Sallie Mae

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What Can You Get with Your Signature?



After exhausting sources of free money (such as scholarships and grants) and applying for federal student loans, you may still need extra funds to cover your education costs. That’s when you should consider the Signature Student Loan — a popular after-Stafford loan and an excellent source of gap financing.


Signature Student Loan borrowers may benefit from:

  • Competitive interest rates that reward creditworthiness
  • Zero fees — saves you money up front and over the long haul1
  • 0.50 percentage point interest rate reduction with automatic debit payments1,2
  • No minimum income requirement
  • No payments required while in school3
  • Six month grace period3
  • Cosigner release option available after the first 24 consecutive on-time payments of principal and interest4
  • Flexible repayment options


Choosing us as your private student loan lender is a smart move. We offer the following helpful features:

  • 24/7 online account management
  • Sallie Mae's Upromise Loan LinkSM service can help you pay down your eligible Sallie Mae-serviced student loans
  • Combined billing when you have multiple Sallie Mae-serviced student loans
  • Comprehensive credit education resources

Loan limits

Borrow as much as you need to pay for your education, up to the cost of attendance as certified by your school and confirmed by Sallie Mae, less other financial aid received5.

Interest rate

  • Interest rates are variable and based on the one-month LIBOR.
  • Manage your credit well to become eligible for a lower interest rate.
  • Consider making interest payments while in school to lower the amount you must pay back.

Eligibility

  • You must attend a community college or a four- or five-year college at least half time and be working toward your degree.
  • You must meet credit criteria.

Repayment

  • Several repayment options are available, including standard, graduated and extended.
  • Prepay your loan anytime without penalty.

 








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Easy, secure online applications with fast credit decision and electronic signature.

If you do not have an established credit history, you may want to apply with a creditworthy cosigner to increase your chances of approval.

Even if you have an established credit history, you may be eligible for a lower interest rate if you apply with a creditworthy cosigner.

 


1 Signature Student Loan benefits apply to loans made in connection with attendance at four-year, Title IV eligible, not-for-profit public and private colleges and universities.

2 The 0.50 percentage point interest rate reduction for automatic debit benefit is available during active repayment for as long as the borrower's monthly payment is successfully deducted from the borrower's bank account.

3 Deferring payment while in school and in the grace period will increase the overall loan costs. Unpaid interest that accrues while you are in school and in the grace period will be capitalized (added to your loan amount) at repayment.

4 Creditworthy borrowers may request a cosigner release after making the first 24 consecutive, on-time payments of principal and interest. Borrower's account must remain current until the request for release is processed. Borrower credit qualification applies. Borrower must be a U.S. citizen or permanent resident at the time the cosigner release request is processed.

5 Sallie Mae reserves the right to approve a lower loan amount than what the school has certified.

SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE LOAN PROGRAMS AND BORROWER BENEFITS AT ANY TIME WITHOUT NOTICE. APPLICANTS SHOULD CHECK THE SALLIE MAE WEBSITE CLOSE TO THEIR LOAN DISBURSEMENT DATE TO OBTAIN THE MOST UP-TO-DATE INFORMATION REGARDING LOAN PROGRAMS, INCLUDING BORROWER BENEFITS AND REPAYMENT INCENTIVES.

Subject to the above, borrower benefits and repayment incentives are effective for Signature Student Loans first disbursed on or after June 1, 2008 and serviced by Sallie Mae.

Signature Student Loans are funded by Sallie Mae Bank® or a Sallie Mae lender partner. Sallie Mae, Sallie Mae Bank, and Signature Student Loan are registered service marks, and Manage Your Loans is a service mark of Sallie Mae, Inc. Upromise and Upromise Loan Link are service marks or registered service marks of Upromise, Inc.

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