Effective October 16, 2009, Career Training 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 15-year repayment term. Any applications received October 16, 2009, or later will offer repayment terms of up to 10 years, subject to a minimum monthly payment requirement.
Eligibility*
- You must be a U.S. citizen or permanent resident and meet current credit and other eligibility criteria.
Benefits
- Pricing that rewards borrowers with good credit.
- Applying with a creditworthy cosigner may help you qualify and/or receive a lower interest rate.
- Cosigner release is available.1
Features
- Easy online application with fast credit decision and electronic signature ("eSign") available .
- Borrow for both tuition and other education-related expenses.2
- No prepayment penalty.
- 24/7 online account management.
Loan terms
- Borrow as much as you need to pay for your education, up to the cost of attendance as certified by your school and confirmed by Sallie Mae, less other financial aid received.3
Interest rate
- Applying with a creditworthy cosigner may help you qualify and/or receive a lower interest rate.
- The Career Training 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.
- With the standard repayment option, you make monthly payments of principal and interest. The minimum monthly payment is $30.
- With the interest-only repayment option, you may make monthly interest-only payments while you are in school. The interest-only repayment period cannot exceed your school-certified Anticipated Graduation Date. Consider making principal and interest payments while in school to lower the amount you must pay back.
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. Wtih 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.4
*The institution you are attending must be licensed or accredited by the applicable regulatory agency.
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 .
2Borrowers can apply for up to the total cost of their/the student's education including tuition and other education-related expenses, less other financial aid received. If an option at your school, borrowers may receive up to 60% of the tuition amount in additional funds for eligible expenses, excluding the tuition amount. This amount cannot exceed $6,000. The school must certify the tuition and additional expenses requested.
3 Sallie Mae reserves the right to approve a lower loan amount than what the school has certified.
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 loan customers.
The Career Training 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, Career Training 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 Career Training Loan is a service mark of Sallie Mae, Inc. Upromise and Upromise Loan Link are registered service marks of Upromise, Inc.