Sallie Mae Vs Discover Student Loans - A white circle with a black border surrounding a chevron pointing up. It says "click here to return to the top of the page".
Many or all of the listings on this site are from companies that Insider receives compensation from (see here for a full list). Advertising questions may affect how and where products appear on this site (including, for example, the order in which they appear), but they do not affect editorial decisions, such as which products we write about and how we rate them. Personal Finance Insider researches a wide range of deals when making recommendations; however, we do not guarantee that this information represents all products or offers available on the market.
Sallie Mae Vs Discover Student Loans
Home Chevron Icon Indicates an expandable section or menu, or sometimes previous/next navigation options. Personal finance
Are Sallie Mae Student Loans Federal Or Private?
Twitter icon Stylized bird with open mouth whistling. Twitter icon LinkedIn The word "and". LinkedIn Flipboard Icon Stylized Letter F. Facebook Flipboard Icon Letter F. Facebook Email Icon About. Indicates the possibility of sending email. Email link icon Image of a chain link. It symbolizes the URL of a link to a website. Copy the link
Our experts answer reader questions about student loans and write unbiased product reviews (we review student loans here). In some cases, we receive a commission from our partners; however, our opinions are our own.
Bottom line: Sallie Mae is a solid student lender that includes four months of Chegg with its undergraduate loans. However, the lender charges late fees and you can get better interest rates elsewhere.
You may like Sallie Mae student loans if you want to avoid origination and prepayment fees, since the lender doesn't charge them. You also get four months of Chegg study service for free. Chegg offers questions and answers from experts, and students can submit up to 20 questions per month.
What Can Private And Federal Student Loans Be Used For
However, there are significant drawbacks to Sallie Mae student loans. The lender charges a late payment fee of 5%, up to $25. You will not be able to determine the length of the repayment period - the company determines the repayment period for you. Sallie Mae will also need to create a hard credit inquiry to give you an approval decision, which could negatively impact your credit score. Most lenders only do a soft inquiry during this process and then a hard inquiry before receiving the funds.
Graduate student loans aren't Sallie Mae's best deal, as the lender has higher APRs than competitors and doesn't offer many benefits. Your only option for permanence is 15 years. On the other hand, you will avoid paying origination and prepayment fees.
Sallie Mae offers student loans for several types of degrees, including undergraduate, graduate, vocational, law school, MBA and health professions.
Before applying for a private student loan, including one from Sallie Mae, consider federal student loan options, as you can often get better terms and protections through the government.
Best Private Student Loans For College
Customer service can be reached by phone Monday through Thursday from 8 a.m. at 9 p.m. ET or 8 a.m. Friday. at 8 p.m. E.T. You can also mail Sallie Mae at its Delaware address.
Sallie Mae has a well-reviewed app that has received 4.6 out of 5 stars in the Apple Store and 4.0 out of 5 stars in the Google Play Store. You may like this feature if you want to manage your loan from anywhere.
When you take out a loan, you have three repayment options: deferred, fixed and interest only. Each option has its advantages for different types of borrowers.
Sallie Mae is accredited by the Better Business Bureau and has an A+ credit rating from the BBB. The highest BBB rating means that a company is honest in its operations, responds effectively to customer complaints and is honest in its advertising.
Best Private Student Loan Companies Of 2023
However, you are not guaranteed to have a positive relationship with Sallie Mae simply because the company has an excellent BBB rating. Ask friends and family about their experiences with the lender and read customer reviews online.
Sallie Mae has no recent public scandals, so you may decide that taking out a student loan from the lender is right for you.
Sallie Mae's interest rates are similar to or higher than those offered by comparable lenders, although interest rates will depend on your credit score and other financial factors. Here's how Sallie Mae compares to the competition:
College Ave offers a better minimum interest rate on your loan than Sallie Mae, so if your credit is in good shape, College Ave may be a better choice.
Student Loans For College & Graduate School
You'll pay no origination fees or prepayment penalties with either company, and you'll pay a 5% late payment fee, up to $25, with both lenders.
You will be able to get your College Ave loan and interest rate approved through a soft credit check that will not affect your credit score. With Sallie Mae, the lender will conduct a thorough credit investigation to determine your eligibility, which can negatively affect your credit score.
Sallie Mae has a similar APR range to Discover, although you can get a lower maximum fixed rate with Discover. So, if your credit isn't in good shape, Discover might be a better option.
Discover only has one standard term for undergraduate student loans, 15 years, while Sallie Mae offers options of five, ten, and fifteen years. Sallie Mae will assign you a loan term.
Private Student Loans To Help You Pay For College
Ryan Wangman is a Personal Finance Insider reporter covering personal loans, student loans, student loan refinancing, debt consolidation, auto loans, RV loans, and boat loans. He is also a Certified Personal Finance Educator (CEPF). In her past personal finance writing experience, she has written about credit scores, financial literacy, and home ownership. He graduated from Northwestern University and previously wrote for The Boston Globe. Learn more about how Personal Finance Insider selects, rates and covers financial products and services here >>
Editor's Note: All opinions, analyses, ratings or recommendations expressed in this article are those of the author and have not been reviewed, approved or endorsed by any card issuer. Read our editorial standards.
Please note: While the above offers are accurate at the time of publication, they are subject to change at any time and may have changed or no longer be available. Written by Zina Kumok Written by Zina KumokArrow right Contributing Writer Zina Kumok has been a full-time personal finance writer since 2015. She is a three-time nominee for Best Personal Finance Contributor/Freelancer at the Plutus Awards and has been twice speaking at FinCon, the leading financial media conference. Zina Kumok
Edited by Chelsea Wing Edited by Chelsea WingArrow Right Student Loan Editor Chelsea has been on staff since early 2020. She is invested in helping students navigate the high costs of college and solving the complexities of student loans. Connect with Chelsea Wing on LinkedIn Linkedin Chelsea Wing
The Best Student Loans For International Students Coming To America
Founded in 1976, the company has long helped people make smart financial decisions. We've maintained that reputation for more than four decades by demystifying the financial decision-making process and giving people confidence in their next steps.
Follows a strict editorial policy, so you can trust that we put your interests first. All of our content is written by highly qualified professionals and edited by industry experts who ensure that everything we publish is objective, accurate and reliable.
Our lending reporters and editors focus on the points that matter most to consumers: the different types of loan options, the best interest rates, the best lenders, how to pay off debt and more, so you can have confidence when investing your money.
Follows a strict editorial policy, so you can trust that we put your interests first. Our award-winning editors and reporters create honest and accurate content that helps you make the right financial decisions.
Discover Student Loans Review
We appreciate your trust. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards to ensure this happens. Our editors and reporters thoroughly check editorial content to ensure the accuracy of the information you read. We maintain a firewall between our advertisers and our editorial team. Our editorial staff does not receive direct compensation from our advertisers.
Editors write on behalf of YOU: the reader. Our goal is to give you the best advice to help you make smart decisions about your personal finances. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team is not directly compensated by advertisers, and our content is thoroughly reviewed for accuracy. Whether you're reading an article or a review, you can trust that you're getting credible and reliable information.
You have questions about money. has the answers Our experts have been helping you manage your money for over four decades. We constantly strive to provide consumers with the expert advice and tools they need to succeed on life's journey.
Follows a strict editorial policy, so you can trust that our content is fair and accurate. Our award-winning editors and reporters create honest and accurate content that helps you make the right financial decisions. Content created by our editorial team
Sallie Mae Bank Review
Sallie mae student loans rates, discover student loans vs sallie mae, what is sallie mae student loans, consolidating student loans sallie mae, sallie mae vs discover student loans reddit, sallie mae undergraduate student loans, sallie mae student loans interest rate, sallie mae refinance student loans, sallie mae student loans reviews, sallie mae student loans, discover student loans or sallie mae, discover loans vs sallie mae