Sallie Mae Graduate Student Loan Review

If you're worried about qualifying for a student loan, Sallie Mae is among the most lenient lenders. If you're enrolled less than half-time, are not a U.S. citizen, or need to borrow the full cost of attendance at your school, Sallie Mae will cover you. If you're not planning on having a cosigner, we rank them as one of the best graduate loan options. 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).

What sets Sallie Mae apart from competitors is their suite of program-specific graduate loans. While most lenders offer a one-size-fits-all graduate loan, Sallie Mae recognizes that a medical student has very different needs than an MBA candidate. Medical and dental students benefit most from this approach, with 20-year repayment terms instead of 15, and grace periods of 36 months (medical) or 12 months (dental) that account for the reality of residency training.

Sallie Mae graduate loan products

Sallie Mae offers six graduate student loan products, each designed for specific degree programs. While the interest rates are similar across products, the repayment terms, grace periods, and eligible expenses vary based on the demands of each field.

Graduate School Loan 

Best for master's and doctoral degrees in humanities, sciences, education, and other non-professional tracks. Repayment term up to 15 years with a 6-month grace period after leaving school. Covers tuition, fees, books, housing, and other school-certified expenses.

MBA Loan 

Best for Master of Business Administration programs. Repayment term up to 15 years with a 6-month grace period. Covers business school tuition, fees, and living expenses.

Law School Loan 

Best for JD and LLM programs. Repayment term up to 15 years with a 9-month grace period. Covers law school tuition, fees, and living expenses. Related product: Bar Study Loan available for exam prep, fees, and living costs while studying for the bar.

Health Professions Graduate Loan 

Best for nursing, pharmacy, allied health, and other graduate-level health programs. Repayment term up to 15 years with a 6-month grace period. Covers tuition, fees, and related expenses for health professions degrees.

Medical School Loan 

Best for MD, DO, DPM, DVM, and VMD programs. Repayment term up to 20 years with a 36-month grace period to accommodate residency. Covers medical school tuition, fees, and living expenses. Related product: Medical Residency Loan available for board exam fees, travel, and moving expenses during residency.

Dental School Loan 

Best for DMD and DDS programs. Repayment term up to 20 years with a 12-month grace period. Covers dental school tuition, fees, and living expenses. Related product: Dental Residency Loan available for board exam fees, travel, and moving expenses during residency.

Repayment options

Repayment-wise, there's a lot of good news. If you run into financial trouble or need to defer loan payments, Sallie Mae offers some of the best forbearance and deferment programs in the market. They also offer a Graduated Repayment Period (GRP) that lets you make interest-only payments for the first 12 months after your grace period ends, providing additional flexibility as you establish your career.

All Sallie Mae graduate loans offer three in-school repayment options:

• Deferred: No payments while in school; interest capitalizes after grace period
• Fixed: Pay $25/month while in school (0.5% lower interest rate than deferred)
• Interest-only: Pay only interest while in school (1% lower interest rate than deferred)

The downsides

But they aren't perfect. Sallie Mae charges a late fee if you miss a payment, something competitors like SoFi and Earnest don'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 doesn't offer rate prequalification with a soft pull like SoFi, Earnest, and College Ave do.