Eligibility

• You must be a U.S. citizen or permanent resident or a foreign borrower applying with a creditworthy U.S. citizen or permanent resident and U.S. Citizenship and Immigration Service (USCIS) documents.
• You must have no student loans that are delinquent or in default.
• You must meet current credit and other eligibility criteria.

Benefits

• Pricing that rewards creditworthy borrowers.
• Applying with a creditworthy cosigner may help you qualify and/or receive a lower interest rate.
• Borrowers may apply for a cosigner release after successful completion of their education.¹
• A 0.25 percentage point interest rate reduction is available for automatic debit.²

Features

• Easy online application with fast credit decision and electronic signature ("eSign") available.
• No payments are required while you are in school.³
• 24/7 online account management.
• Combined billing is available for Sallie Mae-serviced student loans.
• There is no prepayment penalty.

Loan terms

Loan limits

You may borrow only one Residency and Relocation Loan; a minimum of $1,000 up to a maximum of $15,000.

Interest rate

• Applying with a creditworthy cosigner may help you qualify and/or receive a lower interest rate.
• The Residency and Relocation Loan has interest rates that reward good credit. Interest rates are variable and are reset monthly based on the one-month LIBOR Index.

Fees

• Disbursement fees range from 0% to 4%.
• No repayment fee.

Repayment

• Flexible repayment options are available.
• Prepay your loan at any time without penalty.
• Repayment begins three years after graduation or nine months after leaving school or dropping to less than half-time status.³

Another way to help pay down your loan

Join Upromise and you can earn rewards on your everyday purchases. Those earnings can be automatically transferred to your student loan account, as long as your loans are serviced by Sallie Mae, to help pay down your eligible Sallie Mae-serviced student loans through Upromise Loan Link. Not all loans are eligible and you must be a U.S. citizen or reside in the United States or its territories. To learn if your loan is eligible for Upromise Loan Link, or to register, visit Upromise.com.⁴

Legal

Sallie Mae Residency and Relocation Loans are made by Sallie Mae Bank^® or a Sallie Mae lender partner.

1 The release of a cosigner is at the sole discretion of Sallie Mae. The borrower must have a satisfactory history of making principal and interest payments and meet underwriting guidelines when the request for cosigner release is processed. The borrower's account must remain current until the request for release is processed and the borrower must be a U.S. citizen or permanent resident at the time the cosigner release is processed.

2 The automatic debit benefit is available for as long as the borrower's monthly payment amount is successfully deducted from the borrower's bank account. Borrowers can elect to make payments via automatic debit through Sallie Mae's online account management system. This benefit lowers the borrower's interest rate but does not change the amount of the monthly payment. This benefit is suspended during periods of forbearance and certain deferments.

3 Deferring payment while in school and in the grace period will increase 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 To view whether or not a loan is eligible to participate in the Upromise Loan Link program, please visit Upromise.com/LoanLink. Access to Upromise is not limited to Sallie Mae customers.

Borrower benefit information is valid as of April 30, 2009.

SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BORROWER BENEFITS (INCLUDING INTEREST RATE REDUCTIONS), AT ANY TIME WITHOUT NOTICE. APPLICANTS SHOULD CHECK THE SALLIE MAE WEBSITE CLOSE TO THEIR LOAN APPLICATION DATE, AND AGAIN BEFORE DISBURSEMENT, TO OBTAIN THE MOST UP-TO-DATE INFORMATION REGARDING PRODUCTS, SERVICES, AND BORROWER BENEFITS.