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When you have expenses that aren’t covered by savings, financial aid, and traditional payment plans, get the money you need to help pay for your child’s private school education.
Your variable interest rate can rise or fall as the market index changes, so your private school loan payments may vary over time.
Principal and interest payments begin within 30 days of when the loan is sent to the school.
* 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. Advertised APRs assume a $10,500 loan with a principal and interest repayment term of 36 months, beginning in the month following the first disbursement. The high-end APR assumes a 3% disbursement fee. Disbursement fees, if assessed, are added to the disbursed amounts, increasing the loan amount.
** This repayment example is based on a typical K-12 Family Education Loan made to a borrower (on behalf of a student) for a $10,500 loan, with two disbursements, a 3% disbursement fee, and a 14.62% variable APR. It works out to 4 payments of $181.83, 31 payments of $382.40 and one payment of $354.15, for a Total Loan Cost of $12,935.87. Variable rates may increase over the life of the loan.
Borrow up to 100% of the school-certified cost of your child’s private school kindergarten through grade 12 education.
Pay no application fee or penalty for paying off your private school loan before its due date. A disbursement fee of up to 3% may apply.**
Track your credit health with quarterly FICO® Credit Scores available online for free to you.
Source: Sallie Mae online loan application surveys, July 2016 – June 2017.
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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.
All institutions must be licensed or accredited by the department of education in the states in which they operate, if required by that state, or must be accredited by a recognized national education association. Proof of student enrollment must be provided through school certification, an enrollment agreement, or tuition bill. Borrower/Cosigner must be a U.S. citizen or U.S. permanent resident. Applications are subject to a requested minimum loan amount of $1,000. Current credit and other eligibility criteria apply.
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.
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.
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 or a lender partner.
Information advertised valid as of 3/25/2020.
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.