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Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories.
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But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.
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SHARE: Monkey Business Images/Shutterstock September 08, 2021 Michelle Lambright Black is a credit expert with over 19 years of experience, a freelance writer and a certified credit expert witness. In addition to writing for Bankrate, Michelle's work is featured with numerous publications including FICO, Experian, Forbes, U.S.
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News & World Report and Reader’s Digest, among others. Chelsea has been with Bankrate since early 2020.
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She is invested in helping students navigate the high costs of college and breaking down the complexities of student loans. Bankrate logo
The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners.
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Here's an explanation for how we make money. Bankrate logo
The Bankrate promise
Founded in 1976, Bankrate has a long track record of helping people make smart financial choices.
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We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next. Bankrate follows a strict , so you can trust that we’re putting your interests first.
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All of our content is authored by and edited by , who ensure everything we publish is objective, accurate and trustworthy. Our loans reporters and editors focus on the points consumers care about most — the different types of lending options, the best rates, the best lenders, how to pay off debt and more — so you can feel confident when investing your money.
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Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money.
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When you hear the name Sallie Mae, you probably think of student loans. There’s a good reason for that; Sallie Mae has a long history, during which time it has provided both federal and private student loans. However, as of 2014, all of Sallie Mae’s student loans are private, and its federal loans have been sold to another servicer.
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Here’s what to know if you have a Sallie Mae loan or are considering taking one out.
What is Sallie Mae
Sallie Mae is a company that currently offers .
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But it has taken a few forms over the years. In 1972, Congress first created the Student Loan Marketing Association (SLMA) as a private, for-profit corporation. Congress gave SLMA, commonly called “Sallie Mae,” the status of a (GSE) to support the company in its mission to provide stability and liquidity to the student loan market as a warehouse for student loans.
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However, in 2004, the structure and purpose of the company began to change. SLMA dissolved in late December of that year, and the SLM Corporation, or “Sallie Mae,” was formed in its place as a fully private-sector company without GSE status. In 2014, the company underwent another big adjustment when Sallie Mae split to form Navient and Sallie Mae.
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Navient is a federal that manages existing student loan accounts. Meanwhile, Sallie Mae continues to offer private student loans and other financial products to consumers. If you took out a student loan with Sallie Mae prior to 2014, there’s a chance that it was a federal student loan under the now-defunct (FFELP).
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At present, Sallie Mae owns 1.4 percent of student loans in the United States. In addition to private student loans, the bank also offers credit cards, personal loans and savings accounts to its customers, many of whom are college students.
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What is the difference between private and federal student loans
When you’re seeking financing to pay for college, you’ll have a big choice to make: . Both types of loans offer some benefits and drawbacks.
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are educational loans that come from the U.S. government. Under the , there are four types of federal student loans available to qualified borrowers.
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With federal student loans, you typically do not need a co-signer or even a credit check. The loans also come with numerous benefits, such as the ability to adjust your repayment plan based on your income.
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You may also be able to pause payments with a forbearance or deferment and perhaps even qualify for some level of . On the negative side, most federal student loans feature borrowing limits, so you might need to find supplemental funding or scholarships if your educational costs exceed federal loan maximums. are educational loans you can access from private lenders, such as banks, credit unions and online lenders.
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On the plus side, private student loans often feature higher loan amounts than you can access through federal funding. And if you or your co-signer has excellent credit, you may be able to secure a competitive interest rate as well. As for drawbacks, private student loans don’t offer the valuable benefits that federal student borrowers can enjoy.
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You may also face higher interest rates or have a harder time qualifying for financing if you are shopping from .
Are Sallie Mae loans better than federal student loans
In general, federal loans are the best first choice for student borrowers.
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Federal student loans offer numerous benefits that private loans do not. You’ll generally want to complete the (FAFSA) and review federal funding options before applying for any type of private student loan — Sallie Mae loans included. However, private student loans, like those offered by , do have their place.
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In some cases, federal student aid, grants, , work-study programs and savings might not be enough to cover educational expenses. In these situations, private student loans may provide you with another way to pay for college. If you do need to take out private student loans, Sallie Mae is a lender worth considering.
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It offers loans for a variety of needs, including undergrad, MBA school, medical school, dental school and law school. Its loans also feature 100 percent coverage, so you can find funding for all of your certified school expenses. With that said, it’s always best to compare a few lenders before committing.
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All lenders evaluate income and credit score differently, so it’s possible that another lender could give you lower interest rates or more favorable terms.
The bottom line
Sallie Mae may be a good choice if you’re in the market for private student loans and other financial products.
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Just be sure to do your research upfront, as you should before you take out any form of financing. Comparing multiple offers always gives you the best chance of saving money.
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Learn more
SHARE: Michelle Lambright Black is a credit expert with over 19 years of experience, a freelance writer and a certified credit expert witness. In addition to writing for Bankrate, Michelle's work is featured with numerous publications including FICO, Experian, Forbes, U.S. News & World Report and Reader’s Digest, among others.
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Chelsea has been with Bankrate since early 2020. She is invested in helping students navigate the high costs of college and breaking down the complexities of student loans.
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