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Sallie Mae Undergraduate Student Loan Review
Smart Option Student Loan (Undergraduate)
Rewards: Autopay Discount
Yearly Loan Limits: Covers up to 100% of your school-certified Cost of Attendance
Overall Loan Limits: $1,000 (minimum)
Cosigner Terms: Cosigner optional, allows borrowers to apply for Cosigner Release after 12 on-time monthly payments
Rewards: Autopay Discount
Yearly Loan Limits: Covers up to 100% of your school-certified Cost of Attendance
Overall Loan Limits: $1,000 (minimum)
Cosigner Terms: Cosigner optional, allows borrowers to apply for Cosigner Release after 12 on-time monthly payments
The bottom line
Perhaps the most well-known of all student loan lenders, Sallie Mae is one of the largest lenders, and also one of the best lenders for college students. They are great for borrowers without a cosigner, offer some of the best deferment and forbearance programs, and have first-rate customer service. That said, other lenders have Sallie Mae beat when it comes to costs.
Pros- Offers a graduated repayment plan
- Borrowers can be enrolled full-time, half-time, or even less than half-time
- Cosigner release option after 12 months of consecutive on-time monthly payments
Cons- Charges a fee on late payments
- Ranks roughly average vs. other lenders on cost-effectiveness
- They will perform a hard credit inquiry even when you initially check your rates
Loan comparison
Full review
If you’re worried about qualifying for a student loan, Sallie Mae is among the more lenient lenders. If you’re enrolled less than half-time, are not a U.S. citizen, and need to borrow the full cost of attendance at your school, Sallie Mae's Smart Option Student Loan can cover you. If you’re not planning on having a cosigner, we rank them as one of the best options for you. And if you are planning on having a cosigner, they allow for cosigner release after just 12 on-time monthly payments (which is very low compared to other top lenders).
Repayment-wise, there’s a lot of good news too. If you run into financial trouble or need to defer loan payments during grad school, Sallie Mae offers some of the best forbearance and deferment programs in the market. And for those interested, Sallie Mae does offer a graduated repayment plan with the Smart Option Student Loan.
Of course, no lender is perfect. When it comes to costs, you’ll probably find better rates and rewards with other top lenders. If you’re late on a payment, they’ll charge you a fee (something other top lenders won’t do). And, if you’re curious about what your rate would be, get ready for them to perform a hard inquiry on your credit.
Sallie Mae - Smart Option Student Loan (Undergraduate)
Other loans that Sallie Mae offers:
Savingforcollege.com provides our readers with free access to objective information, articles and tools to help them make informed decisions about saving and paying for education. We are able to do this because we are compensated by our partners, including some private student lenders. Some, though not all, of the products featured here are offered by partners who may pay us a sales commission. Our partnerships do not influence our ratings or reviews, which are based on in-depth research and objective methodologies, though they may influence which products we write about and where those products appear on our site. Our opinions are our own.
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