Choose the student loan that's right for you

Choose the student loan that is best for you

Borrow responsibly
We encourage students and households to start out with financial savings, grants, scholarships, and federal student loans to pay for school. Students and households ought to consider all anticipated month-to-month loan funds, and the way a lot the student expects to earn sooner or later, earlier than contemplating a personal student loan.
Smart Option Student Loan for undergraduate students and Sallie Mae loans for graduate college bills: These loans are for students at collaborating degree-granting faculties. Smart Option Student Loan info is for undergraduates solely. Graduate Certificate/Continuing Education coursework isn’t eligible for MBA, Medical, Dental, and Law School Loans. Students who usually are not U.S. residents or U.S. everlasting residents should reside within the U.S., attend a collaborating college within the U.S., apply with a creditworthy cosigner (who have to be a U.S. citizen or U.S. everlasting resident) and supply an unexpired government-issued photograph ID to confirm their id. Applications are topic to a requested minimal loan quantity of $1,000. Current credit and different eligibility standards apply.
Parent Loan: This loan have to be used to pay for eligible student bills at collaborating degree-granting faculties. The student can’t be a borrower or cosigner and isn’t accountable for repaying the loan. The borrower, cosigner, and student have to be U.S. residents or U.S. everlasting residents. If the college points a refund on to the student, the borrower and cosigner (if relevant) are nonetheless accountable for repaying that quantity. Applications are topic to a requested minimal loan quantity of $1,000. Current credit and different eligibility standards apply.
1. Although we don’t cost a penalty or price in the event you prepay your loan, any prepayment will probably be utilized as outlined in your promissory word—first to Unpaid Fees and prices, then to Unpaid Interest, after which to Current Principal. 
2. Interest is charged beginning when funds are despatched to the college. With the Fixed and Deferred Repayment Options, the rate of interest is larger than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal on the finish of the grace/separation interval. Payments could also be required throughout the grace/separation interval relying on the compensation choice chosen. Variable charges could enhance over the lifetime of the loan. Advertised variable charges replicate the beginning vary of charges and should differ exterior of that vary over the lifetime of the loan. All Advertised APRs assume a $10,000 loan. Smart Option Student Loan APRs assume a borrower who attends college for 4 years and has no prior Sallie Mae loans. Medical School Loan and Dental School Loan APRs assume 4 years at school. Law School Loan APRs assume 3 years at school. MBA Loan, Graduate School Loan for Health Professions, and Graduate School Loan APRs assume 2 years at school.
3. Loan quantity can not exceed the price of attendance much less monetary support obtained, as licensed by the college. Sallie Mae reserves the suitable to approve a decrease loan quantity than the school-certified quantity.
4. This promotional profit is supplied for gratis to debtors with undergraduate, graduate, or mother or father loans with a primary disbursement between May 1, 2021 and April 30, 2022. Borrowers usually are not eligible to activate the profit till July 1, 2021. Borrowers who reside in, attend college in, or borrow for a student attending college in Maine usually are not eligible for this profit. Chegg Study® affords skilled Q&A the place students can submit as much as 20 questions per 30 days. No money worth. Terms and Conditions apply. Please go to http://www.chegg.com/legal/smtermsandconditions for full particulars. This provide expires one yr after issuance.
5. The borrower or cosigner should enroll in auto debit by Sallie Mae to obtain a 0.25 share level rate of interest discount profit. This profit applies solely throughout energetic compensation for so long as the Current Amount Due or Designated Amount is efficiently withdrawn from the approved bank account every month. It could also be suspended throughout forbearance or deferment, if obtainable for the loan.
6. Only the borrower could apply for cosigner launch. Borrowers who meet the age of majority of their state could apply for cosigner launch by offering proof of commencement (or completion of certification program), revenue, and U.S. citizenship or everlasting residency (in case your standing has modified because you utilized). In the final 12 months, the borrower have to be present on all Sallie Mae-serviced loans (together with no hardship forbearances or modified compensation packages) and have paid forward or made 12 on-time principal and curiosity funds on every loan requested for launch. When the cosigner launch utility is processed, the borrower should reveal the flexibility to imagine full duty of the loan(s) individually and go a credit overview that demonstrates a passable credit historical past together with however not restricted to no: chapter, foreclosures, student loan(s) in default, or 90-day delinquencies within the final 24 months. Requirements are topic to vary.
7.  Examples of typical transactions for a $10,000 Smart Option Student Loan with the most typical variable charge, mounted compensation choice, 6-month separation interval, and two disbursements: For a borrower with no prior loans and a 4-year in-school interval, it really works out to a 6.88% APR, 51 funds of $25.00, 119 funds of $136.17 and one fee of $112.58, for a Total Loan Cost of $17,591.81. For a borrower with $20,000 in prior loans and a 2-year in-school interval, it really works out to a 7.06% APR, 27 funds of $25.00, 179 funds of $98.17 and one fee of $66.85 for a complete loan price of $18,314.28. Loans which are topic to a $50 minimal principal and curiosity fee quantity could obtain a loan time period that’s lower than 10 years. Variable charges could enhance over the lifetime of the loan.
8. APRs for the Principal and Interest Repayment Option could also be larger than APRs for the Interest Repayment Option. Variable charges could enhance over the lifetime of the loan. Advertised variable charges replicate the beginning vary of charges and should differ exterior of that vary over the lifetime of the loan. APRs assume a $10,000 loan with a 4-year in-school interval.
9. Example of a typical transaction for a $10,000 Parent Loan with the most typical variable charge, the Principal and Interest Repayment Option, 48-month in-school interval, and two disbursements. It works out to 12.99% variable APR, 4 funds of $75.05, 115 funds of $151.38 and one fee of $80.65, for a complete loan price of $17,789.55. Loans which are topic to a $50 minimal principal and curiosity fee quantity could obtain a loan time period that’s lower than 10 years. Variable charges could enhance over the lifetime of the loan.
10. Example of a typical transaction for a $10,000 MBA Loan with the most typical variable charge, Fixed Repayment Option, and two disbursements. For debtors with a 27-month in-school and separation interval, it really works out to 11.49% variable APR, 27 funds of $25.00, 179 funds of $139.96 and one fee of $27.70, for a complete loan price of $25,755.54. Loans which are topic to a $50 minimal principal and curiosity fee quantity could obtain a loan time period that’s lower than 15 years. Variable charges could enhance over the lifetime of the loan.
11. Example of a typical transaction for a $10,000 Medical School Loan with the most typical variable charge, Fixed Repayment Option, and two disbursements. For debtors with a 81-month in-school and separation interval, it really works out to 10.52% variable APR, 81 funds of $25.00, 238 funds of $170.75 and one fee of $100.32, for a complete loan price of $42,763.82. Loans which are topic to a $50 minimal principal and curiosity fee quantity could obtain a loan time period that’s lower than 20 years. Variable charges could enhance over the lifetime of the loan.
12. Example of a typical transaction for a $10,000 Dental School Loan with the most typical variable charge, Fixed Repayment Option, and two disbursements. For debtors with a 57-month in-school and separation interval, it really works out to 10.98% variable APR, 57 funds of $25.00, 238 funds of $151.78 and one fee of $90.01, for a complete loan price of $37,638.65. Loans which are topic to a $50 minimal principal and curiosity fee quantity could obtain a loan time period that’s lower than 20 years. Variable charges could enhance over the lifetime of the loan.
13. Example of a typical transaction for a $10,000 Graduate School Loan for Health Professions with the most typical variable charge, Fixed Repayment Option, and two disbursements. For debtors with a 27-month in-school and separation interval, it really works out to 11.49% variable APR, 27 funds of $25.00, 179 funds of $139.96 and one fee of $27.70, for a complete loan price of $25,755.54. Loans which are topic to a $50 minimal principal and curiosity fee quantity could obtain a loan time period that’s lower than 15 years. Variable charges could enhance over the lifetime of the loan.
14. Example of a typical transaction for a $10,000 Law School Loan with the most typical variable charge, Fixed Repayment Option, and two disbursements. For debtors with a 42-month in-school and separation interval, it really works out to 11.21% variable APR, 42 funds of $25.00, 179 funds of $152.87 and one fee of $60.14, for a complete loan price of $28,473.87. Loans which are topic to a $50 minimal principal and curiosity fee quantity could obtain a loan time period that’s lower than 15 years. Variable charges could enhance over the lifetime of the loan.
15. Example of a typical transaction for a $10,000 Graduate School Loan with the most typical variable charge, Fixed Repayment Option, and two disbursements. For debtors with a 27-month in-school and separation interval, it really works out to 11.49% variable APR, 27 funds of $25.00, 179 funds of $139.96 and one fee of $27.70, for a complete loan price of $25,755.54. Loans which are topic to a $50 minimal principal and curiosity fee quantity could obtain a loan time period that’s lower than 15 years. Variable charges could enhance over the lifetime of the loan.
16.  Interest is charged beginning when the funds are despatched to you. Once principal and curiosity compensation begins, any Unpaid Interest will probably be added to Current Principal, rising the Total Loan Cost. Variable charges could enhance over the lifetime of the loan. Advertised variable charges replicate the beginning vary of charges and should differ exterior of that vary over the lifetime of the loan. Advertised APRs assume a $15,000 loan disbursed on the time of the student’s commencement from college.
17.  Interest is charged beginning when the funds are despatched to you. For those that graduate, the grace interval is 36 months. For those that withdrawal or whose attendance falls beneath half-time standing, the grace interval is 9 months. Once principal and curiosity compensation begins, any Unpaid Interest will probably be added to Current Principal, rising the Total Loan Cost. Variable charges could enhance over the lifetime of the loan. Advertised variable charges replicate the beginning vary of charges and should differ exterior of that vary over the lifetime of the loan. Advertised APRs assume a $20,000 loan disbursed on the time of student’s commencement from college.
SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE.
Information marketed legitimate as of 11/06/2021.
Sallie Mae loans are made by Sallie Mae Bank.
The Sallie Mae associate referred isn’t the creditor for these loans and is compensated by Sallie Mae for the referral of Sallie Mae Loan prospects.