Credible Student Loans | Over Review
You’ve been told again and again that it’s wise to shop around and compare offers before taking out a private student loan. But manually getting quotes from individual lenders can be time-consuming and frustrating. Credible, an online financial marketplace, aims to streamline the process.
By filling out one simple form, you can get quotes from leading lenders and find the best loan for you. For some borrowers, it can be a convenient way to shop for a loan.
Credible Student Loans Overview
Credible was launched in 2014 as the first student loan refinancing marketplace. It connected borrowers to refinance lenders, helping borrowers search for lower interest rates and find the best available loans. Since its inception, Credible has broadened its platform to include in-school private student loans, personal loans and mortgages.
Through Credible, you can fill out one easy form and get connected to multiple lenders without affecting your credit score. Credible’s partners are all leading student loan companies. None of the partners charge origination fees or prepayment penalties, and you can find options for undergraduate programs, graduate school and even parent lending.
Although Credible partners with several major companies, it doesn’t include all leading lenders. For example, well-known lenders like Discover, Laurel Road and SoFi are missing from Credible’s list of lenders, so you may have to do some comparison shopping on your own to check rates and find the best loan offers.
Unlike some marketplace platforms that offer additional discounts for using their site, Credible doesn’t offer any extra benefits. And because Credible is a marketplace, repayment terms and policies vary by lender; not all of Credible’s partners offer cosigner releases, financial hardship forbearance or loan forgiveness in the cases of borrower disability.
Credible’s Services
Credible isn’t a lender; instead, it’s a marketplace platform that connects borrowers to its partner lenders. Through the platform, borrowers can get rate quotes with just a soft credit check and compare loan offers.
What they offer: Private student loans
Credible’s platform can be used to find in-school student loans. Whether you’re an undergraduate student, a parent borrowing on behalf of a child or a graduate student planning to attend medical school, there are loan options available for you.
As of Aug. 3, 2023, Credible’s partner lenders are:
- Ascent
- Citizens Bank
- College Ave
- Custom Choice
- EDvestinU
- INvestEd
- MEFA
- Sallie Mae
Eligibility requirements, loan terms and maximum loan amounts vary by lender. With most lenders, you can borrow up to the total cost of attendance, and the repayment plans span five to 20 years. Although most of the partner lenders offer both variable interest rates and fixed interest rates, some have only fixed-rate options.
Credible’s partners also allow you to add a cosigner online; by adding a creditworthy cosigner, you can improve your odds of qualifying for a loan and potentially get a lower rate.
What they don’t offer
Credible is a reputable online marketplace, but it does have some drawbacks:
- Not all lenders offer cosigner releases: Adding a cosigner is a good way to improve your chances of getting approved for a loan, but there may be times when a cosigner would like to be removed from the loan. Although some lenders offer cosigner releases — removing the cosigner if you meet certain requirements — not all of Credible’s partners do. Without a cosigner release option, you have to pay off the loan in full or refinance into a new loan to eliminate the cosigner’s obligation.
- Not all lenders offer forbearance or loan forgiveness: Forbearance and loan forgiveness policies can vary between lenders. While some allow you to postpone payments if you have financial difficulties, not all lenders offer that option. And not all lenders provide student loan forgiveness if you become totally and permanently disabled. Before accepting a loan and signing a loan agreement, carefully do your homework on the individual lender’s policies.
- Federal student loans: You can only borrow federal student loans through the U.S. Education Department. Credible’s partner lenders are all private loan companies.
Credible’s Credentials
Despite being a relatively young company, Credible is well-regarded. According to the company, it helped over 55,000 people save money on their loans in 2021.
In 2019, the Fox Corporation — a Fortune 500 company — acquired 67% of the equity in Credible for approximately $260 million in cash. As a result of the deal, Credible was able to expand its offerings.
Licenses and Registrations
Credible is not a lender or bank; it provides a platform that connects borrowers to lenders. It’s not a licensed lender. Instead, its partner lenders are licensed within certain states to issue student loans.
Credible loans are available in all 50 states. However, not all lenders are available in all states.
For example, INvestEd only lends to Indiana residents and non-Indiana residents attending a university in Indiana.
Awards and Certifications
Credible is regularly recognized as a leading financial company. In 2022, U.S. News selected Credible as the best company for loan comparisons.
Third-Party Ratings
As a student loan marketplace, Credible is not rated by credit rating agencies.
Regulatory Actions
While some of Credible’s partner lenders have experienced regulatory issues or litigation, Credible has not had those issues. Before submitting an application with a particular lender, make sure you do some homework on the lender and their reliability.
Some consumers have submitted complaints about Credible to the Consumer Financial Protection Bureau (CFPB). In the past three years, consumers submitted 19 complaints to the CFPB.
Credible’s Accessibility
When you’re shopping for a student loan, you want to know that the company you choose is available to answer any questions you may have. Although Credible isn’t a lender, it does have customer service options to help you navigate the application process.
Availability
Credible does not offer in-person assistance; you can only apply for loans online at Credible.com.
Contact Information
You can reach customer support by phone, email or online chat:
- support@credible.com
- 866-540-6005
- Chat
Customer support hours are Monday through Thursday, from 6 a.m. to 6 p.m. Pacific Standard Time; Friday, from 6 a.m. to 4 p.m. PST; and Saturday and Sunday, from 7 a.m. to 4 p.m. PST.
User Experience
Credible provides an easy-to-use platform. You can get quotes — without affecting your credit score — in minutes by providing some basic information about yourself, such as your income, employer and education. The site is simple to navigate, and Credible has educational resources in the form of articles and loan calculators.
Limitations
Credible doesn’t handle loan servicing. Its partner lenders handle all loans, so after you take out the loan, you’ll have to work with the lender issuing it or a third-party loan servicer for any questions about your accounts, monthly payments or repayment options.
Credible’s Customer Satisfaction
With private student loans, customer satisfaction can vary a great deal depending on the lender or platform. In general, Credible has a good reputation for customer service, with customers praising the simplicity and ease of the platform.
Customer Complaints
On TrustPilot, Credible has a score of 4.7 out of five based on over 6,000 reviews, putting it in the “excellent” category. In Credible student loan reviews, customers say they were able to get quotes quickly and that customer support rapidly responded to any questions.
Credible is accredited by the Better Business Bureau (BBB) with an A+ rating. However, its customer rating is just 1.27 out of five based on a very small number of 15 reviews. In complaints, customers said they were unable to qualify for loans and had issues getting explanations for denials.
Third-Party Ratings
Credible is not rated by third-party organizations for customer satisfaction because they’re a loan marketplace.
How We Evaluated Credible Student Loans
In our evaluation of Credible, we looked at the company’s available loan options, fees, repayment terms and the reliability of its partner lenders. We focused on Credible’s in-school private loans for undergraduate and graduate students — the most common borrower categories.
Sallie Mae Student Loans | Over Review
Sallie Mae is one of the largest private student loan providers in the country. Since 2014, it has provided financing to over 1.4 million families.
Like other lenders, it offers competitive rates on undergraduate and graduate student loans. But unlike other lenders that only have loan options for those pursuing degrees, Sallie Mae also provides loans for career training, certificate programs, bar exam preparation and medical school residencies. In fact, Sallie Mae is our choice for the best student lender for healthcare professions.
Sallie Mae Student Loans Overview
Just how big is Sallie Mae? It has a 58% market share of private student loan originations, meaning more than half of all private student loans come from Sallie Mae. Last year, it originated over $6 billion in loans.
With most private student loan lenders, enrollment in a degree-granting school — usually in a bachelor’s degree program or above — is required to qualify for a loan. For students in certificate programs or trade schools, finding loans can be more difficult.
Sallie Mae addresses that problem with its Smart Option student loan for career training programs. Students can borrow up to the total cost of attendance, making those programs more accessible. And student loan borrowers can take advantage of multiple in-school repayment options to make their monthly payments more affordable while in school.
Sallie Mae doesn’t list its credit score or income requirements, but it generally requires very good to excellent credit, especially for its lowest interest rates. According to the lender’s 2022 annual report, the average credit score of approved students or their cosigners was 747 at the time of approval. Since many college students don’t have established credit histories, most applicants will need a cosigner. In fact, Sallie Mae reported that 86% of its private student loans were cosigned in 2022.
If you do need a cosigner, keep in mind that Sallie Mae allows borrowers to apply for cosigner releases. And while some lenders make you wait two to four years before you can apply for a cosigner release, Sallie Mae permits borrowers to apply after 12 months of consecutive, full interest and principal payments.
Sallie Mae doesn’t charge application or origination fees, and there are no prepayment penalties. However, there are late fees if your payment is past due. The late fee is 5.00% of the late payment amount or $25, whichever is less.
Sallie Mae’s Services
Through Sallie Mae, students can apply for private student loans for undergraduate school, graduate or professional programs and career training programs. Sallie Mae also offers savings accounts and certificates of deposit (CDs).
What they offer: Private student loans
Sallie Mae’s loan minimum for all of its private loans is $1,000. For undergraduate, career training and graduate students, the maximum loan amount is the total cost of attendance at your school. For other loan options, such as bar exam study or medical residency, loan maximums may vary. Sallie Mae offers fixed rates and variable rates for all its loan products.
Unlike other lenders that only offer loans to full-time students, Sallie Mae allows part-time students and individuals enrolled less-than-half-time to take out loans.
| Loan Amounts | Loan Terms | Repayment Options | Interest Rates* | |
| Undergraduate Student Loans | $1,000 to total cost of attendance | 10 to 15 years | Immediate Interest-only Fixed Deferred |
Variable: 6.12% – 16.45% Fixed: 4.50% to 15.49% |
| Graduate Student Loans | $1,000 to total cost of attendance | 15 years | Immediate Interest-only Fixed Deferred |
Variable: 6.62% – 16.22% Fixed: 4.99% to 14.48% |
| MBA | $1,000 to total cost of attendance | 15 years | Immediate Interest-only Fixed Deferred |
Variable: 6.62% – 16.22% Fixed: 4.99% to 14.48% |
| Law School | $1,000 to total cost of attendance | 15 years | Immediate Interest-only Fixed Deferred |
Variable:6.62% – 16.21% Fixed: 4.99% to 14.47% |
| Dental School | $1,000 to total cost of attendance | 20 years | Immediate Interest-only Fixed Deferred |
Variable:6.62% – 16.21% Fixed: 4.99% to 14.47% |
| Medical School | $1,000 to total cost of attendance | 20 years | Immediate Interest-only Fixed Deferred |
Variable:6.62% – 16.20% Fixed: 4.99% to 14.46% |
| Career Training | $1,000 to total cost of attendance | 10 to 15 years | Immediate Interest-only Fixed Deferred |
Variable: 6.12% – 16.56% Fixed: 4.50% to 15.69% |
| Medical or dental Residency | $1,000 to $30,000 | 20 years | Deferred | Variable: 7.70% to 13.12% Fixed: 6.40% to 10.26% |
| Bar Exam | $1,000 to $15,000 | 15 years | Deferred | Variable: 7.88% to 17.47% Fixed: 7.01% to 15.26% |
| *Rates current as of Aug. 1, 2023. Rates reflect a 0.25% autopay interest rate reduction. |
Depending on the type of loans you have, you may have the following repayment options:
- Immediate: Full monthly payments against the interest and principal while you’re in school
- Interest-only: Payments only cover accrued monthly interest while you’re in school
- Flat: Pay just $25 per month while in college
- Deferred: Defer payments until after you leave school. You’ll typically have a six-month grace period before payments are required.
What they don’t offer
When considering borrowing from Sallie Mae, consider these limitations:
- No parent lending options: Previously, Sallie Mae offered parent student loans. Unlike other lenders, which only allow parents to borrow money to cover the cost of their child’s undergraduate degrees, Sallie Mae let parents take out loans to help children pay for graduate school and career training programs too. However, Sallie Mae discontinued its parent loan program at the end of 2021.
- No prequalification: Sallie Mae doesn’t have a prequalification tool. Instead, you have to complete an application and agree to a hard credit check to view your eligibility.
- No refinancing: Unlike other lenders, Sallie Mae doesn’t offer student loan refinancing. If you have existing loans you’d like to consolidate, you’ll have to work with another lender.
Sallie Mae’s Credentials
Unlike other student loan companies, Sallie Mae originates and services its own loans. Its loans are originated through Sallie Mae Bank, which is regulated by the Utah Department of Financial Institutions, the Consumer Financial Protection Bureau (CFPB) and the Federal Deposit Insurance Corporation (FDIC).
Licenses and Registrations
Sallie Mae issues loans to borrowers in all 50 states.
Awards and Certifications
Sallie Mae is regularly selected as a top provider of private student loans. For example, Sallie Mae is on NerdWallet’s list of the 16 best lenders.
Third-Party Ratings
With Sallie Mae’s size, it’s unsurprising that it has received some negative attention. According to the CFPB’s complaint database, more than 1,400 complaints were submitted over the past five years. Common complaints concerned struggling with payments, receiving incorrect information, and problems dealing with their loan servicer.
Regulatory Actions
Sallie Mae has a complicated history. Navient, formerly part of Sallie Mae before the company split in two in 2014, has been the target of lawsuits from the CFPB over how it handled borrowers in repayment. The Navient suit resulted in a $1.7 billion settlement.
Sallie Mae’s Accessibility
Sallie Mae has educational resources and calculators on its site, and customer support can be reached in several ways.
Availability
Sallie Mae’s customer support team can be reached via online chat or phone during its business hours.
Contact Information
Sallie Mae’s business hours for applicants are:
- Chat: Monday through Friday from 8:00 a.m. until 8:00 p.m. EST
- Phone: Monday through Thursday from 8:00 a.m. until 9:00 p.m. EST; Friday from 8:00 a.m. until 8:00 p.m. EST; Saturday from 10:00 a.m. until 2:00 p.m. EST
Contact customer support at 855-756-5626.
User Experience
Unlike other companies, Sallie Mae doesn’t use a third-party loan servicer; it services loans originated through its platform. Sallie Mae is who you should contact with questions about your account or repayment options.
For existing borrowers, customer support is available Monday through Friday from 8:00 a.m. until 8:00 p.m. EST. You can get assistance by calling 800-472-5543. Online agents are also available.
Limitations
Sallie Mae’s website can be difficult to navigate, and some pages are outdated. Finding information about loan terms isn’t always easy, and requires some digging. And because there isn’t a prequalification option, you have to fill out an application and consent to a hard credit inquiry to view loan terms and rates.
Sallie Mae’s Customer Satisfaction
Despite its size, there are relatively few Sallie Mae student loan reviews on consumer sites like TrustPilot. However, the few reviews tend to be fairly negative.
Customer Complaints
On TrustPilot, Sallie Mae has a TrustScore of 1.5 out of five on TrustPilot.
Sallie Mae is accredited by the Better Business Bureau and has an A+ rating. However, consumer reviews gave Sallie Mae a 1.12 out of five rating.
Third-Party Ratings
Sallie Mae has not been rated by third-party consumer rating agencies.
How We Evaluated Sallie Mae
We compared Sallie Mae to 18 other leading student loan companies to see how it stacked up to the competition. We looked at lenders’ available loan options, repayment terms, loan amounts, customer service reviews and financial hardship policies. We particularly focused on in-school repayment options and financial hardship repayment plans.