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".
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Sallie Mae Vs Discover Student Loans
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Are Sallie Mae Student Loans Federal Or Private?
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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.
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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
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Discover Student Loans Review
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Sallie Mae Bank Review
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