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Bank
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Sallie Mae loan

Finanso.Multilogin™

How to Apply

Sallie Mae doesn't offer pre-qualification, so you will need to fill out a full application to assess loan terms and the loan amounts you can receive. This requires hard credit checks.

Before applying for a private student loan, Sallie Mae needs you to submit the Free Application for Federal Student Aid. The government and the majority of schools use FAFSA to determine what financial aid you can receive, including federal loans and grants.

Main Requirements

To qualify for a private student loan from Sallie Mae, you need to meet a few requirements:

  • Be at least 18 of age. This is the majority age for most states.

  • Be a US citizen or a permanent resident. If you are a foreign student, you need a co-signer to meet this requirement.

  • To have a sufficient income.

  • Pass a hard credit check.

Loan Application

Sallie Mae student loans can be requested with an online application. You will need to provide the following information:

  • Social Security Number,

  • Permanent address,

  • School information,

  • Requested loan amount,

  • Financial aid you expect to receive,

  • Employer name and Income,

  • Authorized Bank Account numbers,

  • Monthly mortgage or rental payments,

  • Name and contact information for two personal contacts.

Once you fill in the online application and submit it, the result will be available to you in 15 minutes. Sallie Mae reviews your credit report. There are instances the company requests additional information in the application process to make a decision.

Once your application for a private student loan is approved, you can choose the interest rate and the repayment terms. After that, you and the co-signer accept the loan terms and electronically sign the agreement.

Sallie Mae will send a certification request to the school you are enrolled in. The time your school will certify the request will determine the loan disbursement. The certification process can take 30 days or more, so you will need to apply months before the school starts.

The funds are disbursed directly to the school. If there is extra money left, the amount will be issued to you.

FAQ

How long does it take Sallie Mae to approve a loan?

After you submit the online application, Sallie Mae will send you the result in 15 minutes. It reviews your credit report and can request additional information in the application process to make a decision.

What are the main requirements for getting a Sallie Mae student loan?

To qualify for a private student loan from Sallie Mae, you need to be at least 18 of age, a US citizen or a permanent resident, have a sufficient income, and pass a hard credit check.

Financial products

Sallie Mae
Student loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
up to $15,000
Rate
i

Effective interest rate on the product

up to 12.85%
Term
i

Loan term for the financial product

up to 15 years
Sallie Mae
Sallie Mae Accelerate
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
up to $1000
Rate
i

Effective interest rate on the product

up to 25.24%
Sallie Mae
Sallie Mae Ignite
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
up to $250
Rate
i

Effective interest rate on the product

up to 25.24%

Calculate loan payments in Sallie Mae

Sallie Mae calculator will allow you to calculate an approximate payment schedule for the loan

Loan amount
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Loan term
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12
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