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.
• You must have no student loans that are delinquent or in default.
• You must meet the credit criteria established by the lender.
• You should apply for Stafford and Grad PLUS loans first and need additional funding.
• You must attend an ABA-accredited school at least half time.
• An eligible U.S. cosigner is required for foreign students. In some cases, for U.S. students, an eligible cosigner may be required. Please check with your school for details.

Features

• More than 80% of applicants are approved for the LAWLOANS Private Loan.
• The LAWLOANS Private Loan has interest rates that reward good credit.
• If you have less-than-ideal credit or no credit at all, you can still be eligible for the LAWLOANS Private Loan by applying with a creditworthy cosigner.
• Creditworthy borrowers may request a cosigner release after making the first 24 consecutive, on-time monthly payments of principal and interest as initially scheduled.
• No payments are required while you are in school.
• You can manage your account online 24/7.
• You get life-of-loan servicing from Sallie Mae.
• You get the convenience of combined billing for all of your Sallie Mae-serviced loans.
• There is no prepayment penalty.

Loan terms

Loan limits

There is a $150,000 aggregate education loan limit (federal and private) if you have no cosigner. If you have a cosigner, LAWLOANS Private Loans will cover the cost of your education less other aid.

Interest rate

The LAWLOANS Private Loan has interest rates that reward good credit and are as low as Prime – 0.75% when you and your cosigner are both credit-approved and one of you has excellent credit. Interest rates are variable and reset monthly.

Fees

There are no fees for LAWLOANS Private Loan.

Repayment

Standard, graduated, and extended repayment options are available.

Legal

• Repayment for LAWLOANS Private Loans begins immediately following a nine-month grace period after graduation, leaving school, or falling below half-time status.
• LAWLOANS is a registered service mark of Sallie Mae, Inc.