Sallie Mae student loan review 2026: Low rates and options for part-time students

One of the largest private student loan providers in the U.S., Sallie Mae® was founded in 1972 as the Student Loan Marketing Association, a government-sponsored entity servicing federal student loans. It became a publicly traded consumer bank in 2004 and now offers private student financing and savings products that help families pay for college.

Sallie Mae is is best known for its low rates and for offering loans for a wide variety of educational programs, including professional training and certificate courses. We like that there's no annual borrowing cap and co-signers can be released after just 12 consecutive payments. I

In addition, unlike many lenders, loans are approved for part-time students, with a funding minimum of just $1,000.

Sallie Mae offers loans for a variety of educational needs, including:

• Undergraduate school
• Graduate school
• Career training and professional certification courses
• Business school
• Law school
• Bar study
• Medical school (including residency and relocation costs)
• Dental school (including residency and relocation costs)
• Nursing school/health professions
• Commercial flight school
• Coding boot camp

To qualify for a Sallie Mae student loan, you must meet several eligibility criteria:

• Age: Must be the age of majority in your state, or have a co-signer who is.
• Residency: US citizen, permanent resident or non-permanent resident alien with a creditworthy co-signer. International students and DACA recipients are eligible if they reside in and attend school in the U.S. and have an eligible co-signer.
• Credit: Good credit (FICO score of 650+) or a creditworthy co-signer.
• Purpose: Funds can be used for qualified higher education expenses at an eligible Title IV institution, including for online schooling or as part of a study abroad program.
• Enrollment: Unlike many lenders, Sallie Mae approves loans for borrowers enrolled full-time, half-time or less than half-time.

You must apply with the necessary documentation, such as proof of income, ID and school certification.

Sallie Mae offers a variety of repayment options, whether you want to start while still in school or wait until you graduate. All come with a six-month grace period after you graduate or withdraw from school.

• Immediate: Full payments start as soon as you open your loan.
• Interest-only: You pay interest through the grace period, then begin making full monthly payments.
• Partial: flat $25 monthly payment toward interest while in school. Full repayment begins six months after you graduate or drop below half-time.
• Full deferment: No payments due until after you graduate or drop below half-time (interest accrues).

Sallie Mae offers in-school deferment for up to 48 months when borrowers are enrolled at least half-time. Borrowers participating in approved residency, fellowship, internship or law clerkship programs may also qualify for deferment, typically in 12-month increments and subject to loan-specific maximums. For those facing financial hardship, Sallie Mae offers temporary forbearance, though eligibility and duration depend on the loan terms.

Loan forgiveness is typically available only in the event of a borrower's death or permanent and total disability.

Sallie Mae offers a variety of tools to make the borrowing process easier, including a student-loan repayment calculator, scholarship programs and free access to your FICO® Score. Other perks include:

• Scholarship Search by Sallie: An online database that allows you to review hundreds of scholarships, filtering by amount, state, requirements, major, target recipients and more.
• Co-signer release: If you make 12 on-time payments and meet certain credit requirements, Sallie Mae will allow you to release your co-signer.
• Multi-Year Advantage: You still need to submit an application each year you're in school, but Sallie Mae claims 95% of undergraduate and graduate students who were approved for the 2021-2002 academic year with a co-signer were re-approved when they returned for the 2022-2023 year.

While Sallie Mae has much to recommend it, there are some drawbacks.

Pros

• Loans available to part-time students
• Co-signer release after 12 payments
• No origination, application or prepayment fees
• Accepts in-school payments

Cons

• No parent loans or student loan refinancing
• Does assess a late fee and returned payment charge

Sallie Mae received an A+ rating from the Better Business Bureau but a weak 1.3/5 average on Trustpilot, with many reviewers commenting on poor customer service.

Phone support for new customers is available at 855-756-5626, Monday through Thursday from 8 a.m. to 9 p.m. ET, Friday from 8 a.m. to 8 p.m. ET, and Saturday from 10 a.m. to 2 p.m. Existing customers can call 800-472-5543, Monday through Thursday from 8 a.m. to 8 p.m. ET and Friday from 8 a.m. to 5 p.m. ET.

There is also an online chat feature on the Sallie Mae website that provides answers to common questions.

You'll need to complete the Sallie Mae online application by providing your personal information, including name, address, birth date, employment history and Social Security number.

You'll also need to submit your:

• School name
• Degree or program
• Enrollment level
• Expected graduation date
• Any financial aid you've been awarded
• Estimated cost of attendance, including tuition, books and supplies

If you're approved, you'll choose your loan repayment option and either a fixed or variable interest rate, then review and sign the loan disclosure. Sallie Mae will disburse funds directly to your institution.

Borrowers only need to apply once per year.

We looked at how Sallie Mae stacked up to two other major student loan lenders.

Sallie Mae vs SoFi

Sallie Mae and SoFi® Private Student Loans both made CNBC's list of the best lenders for student loans, but they excel in different areas.

SoFi doesn't issue loans for as many programs as Sallie Mae, but it does offer parent student loans. And while you can prequalify with SoFi without hurting your credit score, applying with Sallie Mae requires a hard credit check.

SoFi borrowers must be enrolled in school at least half-time, while Sallie Mae approves financing even if you're just going part-time.

Interest rates and terms are comparable, and both avoid origination, application and prepayment fees. Sallie Mae does assess late fees and returned payment charges, however.

You can get a loan for up to 100% of your school-certified costs with either SoFi or Sallie Mae, and both lenders allow borrowers to apply to release their co-signer after 12 consecutive payments. But while Sallie Mae will let you borrow as little as $1,000, SoFi's minimum is $5,000.

If you think you'll want to refinance your student loans, that's not an option through Sallie Mae.

Sallie Mae vs. College Ave

College Ave is another well-regarded lender and is even more closely matched with Sallie Mae: Both offer loans to full-time, half-time and part-time students and will lend as little as $1,000 or as much as 100% of your school-certified costs.

Sallie Mae's current rates are slightly lower — and it approves loans for more programs — but College Ave offers more repayment options. Both providers eschew application and origination fees, but assign late fees and returned-check charges.

College Ave lets you review the rates and terms you're eligible for without hurting your credit score, while Sallie Mae requires a formal loan application with a hard credit check.

Unlike Sallie Mae, College Ave does offer parent loans and refinancing. But borrowers can't release co-signers until more than half of the repayment period has passed.

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every student loan review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of student loan products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.

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Interest Rates: Eligibility and Important Details. Fixed rates range from 2.99% APR to 15.99% APR with 0.25% autopay discount. Variable rates range from 4.64% APR to 15.99% APR with a 0.25% autopay discount. Unless required to be lower to comply with applicable law, Variable Interest rates are capped at 17.95%. SoFi rate ranges are current as of 9/3/2026 and are subject to change at any time. Your actual rate will be within the range of rates listed above and will depend on the term and type of repayment option you select, evaluation of your creditworthiness, income, presence of a co-signer (if applicable) and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers. Check out our eligibility criteria at https://www.sofi.com/eligibility-criteria/. For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases.

Autopay Discount: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly payments as outlined in your loan agreement by an automatic monthly deduction from a savings or checking account. This benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. When the autopay interest rate deduction is added or removed, the next time the loan is re-amortized (quarterly for fixed rate loans; monthly for variable rate loans),the principal balance of your loan will be spread over the remaining loan term, and your monthly payment amount will change. This benefit is suspended during periods of deferment, grace period, or forbearance. Autopay is not required to receive a loan from SoFi.