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Questions? Call us at 877-279-7172.

Our free college planning resources may help you find more ways to pay for college. Your school's financial aid office may also be able to help.

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Features that can help you make college happen



of all your student's school certified cost of attendance


origination fee

and no penalty for paying ahead


percentage point interest rate reduction

when you enroll in and make payments by auto debit


added value—4 months of free study support

for your student with Study StarterSM

Choose a fixed or variable interest rate

Lowest rates shown include the auto debit discount

Fixed rates:   
5.49% - 12.87% APR

Get predictable monthly payments with an interest rate that doesn't change over time.

Variable rates:   
5.74% - 12.37% APR

Your interest rate can rise or fall as the market index changes, so your Parent Loan payments may vary over time.

Choose how you want to pay it back

Interest repayment option

In school After school Pay interest monthly
(up to 48 months)
Principal & 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 will take longer to pay off your Parent Loan than with the principal and interest repayment option.

Principal and interest repayment option

In school After school Principal & interest Principal & interest

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.

Note on loan refunds: The proceeds of the loan will be disbursed directly to the school on behalf of the student. Refunds will be handled within your school’s current process and in some cases, your school may refund loan funds directly to the student. If that occurs, the borrower and cosigner (if applicable) would still be responsible for repaying that amount to Sallie Mae.

Benefit from these Sallie Mae Parent Loan features

Apply for this loan as a parent or any creditworthy individual. (Students may not apply themselves.)

Track your credit health with quarterly FICO® Credit Scores available online for free to you.

May qualify to receive a tax deduction on the interest you pay.

You have a choice when it comes to helping your student

Whether you want to take out a loan yourself or cosign one with your student, it's important to explore your options. The Sallie Mae Parent Loan and the Smart Option Student Loan® are separate products with different features and available interest rates.

Compare your loan options

Applying online is easy

is about all it takes to apply and get
a credit result.

of customers would recommend our online loan application process.

Source: Sallie Mae online loan application surveys, July 2016 – June 2017.

Questions? Need help applying?

Call us at 877-279-7172

Didn’t find what you were looking for? See all private student loans.

Borrow responsibly
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 information is for borrowers with students attending participating degree-granting schools. The student is not eligible to be a borrower or cosigner. The borrower, cosigner and student must be U.S. citizens or U.S. permanent residents. The school may refund loan funds directly to the student, and if that occurs, borrower and cosigner (if applicable) would still be responsible for repaying that amount. Applications are subject to a requested minimum loan amount of $1,000. Current credit and other eligibility criteria apply.

Sallie Mae reserves the right to approve a lower loan amount than the school-certified amount.

Although we do not charge you a penalty or fee if you prepay your loan, any prepayment will be applied as provided 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. The rate reduction 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. This benefit 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 loans that first disburse between July 1, 2018 and June 30, 2019. Borrowers who reside in, attend school in, or borrow for a student attending school in Maine are not eligible for this benefit. No cash value. Terms and Conditions apply. Please visit for complete details. This offer expires one year after issuance.

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.

Borrowers and cosigners who have an available FICO® Score and a Sallie Mae 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, and is the same score that Sallie Mae uses, along with other information, to manage your account. 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.

This information is not meant to provide tax advice. Consult with a tax advisor for education tax credit and deduction eligibility. For more information, see IRS Publication 970.

Information advertised valid as of 3/25/2019.