payments
• Grace period: 6 months after leaving school
• Availability: U.S. citizens and permanent residents; international students with a creditworthy U.S. cosigner
• Enrollment: Full-time, half-time, and less-than-half-time all eligible

Pros and Cons

Pros

• The widest range of in-school private loan products of any major lender, covering undergrad through medical, dental, law, and career training
• No origination fee, no application fee, and no prepayment penalty
• Cosigner release after only 12 on-time principal-and-interest payments – more generous than the 24 to 36 many rivals require
• Loans available up to 100% of the certified cost of attendance, so you can cover the full gap
• Three flexible in-school repayment options plus a 6-month grace period
• Soft-pull prequalification and fast decisions, with less-than-half-time students eligible
• Backed by Sallie Mae Bank, a BBB-accredited institution with an A+ rating

Cons

• No refinancing option – Sallie Mae does not refinance or consolidate existing loans, so borrowers who want to refinance later must use a third party
• The top end of the variable and fixed APR ranges is high, so borrowers with thin credit and no cosigner may not get an attractive rate
• As a lender of this scale, it draws its share of servicing complaints – though these are common across all large lenders

Rates and Fees

Undergraduate loans carry a fixed APR of 1.99%-17.49% effective 11 August 2026. As of July 2026 the undergraduate variable APR was 3.75%-16.95%, while graduate loans run 2.29%-14.99% fixed and 3.75%-14.48% variable. The lowest advertised rates include the 0.25% autopay discount, and variable rates are tied to the Secured Overnight Financing Rate (SOFR), so they can move over the life of the loan. Where Sallie Mae really shines is on fees: there is no origination fee, no application fee, and no prepayment penalty, meaning you can pay the loan down early without being charged for it. (A small late fee applies if a payment is missed, but it is modest.)

Rate disclosure: Sallie Mae lowered its undergraduate fixed APR floor to 1.99% effective 11 August 2026; the undergraduate fixed range is now 1.99%–17.49%. Undergraduate variable APRs (3.75%–16.95%) and graduate APRs (2.29%–14.99% fixed, 3.75%–14.48% variable) are unchanged by this update and are stated as of July 2026. Ranges include the 0.25% autopay discount at the low end. Rates are subject to change; your actual rate depends on your credit profile, chosen term, and whether you apply with a cosigner. Verify current rates with Sallie Mae before applying.

Repayment Options and Grace Period

Sallie Mae gives you three ways to handle payments while you are still enrolled. The Deferred option lets you make no payments until after school, which keeps cash free during your studies but adds the most interest over time. The Fixed Repayment option keeps things simple at $25 per month while enrolled. The Interest-Only option covers just the interest each month so your balance does not grow. After you leave school, a 6-month grace period precedes full repayment, and terms generally run 10 to 15 years. Repeat borrowers can benefit from the Multi-Year Advantage, which streamlines borrowing for additional years of school.

Eligibility

To qualify, you generally need to be a U.S. citizen or permanent resident. International students can also borrow with a creditworthy U.S. cosigner, which opens the door for many students studying stateside. A key differentiator is enrollment flexibility: full-time, half-time, and even less-than-half-time students are all eligible, and both degree and non-degree career schools are covered. There is no official published minimum credit score – underwriting looks at the full picture – though reviewers estimate approved borrowers typically fall in the mid-600s or higher, which is exactly why roughly 9 in 10 undergraduates apply with a cosigner.

Reputation and What to Consider

Sallie Mae Bank is BBB accredited with an A+ institutional rating, and as the country’s largest private student loan originator it has decades of lending experience behind it. One point worth clarifying: the well-known Navient lawsuits and settlement belong to Navient, the loan-servicing business that was spun off as a completely separate company in 2014 – they are not the doing of today’s Sallie Mae. Like any lender operating at national scale, Sallie Mae receives servicing complaints from time to time, but that is typical across the industry and should be weighed against its strong product lineup, competitive terms, and institutional standing.

Who Sallie Mae Is Best For

Sallie Mae is an excellent fit for students who want the broadest possible menu of no-fee private loan options in one place – from undergraduates and MBA candidates to law, medical, and dental students, all the way to trade and bootcamp enrollees. It is especially strong for borrowers applying with a cosigner who value the fast 12-payment release, and for less-than-half-time or career-school students who are often shut out elsewhere. Because it does not refinance, it is best viewed as your in-school lender; you can always shop refinancing separately once you are out of school and earning.

Frequently Asked Questions

Does Sallie Mae offer student loan refinancing?

No. Sallie Mae focuses on in-school private loans and does not offer refinancing or consolidation. If you want to refinance existing student loans after graduation, you would need to work with a third-party refinancing lender.

What credit score do I need to qualify with Sallie Mae?

Sallie Mae does not publish an official minimum credit score, and underwriting considers your full financial profile. Reviewers estimate approved borrowers typically fall in the mid-600s or higher, which is why roughly 9 in 10 approved undergraduates apply with a cosigner.

Does Sallie Mae charge fees?

There is no origination fee, no application fee, and no prepayment penalty. A small late fee applies if you miss a payment, but you are never charged for paying your loan off early.

Can international students apply for a Sallie Mae loan?

Yes. International students can borrow if they apply with a creditworthy U.S. cosigner. U.S. citizens and permanent residents can generally apply on their own or with a cosigner.

When can I release my cosigner?

You can apply to release your cosigner after making just 12 on-time principal-and-interest payments and meeting Sallie Mae’s credit requirements on your own. That is more generous than the 24 to 36 payments many competing lenders require.

How much can I borrow from Sallie Mae?

Loans start at a $1,000 minimum and can go up to 100% of your school-certified cost of attendance. Specialty loans have their own caps – the Bar Study Loan is capped around $15,000 and the Medical Residency & Relocation Loan around $30,000.

Best For: Undergraduate, graduate, and career-training students who want the widest range of no-fee private loan options