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 June 25, 2010.
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 June 25, 2010.
- The one-month LIBOR rate effective on June 25, 2010 is 0.375%.
- All loan fees are capitalized (added to the loan principal).
Use our calculator to estimate your monthly payment amount and see how much you can save with a Smart Option Student Loan compared to a 15-year, deferred-payment, private student loan.
Pricing from as low as LIBOR + 2.50% (APR: 2.87%) to LIBOR + 9.875% (APR: 10.21%) for electing to make monthly interest payments while in school and during the separation period.
Pricing from as low as LIBOR + 3.50% (APR: 3.85%) to LIBOR + 10.875% (APR: 10.48%) for electing to make $25/month fixed payments while in school and during the separation period.
1For the fixed payment option, unpaid interest is capitalized (or added to the loan balance) at the end of the separation period.
2 Based on private student loan of similar amount from another lender with the same interest rate that does not require any payment during the in-school or separation period, that capitalizes (adds to the loan balance) all unpaid, accrued interest at the end of the separation period, and that has a 15-year repayment period. Comparison rates are used for illustrative purposes only and are not representative of actual rates available from any other lender.
These examples are based on the following assumptions. Your rate, fee, monthly payment amounts and total cost may vary from those shown here. To estimate your monthly payment amount, please use our Smart Option Student Loan calculator.
- The interest rates are variable, may increase after consummation and are based on the 1-month LIBOR. Interest rates will reset monthly if the 1-month LIBOR changes. For purposes of the above examples, we have assumed the interest rate does not change. These examples assume a 1-month LIBOR rate of 0.375% effective as of June 25, 2010. Pricing is subject to change.
- The $25 fixed payment and monthly interest payment examples are based on a single loan of $10,000 made to a freshman borrower with two disbursements at a degree-granting institution. The examples also assume the borrower makes all payments on time and never requests forbearance or deferment.
- Securing a creditworthy cosigner may increase the likelihood of being approved and may help the student obtain a lower interest rate. Electing to make interest payments while in school and during the separation period may also help the student obtain a lower interest rate.
Use our calculator to estimate your monthly payment amount and see how much you can save with a Career Training Smart Option Student Loan compared to a 15-year, deferred payment, private student loan.
Pricing from as low as LIBOR + 7.75% (APR: 8.13%) to LIBOR + 11.75% (APR: 13.60%) for electing to make monthly interest payments while in school and during the separation period.
Pricing from as low as LIBOR + 8.50% (APR: 8.82%) to LIBOR + 12.50% (APR: 13.88%) for electing to make $25/month fixed payments while in school and during the separation period.
1 For the fixed payment option, unpaid interest is capitalized (or added to the loan balance) at the end of the separation period.
2 Based on private student loan of similar amount from another lender with the same interest rate that does not require any payment during the in-school or separation period, that capitalizes (adds to the loan balance) all unpaid, accrued interest at the end of the separation period, and that has a 15-year repayment period. Comparison rates are used for illustrative purposes only and are not representative of actual rates available from any other lender.
These examples are based on the following assumptions. Your rate, fee, monthly payment amounts, and total cost may vary from those shown here. To estimate your monthly payment amount, please use our Smart Option Student Loan calculator.
- The interest rates are variable, may increase after consummation and are based on the 1-month LIBOR. Interest rates will reset monthly if the 1-month LIBOR changes. For purposes of the above examples, we have assumed the interest rate does not change. These examples assume a 1-month LIBOR rate of 0.375% effective as of June 25, 2010. Pricing is subject to change.
- The $25 fixed payment and monthly interest payment examples are based on a single loan of $10,000 made to a borrower whose planned term for enrollment is approximately one academic year with two disbursements at a non-degree-granting institution. The examples also assume the borrower makes all payments on time and never requests forbearance or deferment.
- Securing a creditworthy cosigner may increase the likelihood of being approved and may help the student obtain a lower interest rate. Electing to make monthly interest payments while in school and during the separation period may also 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 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 June 25, 2010.
- 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 borrower 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 | 5.27% | 14.02% |
Interest rate | LIBOR + 5% | LIBOR + 14% |
Disbursement fee | 0% | 4% |
Repayment fee | 0% | 0% |
Monthly principal and interest payment (following the separation period) | $118.59 | $283.75 |
Repayment term (in months) | 240 | 240 |
Total amount paid | $28,463.64 | $68,098.44 |
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 June 25, 2010.
- 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
Pricing from as low as LIBOR + 7.00% (APR: 7.38%) to LIBOR + 11.50% (APR: 12.61%). Repayment begins at least 28 but no more than 60 days after the loan's disbursement.
Total amount borrowed | $10,500 | $10,815 |
APR | 7.38% | 12.61% |
Interest rate | LIBOR + 7.00% | LIBOR + 11.50% |
Disbursement fee | 0% | 3% |
Repayment fee | 0% | 0% |
Monthly principal and interest payment | 119 payments of $123.95; and one payment of $124.49 | 119 payments of $154.38; and one payment of $155.12 |
Repayment term (in months) | 120 | 120 |
Total amount paid | $14,874.54 | $18,526.34 |
These examples are based on the following assumptions. Your rate, fee, monthly payment amounts and total cost may vary from those shown here.
- The interest rates are variable and based on the 1-month LIBOR. Interest rates will reset monthly if the 1-month LIBOR changes. For purposes of the above examples, we have assumed the interest rate does not change. These examples assume a 1-month LIBOR rate of 0.375% effective as of June 25, 2010. Pricing is subject to change.
- The payment examples are based on a single loan of $10,500.
- Securing a creditworthy cosigner increases the likelihood of being approved and may help the borrower obtain a lower interest rate. Electing a shorter repayment term, while increasing the monthly payment amount, can result in lower overall loan costs.
APR examples
Repayment begins at least 28 but no more than 60 days after the loan's disbursement.
APR | 7.37% | 15.42% |
Interest rate | LIBOR + 7% | LIBOR + 13.5%* |
Disbursement fee | 0% | 5% |
Repayment fee | 0% | 0% |
Monthly principal and interest payment | $64.37 | $89.40 |
Repayment term (in months) | 120 | 120 |
Total amount paid | $7,724.86 | $10,727.34 |
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 June 25, 2010.
- 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 borrower obtain a lower interest rate.