Federal student loans

• Stafford Loan
• PLUS Loan
• Student Loan Consolidation

Private student loans

• Signature Student Loan^®
• Signature Student Loan for Community Colleges
• Tuition Answer^® Loan
• Career Training Loan^®
• Continuing Education Loan
• DENTALoans Graduate Private Loan
• DENTALoans Residency, Relocation, and Licensure Exam Loan
• Global Health Education Loan Program
• K-12 Family Education Loan
• LAWLOAN Private Loan^SM
• LAWLOANS Bar Study Loan^®
• MBA LOANS Private Loan^SM
• Medical School Loans Private Student Loan
• Medical School Loans Residency and Relocation Loan
• Private Consolidation Loan Program
• Tutorial Financing Program

Federal student loans

Stafford Loan

• The interest rate on Stafford loans first disbursed beginning July 1, 2006 is fixed at 6.8%.
• The interest rate on Stafford loans first disbursed on or after July 1, 1998 but before June 30, 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 in-school, grace, and deferment periods.
• The 91-day T-bill rate + 2.30% during repayment periods.
• The current interest rate on Stafford loans first disbursed on or after July 1, 1998 but before June 30, 2006 is 7.22% in repayment and 6.62% during in-school, grace, and deferment periods.

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 June 30, 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 8.02%.

Federal Student Loan Consolidation

Severe legislative cuts made by Congress made federal student loan consolidation uneconomical. This, combined with the credit market deterioration, has caused us to suspend participation in the federal consolidation loan program.

• The fixed interest rate for consolidation loans varied from borrower to borrower but is generally expected to range from 4.75% to 6.125%. Interest rates are based on the borrower's underlying loans' primary rates and do not include discounts for interest reduction benefits. Special rules apply to consolidation loans that include HEAL loans.
• Different interest rates apply to federal Stafford, PLUS, and consolidation loans issued before July 1, 1998.

Private student loans

The following examples include sample rates and fees that should allow you to understand how much a private student loan might cost you. The actual rates and fees applicable to your loan may vary from these numbers, depending on the school you attend and credit history.

For all APR examples disbursement fees are added to the loan amount, and all repayment fees are added to the loan amount when repayment begins. The Prime Rate for April 2008 is 5.25%.

Interest rate disclaimer: This information is provided for the convenience of you, the student, and your school. It is a summary of applicable terms and, as such, may not be complete. The information is believed to be accurate at the time of preparation. Students and schools should note that the laws and interest rates indices on which this information is based are subject to change. The promissory note and loan disclosure statement you will receive will contain the actual terms and conditions for the Federal Stafford and/or private loan applicable at the time your loan(s) is (are) granted. Upon receipt of the disclosure statement(s), you may then decide whether or not to accept the loan(s). If you do not accept the loan(s), you may cancel the loan(s) and owe nothing. Terms and conditions apply and may change without notice. All examples assume a fixed interest rate. However, interest rates are actually variable, and the APR and monthly payment amount may increase after the loan is disbursed. The APR will increase or decrease if the Prime rate increases or decreases.

Assumptions:

• A constant Prime Rate. As of March 28, 2008 the Prime Rate is 5.25% as published in the Wall Street Journal.
• A $10,000 loan taken out freshman year, one disbursement of $5,000 on September 1 and a second disbursement of $5,000 on January 2.
• Fifty-one months pass (45 months in school plus six months grace) before 180-month repayment term begins.

Signature Student Loan for Community Colleges

APR examples:

• Prime Rate published in The Wall Street Journal as of March 28, 2008 is 5.25%.
• Repayment begins 30 days after the loan's disbursement for all repayment options.

Assumptions:

• A constant Prime Rate of 5.25%.
• A $5,000 loan taken out freshman year, one disbursement of $2,500 on September 1 and a second disbursement of $2,500 on January 2.
• Twenty-seven months pass (21 months in school plus six months grace) before 180-month repayment term begins.

Tuition Answer Loan

Borrower has choice of three repayment options whether applying with or without a cosigner. Interest rates and fees are based on borrowers and applicable cosigner's credit rating and repayment option.

With cosigner

• Immediate repayment (principal and interest) option: Monthly variable interest rate from Prime + 0% to Prime + 5% with a one-time supplemental fee at disbursement from 0% to 5%. APR ranges from 5.25% to 11.02% with a monthly payment ranging from $67.38 to $103.33.
• Interest-only option: Monthly variable interest rate from Prime + 1% to Prime + 6% with a one-time supplemental fee at disbursement from 2% to 6%. APR ranges from 6.46% to 12.10% with a monthly payment ranging from $74.58 to $111.62.
• Deferment option: Monthly variable interest rate from Prime + 1.5% to Prime + 6.5% with a one-time supplemental fee at disbursement from 2% to 6%. APR ranges from 6.9% to 12.29% with a monthly payment ranging from $103.12 to $188.60.

Without a cosigner

• Immediate repayment option: Monthly variable interest rate from Prime + 1% to Prime + 5.5% with a one-time supplemental fee at disbursement from 0% to 5%. APR ranges from 6.25% to 11.53% with a monthly payment ranging from $73.09 to $106.87.
• Interest-only option: Monthly variable interest rate from Prime + 1.5% to Prime + 6.5% with a one-time supplemental fee at disbursement from 2% to 6%. APR ranges from 6.96% to 12.62% with a monthly payment ranging from $77.59 to $115.29.
• Deferment option: Monthly variable interest rate from Prime + 2% to Prime + 6.5% with a one-time supplemental fee at disbursement from 2% to 6.5%. APR ranges from 7.4% to 12.34% with a monthly payment ranging from $109.45 to $189.61.

Assumptions:

• A constant Prime Rate of 5.25% as of April 1, 2008.
• A $10,000 loan, plus the supplemental fee, with one disbursement, and a 240-month repayment term.
• Interest-only and deferral repayment option: 45 in school and six-month grace period with quarterly capitalization.

Career Training Loan

Annual percentage rate (APR) examples:

• Prime Rate published in The Wall Street Journal as of April 1, 2008 is 8.25%.
• Repayment begins at least 28, but no more than 60 days after the loan's disbursement for all repayment options.

*The interest rates and fees represent examples of typical transactions. A range of rates and fees exists within each credit tier (excellent, good, fair), based on the credit rating of the borrower and cosigner (if there is a cosigner). For example, if you have "fair" credit and get a cosigner who has "excellent" credit, your rates and fees would fall within the "good" credit tier. Your rate and fee may vary from those shown. All loan fees are capitalized (added to the loan principal).

Standard

Interest-only

Deferment

APR assumptions:

• Prime Rate published in the Wall Street Journal as of April 1, 2008 is 5.25%.
• APR does not change.
• Minimum monthly payment is $30 for standard repayment.
• Minimum monthly payment is $10 for deferment repayment during deferment.

Continuing Education Loan

APR examples:

• Prime Rate published in The Wall Street Journal as of April 1, 2008 is 5.25%.
• Repayment begins at least 28, but no more than 60 days after the loan's disbursement for all repayment options.

*The interest rates and fees represent examples of typical transactions. A range of rates and fees exists within each credit tier (excellent, good, fair), based on the credit rating of the borrower and cosigner, if there is a cosigner. For example, if you have "fair" credit and get a cosigner who has "excellent" credit, your rates and fees would fall within the "good" credit tier. Your rate and fee may vary from those shown. All loan fees are capitalized (added to the loan principal).

Standard

Interest-only

Deferment

APR assumptions:

• Prime Rate published in the The Wall Street Journal as of April 1, 2008 is 5.25%.
• APR does not change.
• Minimum monthly payment is $30 for standard repayment.
• Minimum monthly payment is $10 for deferment repayment during deferment.

DENTALoans Graduate Private Loan

Assumptions:

• A constant Prime Rate. As of March 28, 2008 the Prime Rate is 5.25% as published in the Wall Street Journal.
• A $10,000 loan taken out the first year of graduate school, one disbursement of $5,000 on September 1 and a second disbursement of $5,000 on January 2.
• Eighty-one months pass (45 months in school plus 36 months of deferment/grace for residency and/or internship) before 180-month repayment term begins.

DENTALoans Residency, Relocation, and Licensure Exam Loan

Assumptions:

• A constant Prime Rate. As of March 28, 2008 the Prime Rate is 5.25% as published in The Wall Street Journal.
• A $15,000 loan taken out the fourth year of graduate school, one disbursement of $7,500 on September 1 and a second disbursement of $7,500 on January 2.
• Forty-five months pass (nine months in school plus 36 months of deferment/grace for residency and/or internship) before 240-month repayment term begins.
• Twenty year repayment term.

Global Health Education Loan Program

Sample Zero Fee* GHELP Stafford loan borrower benefit savings

Academic year 2006–2007 6.8% fixed interest rate

*AMS, the GHELP Stafford loan lender, will pay the 2% origination fee on the borrower's behalf on Stafford loans for academic year 2006–2007 guaranteed beginning May 1, 2006. The 1% federal default fee is paid by either the lender or the guarantor, on the borrower’s behalf on Stafford loans for academic year 2006–2007 guaranteed beginning July 1, 2006.

Example assumes Stafford loans borrowed at amounts listed above ($34,000 in subsidized Stafford loans and the remaining in unsubsidized Stafford loans), 6.8% fixed interest rate, 0% origination fee, 0% federal default fee, 45 months in school, 36 months in grace and deferment, and 120 months in repayment with a standard repayment account. Savings are applied to loan principal, resulting in faster loan repayment. When multiple benefits are earned, principal outstanding declines more rapidly than when individual benefits are earned. As a result the sum of individual benefits will not total to combined benefits.

Terms and conditions apply. Sallie Mae reserves the right to modify or discontinue loan programs at any time without notice. Sallie Mae Cash Back benefit equal to 2%, based on the original principal balance of eligible loans, is applied following the initial 48th scheduled on-time payment. To qualify, make your first 48 monthly payments by the due dates as initially scheduled and sign up before entering repayment, on Manage Your Loans, to receive account information by email. Loans eligible for Sallie Mae 2% Cash Back must be owned and serviced by Sallie Mae throughout repayment.

Interest Capitalization Policy Savings is based on the one time capitalization of interest on unsubsidized Stafford loans after uninterrupted periods of grace and deferment. This savings represents the difference between total finance charge on loans that had accrued interest capitalized at the end of grace and deferment and again at the beginning of repayment minus the total finance charge on loans that had accrued interest capitalized only one time at the beginning of repayment.

Sample GHELP Private Loan

Assumptions:

• A constant Prime Rate of 5.25%; $10,000 loan taken out each year of a four-year course of study, with two disbursements per loan, one per semester/term.
• Fifty-one standard months (45 months in school plus six months grace) and 30 months of in-school deferment pass before 180-month repayment term begins with a standard repayment account.

Sample GHELP Residency & Relocation Loan

Assumptions:

• A constant Prime Rate of 5.25%.
• A $15,000 loan taken out in fourth or final year of study, with two disbursements per loan, one per semester/term.
• Fifteen months (nine months in school and six months grace) pass before 240-month repayment term begins with a standard repayment account.

K-12 Family Education Loan

APR examples:

• Variable APR: The APR is a variable rate and will increase if the Prime Rate increases.
• Repayment begins at least 28, but no more than 60 days after the loan's disbursement.

*The interest rates and fees represent examples of typical transactions with a cosigner. A range of rates and fees exists within each credit tier (excellent, good, fair), based on the credit rating of the borrower and cosigner, if there is a cosigner. For example, if you have "fair" credit and get a cosigner who has "excellent" credit, your rates and fees may fall within the "good" credit tier. Your rates and fees may vary from those shown. All loan fees are capitalized (added to the loan principal).

• Prime Rate published in The Wall Street Journal as of April 1, 2008 is 5.25%.
• APR does not change.
• Minimum monthly payment is $30 for standard repayment.

Assumptions:

• A constant Prime Rate. As of April 2008 the Prime Rate is 5.25% as published in the Wall Street Journal.
• A $10,000 loan disbursed as one disbursement of $10,000.
• Nine months pass before 180-month repayment term begins.

Assumptions:

• A constant Prime Rate. As of April 2008 the Prime Rate is 5.25% as published in The Wall Street Journal.
• A $10,000 loan taken out the first year of graduate school, one disbursement of $5,000 on September 1 and a second disbursement of $5,000 on January 2.
• Forty-two months pass (33 months in school plus nine months grace) before 180-month repayment term begins.

Assumptions:

• A constant Prime Rate. As of April 2008 the Prime Rate is 5.25% as published in The Wall Street Journal.
• A $10,000 loan taken out the first year of graduate school, one disbursement of $5,000 on September 1 and a second disbursement of $5,000 on January 2.
• Twenty-seven months pass (21 months in school plus six months grace) before 180-month repayment term begins.

Assumptions:

• A constant Prime Rate. As of March 28, 2008 the Prime Rate is 5.25% as published in The Wall Street Journal.
• A $10,000 loan taken out the first year of graduate school, with one disbursement of $5,000 on September 1 and a second disbursement of $5,000 on January 2.
• Eighty-one months pass (45 months in school plus 36 months of deferment/grace for residency and/or internship) before 240-month repayment term begins.

Assumptions :

• A constant Prime Rate. As of March 28, 2008 the Prime Rate is 5.25% as published in The Wall Street Journal.
• A $15,000 loan taken out in the fourth year, with one disbursement of $7,500 on September 1 and a second disbursement of $7,500 on January 2.
• Forty-five months pass (nine months in school plus 36 months of deferment/grace for residency and/or internship) before 240-repayment term begins.

Private Consolidation Loan program

Variable APR: The APR is a variable rate and may increase if the Prime Rate increases.

Immediate repayment of principal and interest — no cosigner

Assumptions:

• A constant Prime Rate, as of March 28, 2008, is 5.25%. The variable rate is based on the Prime Rate.
• A $40,000 loan, with a single disbursement to one or more creditors, and a 300-month repayment period.

Immediate repayment of principal and interest — cosigned

Assumptions:

• A constant Prime Rate, as of March 28, 2008 is 5.25%. The variable rate is based on the Prime Rate.
• A $40,000 loan, with a single disbursement to one or more creditors, and a 300-month repayment period.

Interest-only — no cosigner

Assumptions:

• A constant Prime Rate, as of March 28, 2008 is 5.25%. The variable rate is based on the Prime Rate.
• A $40,000 loan, with a single disbursement to one or more creditors, and a 300-month repayment period.

Interest-only — cosigned

Assumptions:

• A constant Prime Rate, as of March 28, 2008 is 5.25%. The variable rate is based on the Prime Rate.
• A $40,000 loan, with a single disbursement to one or more creditors, and a 300-month repayment period.

Tutorial Financing Program

• Variable APR: The APR is a variable rate and will increase if the Prime Rate Increases.
• Repayment begins at least 28, but no more than 60 days after the loan's disbursement.

*The interest rates and fees represent examples of typical transactions. A range of rates and fees exists within each credit tier (excellent, good, fair), based on the credit rating of the borrower and cosigner, if there is a cosigner. For example, if you have "fair" credit and get a cosigner who has "excellent" credit, your rates and fees may fall within the "good" credit tier. Your rates and fees may vary from those shown. All loan fees are capitalized (added to the loan principal).

Standard

Assumptions:

• Prime Rate published in the Wall Street Journal as of April 1, 2008 is 5.25%.
• APR does not change.
• Minimum monthly payment is $30 for standard repayment.