Sallie Mae offers undergraduate, graduate, career training, MBA, medical school, dental school loans, and more. It lends to borrowers who would otherwise be disqualified for student loans from other lenders, such as DACA students and international students. To qualify for Sallie Mae student loans, international and DACA students must have a U.S cosigner. Sallie Mae allows borrowers to apply to have their cosigner released after 1 year.
To qualify for a student loan from Sallie Mae, you must meet these requirements:
- Borrowers must be the age of majority (18 in most states).
- Borrowers must be U.S. citizens or permanent residents.
- To qualify, DACA students or foreign residents must have a U.S. citizen cosigner.
- You or your cosigner must have sufficient income.
- You or your cosigner must pass a credit check.
International Student Loans From Sallie Mae
To qualify for Sallie Mae student loans, international and DACA students must have a U.S citizen or resident cosigner. Here are some features of Sallie Mae loan to consider as you do your research.
- Loan Amounts: $1,000 up to the total cost of attendance
- Repayment Terms: 5, 10, or 15 years
- Late fees: 5% of the missed payment amount, up to a maximum of $25
- Returned check fees: $20
- Cosigner requirements: Non-U.S. citizens, including DACA students are required to have a U.S. co-signer
- Cosigner release: After 12 months on-time payments
- Repayment options: Principal-and-interest, deferred, fixed, interest
- Discounts: 0.25% interest rate reduction for automatic payments
- Forbearance: Available on request. Students can temporarily postpone payments for a given time period
- Loan discharge: Sallie Mae will discharge (waive) loan balance if a borrower becomes permanently and totally disabled.
Types of International Student Loans Offered by Sallie Mae
- Undergraduate Student Loans: Variable Rates 1.13% to 11.23%and Fixed Rates 3.50% to 12.60%
- Career Training Student Loans: Variable Rates 4.12% to 11.52% and Fixed Rates 6.62% to 13.83%
- Graduate School Loans: Variable Rates 2.12% to 11.64% and Fixed Rates 4.75% to 12.11%
- MBA Loans: Variable Rates 2.12% to 11.64% and Fixed Rates 4.75% to 12.11%
- Dental School Loans: Variable Rates 2.12% to 11.48% and Fixed Rates 4.75% to 11.98%
- Medical School Loans: Variable Rates 2.12% to 11.48% and Fixed Rates 4.75% to 11.97%
- Dental and Medical Residency and Relocation Loans: Variable Rates 2.90% to 8.58% and Fixed Rates 5.93% to 10.19%
- Law School Student Loans: Variable Rates 2.12% to 11.48% and Fixed Rates 4.75% to 11.98%
- Bar Study Loans: Variable Rates 2.90% to 11.56% and Fixed Rates 5.75% to 12.68%
- Parent Student Loans: Variable Rates 3.37% to 12.99% and Fixed Rates 5.49% to 13.87%
Best Features of Sallie Mae Loans
- Provides loans for students for part-time students, including DACA and international students
- Discharges (forgives) loan balance if the borrower dies or becomes totally and permanently disabled—even in cases where parents hold the loans
- Borrowers can request to release their cosigner from the loan after 12 months of on-time payments
You can opt for the standard principal-and-interest repayment plan (where you pay the principal and interest right away, even when you’re in school). You can also choose between these 3 other repayment options:
- Deferred: You don’t make payments when in school and during the grace period.
- Fixed: You pay $25 a month while in school and after the grace period post-graduation, you start paying the principal and interest
- Interest: You make monthly interest payments while in school and during the grace period. This option helps you save
Discounts and Rewards
If you sign up for automatic payments, the lender will reduce your interest rate by 0.25%.
How to Apply for a Student Loan from Sallie Mae
To complete the online application for a student loan, you’ll have to enter the following details:
- Social security number (of both borrower and cosigner, if applicable)
- Permanent address
- School information
- Requested loan amount
- Financial aid and scholarships (you expect to receive)
- Employment Information
- Financial Information (including bank account numbers and monthly mortgage or rental payments)
- Name and contact information for two personal contacts
If your application is successful, the lender will send a certification to your school. Most schools only certify requests within 30 days before enrollment starts. That means you may not hear back until a few weeks before school begins, even if you applied for the loan months in advance.
Once certified, the lender will disburse funds directly to the school. Any money that’s left over (student loan refund), will be issued to the borrower. This part of the process takes about 10 days.