Effective October 16, 2009, K-12 Family Education Loan applications will include a new reduced repayment term. Applications submitted prior to October 16, 2009, will be processed under the then current terms of the loan, including a maximum 20-year repayment term. Any applications received October 16, 2009, or later will be processed under a reduced repayment term.
Customers will be required to make monthly principal and interest payments.
Eligibility
- You must be a U.S. citizen or permanent resident and meet current credit and other eligibility criteria.
- Applicants must be able to provide proof that the student is enrolled at an eligible school, either through school certification or by providing an enrollment agreement or tuition bill.*
Features
- Pricing that rewards creditworthy borrowers.
- Easy online application with fast credit decision and electronic signature ("eSign") available.
- No prepayment penalty.
- 24/7 online account management.
- Applying together with a creditworthy cosigner may help you qualify and/or receive a lower interest rate.
- Cosigner release is available.1
Loan terms
Interest rate
The K-12 Family Education Loan has interest rates that reward good credit. Interest rates are variable and are reset monthly based on the one-month LIBOR Index.
Repayment
- You may take up to 10 years to repay your loan.
- Principal and interest payments begin within 30 days of first disbursement.
Another way to help pay down your loan
Join Upromise® by Sallie Mae where your everyday spending can help reduce your Sallie Mae student loan balance. With Upromise Loan Link®, it's easy. Your Upromise savings balances of at least $25 can be automatically transferred to a Sallie Mae-serviced student loan account on a quarterly basis. Not all loans are eligible. To learn if your loan is eligible for Upromise Loan Link, or to register, visit Upromise.com.2
Legal
*The institution your student 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.
1 The release of a cosigner is at the sole discretion of Sallie Mae. The cosigner release option is available after 24 consecutive on-time payments of principal and interest. The borrower must have a satisfactory history of making principal and interest payments, meet age of majority requirements and meet underwriting requirements 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 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 loan customers.
The K-12 Family Education Loan is made by Sallie Mae Bank®.
SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND SERVICES AT ANY TIME WITHOUT NOTICE. APPLICANTS SHOULD CHECK THE SALLIE MAE WEBSITE CLOSE TO THEIR LOAN APPLICATION DATE, AND AGAIN PRIOR TO DISBURSEMENT TO OBTAIN THE MOST UP-TO-DATE INFORMATION REGARDING PRODUCTS AND SERVICES.
Subject to the above, K-12 Family Education Loan information applies to loan applications received on or after October 16, 2009 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.