Sallie Mae Undergraduate Student Loan 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 also some good news. If you run into financial trouble or need to defer loan payments during grad school, Sallie Mae offers repayment options, including some of the best forbearance and deferment programs in the market. For those interested, Sallie Mae offers 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 private loan rates and rewards with other top lenders. If you’re late on a payment, they’ll charge you a fee (something other student loan 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.