Federal student loans
Private student loans
Federal student loans
Stafford Loan
Stafford loans carry a fixed rate throughout the life of the loan. The rate may depend on your year in school when the loan is disbursed and whether you are a dependent or independent student at that time.
- The interest rates for subsidized Stafford loans for undergraduate students are:
- For loans first disbursed July 1, 2006–June 30, 2008, the interest rate is fixed at 6.8%.
- For loans first disbursed July 1, 2008–June 30, 2009, the interest rate is fixed at 6%.
- For loans first disbursed July 1, 2009–June 30, 2010, the interest rate is fixed at 5.6%.
- For loans first disbursed July 1, 2010–June 30, 2011, the interest rate is fixed at 4.5%.
- For loans first disbursed July 1, 2011–June 30, 2012, the interest rate is fixed at 3.4%.
- For loans first disbursed on or after July 1, 2012, the interest rate is fixed at 6.8%.
- For all subsidized Stafford loans disbursed to graduate and professional students, the interest rate is fixed at 6.8%.
- For all unsubsidized Stafford loans disbursed to undergraduates and graduate students, the interest rate is fixed at 6.8%.
- The interest rate on Stafford loans first disbursed on or after July 1, 1998 but before July 1, 2006 is variable and may change on July 1 of each year, but will never exceed 8.25%. The rate is based on:
- The 91-day T-bill rate +1.70% during repayment periods.
- Starting July 1, 2009, the interest rate on variable rate loans during school, grace and deferment periods is 1.88%.
- The 91-day T-bill rate +2.30% during repayment periods.
- Starting July 1, 2009, the interest rate on variable rate loans in repayment is 2.48%.
PLUS loan
- The interest rate on PLUS loans first disbursed beginning July 1, 2006 is fixed at 8.5%.
- The interest rate on PLUS loans first disbursed on or after July 1, 1998 but before July 1, 2006 is variable and may change annually on July 1 but will never exceed 9%. The current interest rate on these variable rate PLUS loans is 3.28%.
Federal student loan consolidation
We have suspended participation in the federal consolidation loan program. If you are interested in loan consolidation, please contact another lender that participates in the program or the U.S. Department of Education.
Private student loans
The following Annual Percentage Rate (APR) examples include sample rates and fees for Sallie Mae’s private student loans. The actual rates and fees applicable to your loan may vary from these numbers shown. Sallie Mae uses a one-month London Interbank Offered Rate (LIBOR) index for loans first disbursed on or after June 2, 2008.
The APRs shown are APRs effective as of October 26, 2009.
Annual Percentage Rate (APR) examples:
- The APR is a variable rate and will increase if the applicable index (one-month LIBOR rate) increases. For purposes of these APR examples, we have assumed that the interest rate does not change.
- The APRs shown are APRs effective as of October 26, 2009.
- The one-month LIBOR rate effective on October 26, 2009 is 0.250%.
- All loan fees are capitalized (added to the loan principal).
APR example 1
|
APR |
4.25% |
13.38% |
10.58% |
9.64% |
|
1 All loan fees are capitalized (added to the loan principal).
2 During the period in which you are enrolled in school (the "school period") and for 6 months thereafter (the "separation period"), consecutive monthly payments of interest will be due. Thereafter, your monthly payments will consist of both principal and interest.
3 Based on private student loan of similar amount from another lender with the same APR. Traditional loans do not require the accrued interest to be paid during the school or separation period, but this unpaid interest is capitalized (or added to the loan balance) at the end of the separation period. Traditional loans also often have a longer repayment period.
These examples are based on the following assumptions. Your rate, fee, monthly payment amounts and total cost may vary from those shown here.
- The Annual Percentage Rate (APR) and interest rate on your loan will be variable rates and will change based on changes in the one-month LIBOR rate. Your interest rate and monthly payment may increase if the one-month LIBOR rate increases. For purposes of these calculations, we have assumed that the interest rate does not change.
- The APRs and interest rates shown are effective as of October 26, 2009.
- These examples are based on a single loan of $5,500 with two disbursements at a four-year not-for-profit institution.
- Securing a creditworthy cosigner increases the likelihood of being approved and may help the student obtain a lower interest rate.
Sallie Mae Smart Option Student Loan
APR example 2
|
APR |
4.25% |
13.59% |
10.79% |
10.18% |
|
1 All loan fees are capitalized (added to the loan principal).
2 During the period in which you are enrolled in school (the "school period") and for 6 months thereafter (the "separation period"), consecutive monthly payments of interest will be due. Thereafter, your monthly payments will consist of both principal and interest.
3 Based on private student loan of similar amount from another lender with the same APR. Traditional loans do not require the accrued interest to be paid during the school or separation period, but this unpaid interest is capitalized (or added to the loan balance) at the end of the separation period. Traditional loans also often have a longer repayment period.
These examples are based on the following assumptions. Your rate, fee, monthly payment amounts and total cost may vary from those shown here.
- The Annual Percentage Rate (APR) and interest rate on your loan will be variable rates and will change based on changes in the one-month LIBOR rate. Your interest rate and monthly payment may increase if the one-month LIBOR rate increases. For purposes of these calculations, we have assumed that the interest rate does not change.
- The APRs and interest rates shown are effective as of October 26, 2009.
- These examples are based on a single loan of $3,000 with two disbursements at a school other than a four-year not-for-profit institution.
- Securing a creditworthy cosigner increases the likelihood of being approved and may help the student obtain a lower interest rate.
APR examples:
Repayment begins at least 28, but no more than 60 days after the loan's disbursement for all repayment options.
Standard
|
APR |
9.87% |
15.15% |
|
Interest rate |
LIBOR + 9.5% |
LIBOR + 13.5% |
|
Disbursement fee |
0% |
5% |
|
Repayment fee |
0% |
0% |
|
Monthly principal and interest payment |
$156.68 |
$193.39 |
|
Repayment term (in months) |
120 |
120 |
|
Total amount paid |
$18,800.74 |
$23,207.63 |
Interest-only
|
APR |
9.86% |
15.52% |
|
Interest rate |
LIBOR + 9.5% |
LIBOR + 14% |
|
Disbursement fee |
0% |
5% |
|
Repayment fee |
0% |
0% |
|
Monthly interest payment (during deferment) |
$97.35 |
$149.35 |
|
Monthly principal and interest payment |
$156.68 |
$197.17 |
|
Repayment term (in months) |
120 |
120 |
|
Total amount paid |
$19,968.89 |
$25,453.69 |
APR assumptions:
- The Annual Percentage Rate (APR) is a variable rate and will increase if the one-month LIBOR increases. For the purposes of this calculation, we have assumed that the interest rate does not change.
- The APRs shown are APRs effective as of October 26, 2009.
- $11,921 loan amount.
- All examples assume a fee of $30 for each applicant and assumes a borrower and cosigner.
- Minimum monthly payment is $30 for standard repayment.
- APRs based on a 10-year repayment term of principal and interest.
- Securing a creditworthy cosigner increases the likelihood of being approved and may help the student obtain a lower interest rate.
APR examples:
Repayment begins at least 28, but no more than 60 days after the loan's disbursement.
|
APR |
11.34% |
14.10% |
|
Interest rate |
LIBOR + 11% |
LIBOR + 13% |
|
Disbursement fee |
0% |
3% |
|
Repayment fee |
0% |
0% |
|
Monthly principal and interest payment |
$224.44 |
$250.45 |
|
Repayment term (in months) |
120 |
120 |
|
Total amount paid |
$26,932.31 |
$30,052.97 |
APR assumptions:
- The Annual Percentage Rate (APR) is a variable rate and will increase if the one-month LIBOR increases. For purposes of this calculation, we have assumed that the interest rate does not change.
- The APRs shown are APRs effective as of October 26, 2009.
- A $16,067 loan amount.
- All examples assume a fee of $30 for each applicant and assumes a borrower and cosigner.
- Minimum monthly payment is $30 for standard repayment.
- APR examples are based on a 10-year repayment of principal and interest.
- Securing a creditworthy cosigner increases the likelihood of being approved and may help the student obtain a lower interest rate.
APR examples:
APR assumptions:
- The Annual Percentage Rate (APR) is a variable rate and will increase if the one-month LIBOR rate increases. For purposes of this calculation, we have assumed that the interest rate does not change.
- The APRs shown are APRs effective as of October 26, 2009.
- A $15,000 loan amount.
- APR examples are based on a 15-year repayment of principal and interest.
- Securing a creditworthy cosigner increases the likelihood of being approved and may help the student obtain a lower interest rate.
Includes: Sallie Mae Medical Residency and Relocation Loan
Sallie Mae Dental Residency and Relocation Loan
Sallie Mae GHELP Residency and Relocation Loan
APR examples
|
APR |
5.15% |
13.91% |
|
Interest rate |
LIBOR + 5% |
LIBOR + 14% |
|
Disbursement fee |
0% |
4% |
|
Repayment fee |
0% |
0% |
|
Monthly principal and interest payment (following the separation period) |
$117.00 |
$280.97 |
|
Repayment term (in months) |
240 |
240 |
|
Total amount paid |
$28,078.39 |
$67,435.50 |
APR assumptions:
- The Annual Percentage Rate (APR) is a variable rate and will increase if the one-month LIBOR increases. For purposes of this calculation, we have assumed that the interest rate does not change.
- The APRs shown are APRs effective as of October 26, 2009.
- A $15,000 loan amount.
- APR examples are based on a 20-year repayment of principal and interest.
- Securing a creditworthy cosigner increases the likelihood of being approved and may help the student obtain a lower interest rate.
APR examples:
Repayment begins at least 28, but no more than 60 days after the loan's disbursement.
|
APR |
7.25% |
15.30% |
|
Interest rate |
LIBOR + 7% |
LIBOR + 13.5%* |
|
Disbursement fee |
0% |
5% |
|
Repayment fee |
0% |
0% |
|
Monthly principal and interest payment |
$64.02 |
$88.96 |
|
Repayment term (in months) |
120 |
120 |
|
Total amount paid |
$7,682.30 |
$10,676.27 |
APR assumptions:
- The Annual Percentage Rate (APR) is a variable rate and will increase if the one-month LIBOR increases. For purposes of this calculation, we have assumed that the interest rate does not change.
- The APRs shown are APRs effective as of October 26, 2009.
- A $5,453 loan amount.
- *Example assumes a fee of $30 for each applicant and assumes a borrower and cosigner.
- Minimum monthly payment is $30 for standard repayment.
- APRs based on immediate repayment and a 10-year repayment term of principal and interest.
- Securing a creditworthy cosigner increases the likelihood of being approved and may help the student obtain a lower interest rate.