K-12 Family Education Loan
The K-12 Family Education Loan is available to parents or other creditworthy family members of children attending private elementary, middle, or high schools, including prep schools, military schools, parochial schools, Montessori schools, boarding schools, and others.
Eligibility
- You must be a U.S. citizen or permanent resident and have an established credit history.
- The institution your child is attending must be licensed or accredited by the department of education in the states in which they operate, if required by that state, or must be accredited by a recognized national education association.
Benefits
- Competitive interest rates that reward creditworthiness.
- If you do not have an established credit history, applying with a creditworthy cosigner may help you qualify for the loan. Even if you have an established credit history, you may be eligible for a lower interest rate if you apply with a creditworthy cosigner.
- Creditworthy borrowers may request a cosigner release from the loan obligation after making the first 24 consecutive payments of principal and interest on time.1
Features
- Easy online applications with fast credit decision and electronic signature.
- Borrow for both tuition and other education-related expenses.
- No prepayment penalty.
- 24/7 online account management.
- Combined billing when you have multiple Sallie Mae-serviced student loans.
Loan terms
Loan limit
Maximum loan amount and loan availability varies by school.
Interest rate
The K-12 Family Education Loan has interest rates that reward good credit. Interest rates are variable and reset monthly.
Repayment
- You may take up to 20 years to repay your loan.
- Flexible repayment options are available.
Another way to help pay down your loan
With Upromise Loan LinkSM student and parent borrowers who join Upromise® can link their Sallie Mae loan account to their Upromise account and use their Upromise rewards to help pay down their eligible Sallie Mae-serviced student loans. Visit www.salliemae.com/upromise to learn more and enroll today.
Legal
1 The 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.
The K-12 Family Education Loan is made by Sallie Mae Bank® or a Sallie Mae lender partner.
Access to Upromise is not limited to Sallie Mae loan customers. Terms and conditions apply.
SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE LOAN PROGRAMS , UPROMISE LOAN LINK 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.
Subject to the above, K-12 Family Education Loan information applies to loan applications received on or after June 22, 2008 and is subject to change.
Sallie Mae and Sallie Mae Bank are registered service marks and K-12 Family Education Loan is a service mark of Sallie Mae, Inc. Upromise and Upromise Loan Link are service marks or registered service marks of Upromise, Inc.