Sallie Mae Student Loans Review

The largest private student lender, lending from its own bank, with a rate floor built by stacking discounts and a ceiling of 17.49%.

By Michael Hewitt, Founder & Editor-in-Chief. Rates last checked September 11, 2026.

Our verdict

Undergraduates with a cosigner get the fastest release here, after graduation plus 12 on-time payments, from a bank that lends and holds the loan with no origination fee. The 1.95% fixed floor is assembled, though: it needs interest-only payments in school plus auto debit, and the ceiling is 17.49%. Compare on the rate you'd get if you defer.

Skip it if you'll defer payments in school and were counting on the 1.95% rate or a quick cosigner release.

About Sallie Mae Student Loans

The largest private student lender, lending from its own bank, with a rate floor built by stacking discounts and a ceiling of 17.49%. Sallie Mae Student Loans is offered by Sallie Mae Bank, a subsidiary of SLM Corporation. Our editorial rating is 4.7 out of 5.

Best for: Undergraduates with a cosigner who want the fastest route to releasing them.

Editorial grade: B (composite score 74/100).

Highlights

Fixed 1.95% to 17.49% APR, variable 3.75% to 16.95% APR, as published 28 August 2026
No origination fee, no application fee and no prepayment penalty
Borrow up to 100% of school-certified costs
Cosigner release after graduation plus 12 on-time principal and interest payments

What we like

A real bank lends and holds the loan, rather than a marketer arranging it
Cosigner release at 12 payments is the fastest of the lenders here
Multiple in-school repayment options, including interest-only
Zero fees of any kind at origination

Where it falls short

The 1.95% floor is assembled, not offered: it requires the interest-only in-school option plus auto debit, which together move the rate by up to 1.25 percentage points against deferring
The ceiling is 17.49% fixed and it is rarely quoted alongside the headline
Cosigner release needs graduation and 12 payments, which for a deferred borrower is roughly five years from disbursement

Fees, minimums, and rates

Monthly fee: No origination or application fee. Late fee 5% of past due amount to $25. Minimum to open: N/A. Rates and fees last checked on September 11, 2026.

How we reviewed it

This is a desk review: we have not opened an account with Sallie Mae Bank, a subsidiary of SLM Corporation. It is built from Sallie Mae Bank, a subsidiary of SLM Corporation's published rates, fee schedule and terms and from the public complaint record, and compared with the other products in the Student Loans shortlist. The rubric is the same for every brand.

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Read our full editorial methodology for how we review products.