Have a question about one of our products or services? We’ve got helpful information for you. If you can’t find exactly what you need, chat with us.
I forgot my username. How can I get it?
If you select forgot your username, you can enter your Social Security number or Customer Identification Number and birthdate to retrieve your username.
I'm having trouble logging in to my account. How do I change my password?
You can go to salliemae.com/login, select forgot your password, and follow the prompts. If you haven't set up your security questions yet or are having difficulty, chat with us or give us a call.
How do I start the student loan application process?
Log in to your account or visit our home page to begin a new app! Either a borrower or a cosigner can start an application. Complete it together in just a few minutes, or one person at a time. From there, you’ll be able to invite the other person to submit their portion of the application through a unique access code. Details on what you'll need to start the loan application process and what we do once we have your application can be found here.
What happens after my loan is approved?
First, we’ll send your application information to your school to review (certify), which means they’ll verify things like your enrollment, the loan amount, and graduation date. Borrowers and cosigners typically don’t have to do anything while we wait for certification, but we’ll keep you posted. After we receive certification and your right to cancel period ends, your funds will be sent (disbursed) to your school. Check out this video for even more information on the certification process.
I recently submitted documentation for my application, so why isn’t my loan updated?
Documents usually take 3–5 business days to review. If we need anything else, we’ll reach out.
How do I make sure I have the right mailing address for my payment?
Customers have specific addresses to use when mailing in their payments. Check out the back of your billing statement for the right address or ways to make your student loan payments.
What do I do if my third-party bill-pay doesn’t include the correct Sallie Mae payment address?
If your bank doesn't provide the correct address for payment, contact that financial institution for help. In the meantime, consider making an online payment or enrolling in auto debit.
How is my payment applied to my loan?
How a payment is spread across multiple loans is called “payment allocation.” If the payment is received with the remittance slip on the billing statement, we’ll automatically allocate the payment to all the loans in that loan group. Once we allocate a payment to a specific loan, payments are applied based on the terms of each loan’s Promissory Note, usually first to Unpaid Fees, then to Unpaid Interest, and then to Current Principal. Learn more about allocation and application.
I recently made a major life change (e.g., a name change or a Social Security number change). How do I update my account?
Some post-school changes simply require updating your account information. Others may require one-on-one help. Learn more about which life changes affect your account and what you can do.
Was my deferment processed?
You can check the status of your deferment request in your account here. If you need to submit a new request, you can do that here.
I'm still in school, so why is my loan(s) in repayment?
There are a few things that affect your loan's status, such as going back to school after your separation or grace period expired. Also, if you selected either an interest-only or fixed repayment option, you'll make payments while in school. Understand how going back to school affects your loan.
How do I find out who is servicing my loan?
You may have both federal and private student loans for your undergraduate and graduate school education.
What is the difference between a fixed interest rate loan and a variable interest rate loan? How do I know what type I have?
Interest is the amount you’re charged for borrowing money. When you pay back a loan, you pay it back with interest. How much interest you pay back depends on your loan’s interest rate.
Both your rate and rate type can be found on your billing statement and loan documents.
How is the interest rate on my variable rate loan calculated?
For a variable rate loan, most lenders start with a benchmark index and add a margin. For instance, if the lender uses the London Inter-bank Offered Rate (LIBOR) as its index and then adds a 5% margin, the rate will be quoted as “LIBOR + 5%.” While economic conditions may make the benchmark index go up or down, the margin added will usually remain fixed.
You can find your loan’s index and margin on your Promissory Note and loan documents.
For questions related to indexes and the transition from LIBOR to SOFR, please visit www.salliemae.com/libor2sofr.
These FAQs are for Money Market Accounts, High-Yield Savings Accounts, Certificates of Deposits, and mobile banking.
Are Sallie Mae Bank accounts FDIC insured?
Yes, our deposit accounts are FDIC insured up to the maximum amount allowed. To learn more about FDIC insurance limits, visit www.fdic.gov.
To calculate the insurance coverage for personal accounts, you can use the FDIC's Electronic Deposit Insurance Estimator.
Also, please note that our deposit accounts are offered through Sallie Mae Bank, Member FDIC.
What are "micro-deposits" and "linked" accounts?
Your linked account is your bank account with another external financial institution that you "link" to your Sallie Mae account. This link lets you transfer funds electronically, saving you time and money.
When you open an account, we'll make two micro-deposits (small deposits) into your external account. We then ask you to sign in to your Sallie Mae Bank account and verify these two small deposits (they'll be less than $1). This is a security measure to ensure you own the external account. It's important to remember that you can't transfer any funds from your Sallie Mae account until you've verified your first set of micro-deposits. Also, each time you add a new linked account, we'll send micro-deposits that you'll need to verify. Because you need to verify the micro-deposits before you can use your new link, don't delete your old link(s) until your new link is verified. This way you'll still have links to transfer your funds. You need to be an authorized signer on all linked accounts.
What’s our routing/ABA number?
Our routing/ABA number for Money Market Accounts, High-Yield Savings Accounts, and Certificates of Deposit is 124385119.
How do you calculate interest on my account and when is it credited to my account?
Interest is calculated the same way for all our accounts. It's compounded daily and credited to your account monthly. Interest credits will appear on the first business day of the month following the month they're earned. (For example, interest earned in April is credited on the first day of May.)
When and how will I receive my statements?
The primary account holder will receive a statement each month. You'll be a sent an email telling you when your statement is available for viewing online.
How do I contact you about my Sallie Mae account?
Contact us using one of the methods below.
Will I receive a 1099-INT?
If you receive any interest as a primary accountholder during the year, you'll get a 1099-INT. If you have other accounts, like a SmartyPig Account, you'll receive a separate 1099-INT. 1099-INTs will be available online in late January.
How do I set up direct deposits?
Since direct deposits come from different sources, we don't have a standard form to set this up. Please reach out to the institution that has your funds and ask them for their procedure. They'll probably need the following information to set it up:
Can I download past transactions?
Yes, log in to your account and choose how you'd like to download your transactions (downloaded to either Microsoft Money or Excel).
How should I update my address or other personal information?
You can update your personal information online or by phone:
If you need to update your name, date of birth, or Social Security number, provide us with proof of the correction.
Make sure you also include a note specifying the reason you're contacting us.
You can provide proof by scanning and emailing your documents, faxing them, or mailing them to us.
What is a Payable on Death account?
A Payable on Death (POD) account, also known as a Totten or informal trust account, is a simple way to disperse assets upon death. Distribution of assets for beneficiaries, or people to whom money is paid or will be paid, of POD accounts occurs without going through probate. Also, you may be entitled to additional FDIC insurance coverage for each POD beneficiary.
Tell me about the extra FDIC insurance for Payable on Death accounts.
In many cases, funds in POD accounts are FDIC insured up to $250,000 for each qualified beneficiary. For more information, head over to the FDIC insurance calculator.
How can I make a new account a Payable on Death account?
You can make a new account a Payable on Death (POD) account during the account creation process. You'll be asked to select your beneficiaries. Once they're selected, your account is a POD account. All beneficiaries are assigned equal shares of funds. (For example, if you assign three beneficiaries, each will be given a one-third share of the funds in the account upon death.)
Can I make an existing account a Payable on Death account?
You can make an existing account a Payable on Death (POD) account on your account summary page. You'll be asked to select your beneficiaries. Once they're selected, your account is a POD account. All beneficiaries are assigned equal shares of funds in your account. (For example, if you assign three beneficiaries, each will be given a one-third share of the funds in the account.)
Can I remove the Payable on Death designation from an account?
Yes, deleting all beneficiaries will remove the Payable on Death designation.
What happens to my Payable on Death account if I die?
If you die, your designated beneficiaries receive the equal shares of funds in your account. The assets are transferred without going through probate.
How can I ask for a wire transfer from or to my account?
To request a wire transfer from your account, fill out the Wire Withdrawal Request. We'll only send wire transfers to your linked accounts (accounts you've already established that you own). We also require a copy of your driver's license or other state-issued identification.
After completing the form, submit it with your identification by scanning the documents and uploading them to https://secureupload.salliemae.com. You can also fax them to 800-627-7532.
For the transfer to be completed same day, please submit your wire transfer request by 3 p.m. ET.
Note that a wire transfer isn't the usual transfer that's set up online—that's called an ACH transfer. ACH transfers are free and take two to three business days. A wire transfer moves funds from one bank to another on the same day. Our fee for an outgoing wire transfer is $20. Incoming wire transfers from another bank to Sallie Mae aren't assessed a fee by Sallie Mae Bank. We won't initiate international wire transfers.
To send a wire transfer from another bank to your Sallie Mae account, use our ABA routing number, 124385119, and your Sallie Mae Bank account number.