Frequently asked questions

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.

Student loan FAQs

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.

  • For federal loans, visit the National Student Loan Data System to see who your servicers are.
  • For private loans, you can request a free credit report from annualcreditreport.com that lists the student loans reported to the consumer reporting agencies. (Most servicers report their loans to these consumer reporting agencies.)

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.

  • Fixed interest rates stay the same for the life of the loan, no matter what.
  • Variable interest rates may go up or down due to an increase or decrease in the benchmark index the lender used to calculate the interest rate.

Both your rate and rate type can be found on your billing statement and loan documents.

If you need more help, you can learn more about interest rates or choose which rate is right for you.

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.

Savings, CDs, and mobile banking FAQs

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.

By phone

  • Savings, CDs, or Mobile Banking: 877-346-2756
  • SmartyPig Accounts: 877-751-6884
  • Student Loans: 800-472-5543

By mail

  • Savings, CDs, or Mobile Banking:
    Sallie Mae
    175 S West Temple, Suite 600
    Salt Lake City, UT 84101

See all the ways you can contact us

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:

  • Your Sallie Mae account number
  • Our routing (ABA) number: 124385119

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:

  • Log in to your account to change your personal information.
  • For updates to your deposit accounts, including High Yield Savings and Money Market, please call us at 877-346-2756.
  • For updates to your student loan accounts, please call us at 800-472-5543.

If you need to update your name, date of birth, or Social Security number, provide us with proof of the correction.

  • Name change: Send a copy of your marriage license, divorce decree, or other court order along with a copy of your driver's license or other state-issued identification showing your new name.
  • Birthdate correction: Send a copy of your driver's license or other state-issued identification.
  • Social Security number correction: Send a copy of your Social Security card.

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.

  • Upload scanned documents and pictures to https://secureupload.salliemae.com.
  • Fax documents to 800-627-7532.
  • Mail documents to Bank Operations, Sallie Mae Bank, 175 S West Temple, Suite 600, Salt Lake City, UT 84101.

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.

Are there fees or charges for Sallie Mae High-Yield Savings and Money Market Accounts?
There are no monthly maintenance fees for these accounts, but there are fees for additional services.

If you have a Money Market Account, additional check services have the following charges:

  • Check order, standard delivery: Free if ordered at account opening; $5 if ordered after account opening. 
  • Check order, expedited delivery: Free if ordered at account opening; $15 if ordered after account opening. 
  • Stop payment: $15

How do I make deposits and withdrawals?
There are four ways you can deposit funds into your Money Market or High-Yield Savings Account:

  1. Sallie Mae e-deposit (also known as remote deposit) lets you conveniently make deposits electronically with your iPhone® or Android™ device. We can't accept some checks via e-deposit, including money orders, third-party checks, foreign checks, and starter checks.
  2. Set up direct deposits.
  3. Transfer funds electronically via ACH transaction. To transfer funds electronically, all you need to do is log in to your account. Transfers set to be processed immediately can't be canceled but recurring and future-dated transfers can be canceled.
  4. Deposit a check via mail. You can mail your check to us at Sallie Mae Bank, 6855 Pacific St., Attn: Item Processing 3rd Floor, Omaha, NE 68106. (Please remember we don't accept some checks, including third-party checks.)

To withdraw your money, all you need to do is log in to your account and transfer the desired amount to your linked account. Transfers set to be processed immediately can't be canceled but recurring and future-dated transfers can be canceled.

When do deposits start accruing interest and how long are they on hold?

Deposits start to accrue interest as soon as they post to your account.

  • For electronic deposits, this is usually two or three business days after the transaction was initiated.
  • For check deposits, this will happen as soon as we get the check and process it.

For all deposits, funds will be held for five business days from the effective date of the deposit.

The effective date of the deposit is the day that your account is credited for that deposit. To the extent permitted by law, we reserve the right to extend these timeframes for certain reasons, including suspicion of fraud. In addition, funds in an account that is being closed may be subject to a brief temporary hold to allow outstanding transactions to clear and for any necessary processing procedures to be performed.

How long does it take for a withdrawal or transfer to arrive in my linked account?
Transfers to your linked account will normally arrive two to three business days after you schedule your withdrawal.

How do I cancel a transfer?
Transfers set for immediate processing can't be canceled. You can cancel any transfer that has a pending status, including recurring and future-dated transfers, three different ways:

  • Log in to your account and select the pending transfers you'd like to cancel.
  • Call us at least three business days before the transfer is scheduled to be made.
  • Write to us at 175 S West Temple, Suite 600, Salt Lake City, UT 84101, and include your account number, the exact dollar amount of the transfer, and the transfer date. We need to get your request at least three business days before the payment is scheduled to be made.

How do I order checks for my Money Market Accounts?
Once you confirm your mailing address, you can call us to order your checks. Your checks will be sequentially numbered from any prior check order. We'll charge your account $5 for a check order with standard delivery (10 business days), or $15 for expedited delivery (2-3 business days). Checks ordered when the account is opened are free.

How do I stop payment on a check from my Money Market Account?
If you want to stop payment on a check or on a range of checks, log in to your account and choose the payment to stop. If the check (or a check within the range) wasn’t processed and paid, you can place a stop payment. We'll charge your account $15 to make a stop payment. The stop payment is permanent and doesn't expire.

What’s a promotional/bonus rate?
From time to time, we may offer a bonus interest rate and Annual Percentage Yield (APY) on new accounts. Bonus interest rates and APYs are applicable for a limited time only.

What will my interest rate be after the promotional period ends?

If you have a promotional rate, the interest rate on your account when it ends will be the regular interest rate in effect. Learn more about rates and disclosures for:

Does my promotional rate vary with the balance in my account?
If you have a promotional rate, it doesn't vary with your account balance. Your account will receive the same interest rate throughout the promotional period.

What happens to my account when my Certificate of Deposit (CD) matures?
Your CD will automatically renew at maturity. Upon maturity, you'll have a grace period of 10 calendar days during which you can withdraw funds without penalty. This grace period begins on the date of maturity.

You may choose to withdraw the funds in your CD at maturity or within the grace period. If you wish to do so, call us to provide us with notice.

If you choose not to renew your CD, interest will accrue until the day within the grace period that you withdraw your funds or that we receive notice. Each renewal term will be the same as the original term, beginning on the maturity date. We'll set the interest rate on your renewing CD at our discretion. To determine your rate on renewal, please check our rate schedule at www.salliemae.com/banking/

Will you remind me of the maturity date on my Certificate of Deposit (CD)?
Yes, we’ll send you an email notice about 30 days before your CD matures.

Can I receive interest disbursements from my Certificate of Deposit (CD)?
Yes, interest disbursements can be requested monthly or at maturity. They'll be sent electronically to the linked account you specify.
To set up interest disbursements, log into your account.

Does the Certificate of Deposit (CD) have early termination penalties?
Yes, our early termination penalties are as follows:

  • If your CD has a term of 12 months or less, the penalty will be equal to 90 days' simple interest.
  • If your CD has a maturity term greater than 12 months, the penalty will be equal to 180 days' simple interest.

In certain circumstances, such as the death or incompetence of an account owner, we may waive the early withdrawal penalty.

What is mobile text banking?
You’ll be able to retrieve information about your bank accounts from a mobile device using Short Message Service (SMS) texts. 

Which accounts can I access with mobile text banking?

  • High-Yield Savings Accounts
  • Money Market Accounts
  • Certificate of Deposit Accounts

How do I enroll in mobile text banking?
You'll need to log in to your account at banking.salliemae.com.

Is there a fee for using mobile banking?
No, we don't charge a fee for using mobile banking. You may, however, incur normal text or data usage charges from your wireless carrier to access the internet or text messages on your mobile device. If you don't have one already, you’ll to contact your wireless carrier about signing up for a text or data service plan.

What do I need to be eligible to activate mobile text banking?
You'll need a mobile device that can send and receive text messages.

Is mobile text banking secure?
We're committed to the safety and security of your information. To ensure the security of your account information, several security features were built into our mobile banking services.

  • No identifiable information: Our texts or alerts never include any personally identifiable information, such as your full account number, PIN, email address, User ID, password, or mobile number.

What happens if I change my mobile device number?
As a security precaution, you won't be able to get alerts or use mobile text/SMS banking until you log in to your online banking account and update your mobile preferences.

What if I lose or replace my mobile device?
If you lose your mobile device, contact us to suspend your mobile text banking. If you have a new phone, we can help you set up mobile text banking again.

What's our short code?
Our SMS short code is 99701. Short codes are special telephone numbers, usually five or six digits long, which are used to send and receive text messages from mobile phones in the U.S.

I didn't receive the verification PIN or my PIN didn't work. What should I do?
If you didn’t receive your verification PIN, make sure your mobile device's phone number is entered correctly. You have the option to resend the PIN to your device. If you still don't receive a verification PIN, please contact us.

What are the text commands I can use for Sallie Mae text banking?
Here's a complete list of the mobile banking commands you can text to 99701:

  • BAL — Receive account balances.
    (Note: Available balance for deposit accounts is the balance of funds available for withdrawal or transfer; certain pending transactions, such as deposits on hold, may not be immediately available and wouldn't be included in the available balance.)
  • BAL [nickname] — Receive the balance of the nicknamed account.
  • HIST—Returns a list of your last five most recent transactions.
  • HIST [nickname]—Returns the last five most recent transactions for the nicknamed account.
  • T or TRANS [from acct] [to acct] [amount]—Transfer funds between two accounts.
  • HELP—Returns a list of all available text commands.
  • STOP—Deactivates mobile banking from phone.
  • NICK—Returns a list of all account nicknames.

What is the difference between mobile text alerts and mobile text banking?
Mobile text alerts are automatic notices we send directly to your mobile device that contain important information about your registered account(s). You can choose which alerts you want to activate.
Mobile text banking lets you request information such as your account balance and recent transactions from your mobile device. You can text commands to us at 99701.

How do I set up customer alerts?
Once you've enrolled in mobile banking, you can set up mobile text alerts by visiting the alerts section in mobile banking. The alerts configuration page displays all available alerts for each active and mobile eligible account. 
We offer the following alerts:

  • Reminder alerts
  • Balance alerts
  • Check cleared alerts
  • Daily balance alerts
  • Transaction alerts
  • Secure message alerts

How do I stop receiving mobile text alerts?
You can stop alerts by changing your preferences or texting STOP to Sallie Mae (99701).

How do I get the app?
Download the Sallie Mae Banking App to your smartphone through the Google PlayTM Store or the Apple® App StoreSM.

Which accounts can I access with the app?

  • High-Yield Savings Accounts
  • Money Market Accounts
  • Certificate of Deposit Accounts

Is there a fee for using the app?
No, we don't charge a fee for using mobile banking. You may, however, incur normal text or data usage charges from your wireless carrier to access the internet on your mobile device.

Is mobile banking secure?
We're committed to the safety and security of your information. To ensure your account information is secure, several features were built into our mobile banking services:

  • Secure login: The app requires secure login for access. No one can access your account information without knowing your unique username and password.
  • Data encryption: For your protection, only limited information, such as your account nicknames and balances, is stored on your mobile device. All your account data resides at Sallie Mae, just as with online banking. All data placed in your mobile device is encrypted before it's stored and it's only accessible with your PIN. This ensures that your data is unreadable if your mobile device is lost or stolen.

What if I lose or replace my mobile device?
If you lose or replace your mobile device, you'll simply need to re-download the app.

What is Sallie Mae e-deposit?
Sallie Mae e-deposit (also known as remote deposit) lets you make deposits electronically with your iPhone® or Android™ smartphone. To make an e-deposit, you'll have to take front and back pictures of the item. Camera and check images are securely processed the same as a paper check. Checks deposited after 3:00 p.m. ET. won't be processed until the next business day. Standard hold times apply for check deposits.

How do I use e-deposit?
To make a deposit with your iPhone® or Android™ smartphone, you need to download our app and log in to your account. You'll then be asked to take front and back pictures of your check, choose the account for the deposit, and confirm the deposit amount.

Are there any types of checks I can't e-deposit?

You can't deposit:

  • Money orders
  • Third-party checks
  • Foreign checks
  • Starter checks

We also can't accept:

  • Checks with fields that were altered.
  • Checks already converted to a substitute check.
  • Checks that were created remotely.
  • Checks not payable in United States currency.
  • Traveler's checks or money orders.
  • Checks dated more than six months prior to the date of deposit.
  • Checks prohibited by our current procedures for Sallie Mae mobile banking or that are otherwise not acceptable under the terms of your account(s). This includes checks that you know or suspect are fraudulent or otherwise not authorized by the owner of the account on which the check is drawn.

What are the guidelines for using e-deposit?
Here’s what you need to keep in mind when using e-deposit on your iPhone® or Android™ smartphone:

  • Make sure you have a strong mobile signal.
  • Endorse your check as, For mobile deposit only, Sallie Mae Bank [account number].
  • When taking pictures of your check, make sure the check is completely within the frame and that the picture isn't distorted or blurry.
  • You can't deposit checks to a Certificate of Deposit account.

Is e-deposit secure?
Yes, our e-deposit is secure. Our website and application have multiple layers of security, including password protection, internet firewalls, and encryption.

Why is my app timing out?
If your mobile device signal strength is weak, app features might time out. Make sure you have a strong signal when e-depositing checks.

What happens to my checks after I deposit them?
When a check is e-deposited, images of the front and back of the check are processed as if the item were a paper check. We recommend that you keep all e-deposited checks until you see the deposit post to your account. Once your funds are available in your account, mark the physical checks as "Void" and destroy them to ensure they're not re-deposited.

How will I be notified if my e-deposit isn't accepted?
If your e-deposit isn't accepted, you'll receive a message. All checks may be subject to further review and we'll notify you by email if there's a problem with your e-deposit.
We recommend that you keep all e-deposited checks until you see the deposit post to your account. Once your funds are available in your account, mark the physical checks as "Void" and destroy them to ensure they're not re-deposited.

Sallie Mae e-deposit limits
Deposits via e-deposit are limited to the following maximums:
E-deposit daily deposit limit ($)

  • Total dollar amount: $10,000.00
  • Total number of deposits: 5 deposits

E-deposit monthly deposit limit ($)

  • Total dollar amount: $50,000.00
  • Total number of deposits: 10 deposits