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Tip for borrowers
You can apply only once and get the money your student needs for the entire school year. Funds will be sent for each term as requested by your school.
Learn about how much to borrow
Your interest rate can rise or fall as the market index changes, so your Parent Loan payments may vary over time.
Get predictable monthly payments with a rate that doesn’t change over time.
Start by paying just the interest
Get budget flexibility—make interest-only payments while your student is in school for up to 48 months, and then principal and interest payments for the remaining life of the loan.
It may take longer to pay of your Parent Loan than with the principal and interest repayment option.
Pay off your loan faster
You can pay off your loan faster by making principal and interest payments while your student is in school and your total Parent Loan cost will likely be lower, compared to the interest repayment option.
Your monthly Parent Loan payments will likely be higher while your student is in school, compared to the interest repayment option.
Manage your credit like a pro
Track your credit health with free access to your FICO® Score, updated quarterly.
Learn more about FICO® Scores
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We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Students and families should evaluate all anticipated monthly loan payments, and how much the student expects to earn in the future, before considering a private student loan.
This loan must be used to pay for eligible student expenses at participating degree-granting schools. The student cannot be a borrower or cosigner and is not responsible for repaying the loan. The borrower, cosigner, and student must be U.S. citizens or U.S. permanent residents. If the school issues a refund directly to the student, the borrower and cosigner (if applicable) are still responsible for repaying that amount. Applications are subject to a requested minimum loan amount of $1,000. Current credit and other eligibility criteria apply.
APRs for the Principal and Interest Repayment Option may be higher than APRs for the Interest Repayment Option. Variable rates may increase over the life of the loan. Advertised variable rates reflect the starting range of rates and may vary outside of that range over the life of the loan. APRs assume a $10,000 loan to a person borrowing for a freshman student.
Loan amount cannot exceed the cost of attendance less financial aid received as certified by the school. Sallie Mae reserves the right to approve a lower loan amount than the school-certified amount. Miscellaneous personal expenses (such as a laptop) may be included in the cost of attendance for students enrolled at least half time.
Although we do not charge a penalty or fee if you prepay your loan, any prepayment will be applied as outlined in your promissory note—first to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal.
Borrower or cosigner must enroll in auto debit through Sallie Mae to receive a 0.25 percentage point interest rate reduction benefit. This benefit applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month and may be suspended during periods of forbearance or deferment, if available for the loan.
This promotional benefit is provided at no cost to borrowers with new loans that first disburse prior to April 30, 2021. Borrowers who reside in, attend school in, or borrow for a student attending school in Maine are not eligible for this benefit. Chegg Tutors offers One Free session of up to 60 minutes. A session will be considered redeemed if it has a minimum duration of thirty (30) minutes. Any minutes not used within the same session will expire upon conclusion of the session. No cash value. Terms and Conditions apply. Please visit chegg.com/studystarter/termsandconditions for complete details. This offer expires one year after issuance.
Borrowers and cosigners with an available FICO® Score and a Sallie Mae-serviced loan with a current balance greater than $0, may receive their score quarterly after the first disbursement of their loan. The FICO® Score provided to you is the FICO® Score 8 based on TransUnion data. FICO® Scores and associated educational content are provided solely for your own non-commercial personal review, use and benefit. This benefit may change or end in the future. FICO® is a registered trademark of the Fair Isaac Corporation in the United States and other countries.
Sallie Mae loans are made by Sallie Mae Bank.
Information advertised valid as of 12/28/2020.
SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE. CHECK SALLIEMAE.COM FOR THE MOST UP-TO-DATE PRODUCT INFORMATION.