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 Graduate PLUS loans first and need additional funding beyond the limits of the Stafford loan.
• Eligible programs include business administration, marketing, accounting, finance, economics, taxation, and Executive MBA.
• Part-time students are eligible.
• 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

• High approval rates.
• The MBA LOANS 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 MBA LOANS 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 $175,000 aggregate education loan limit (federal and private) if you have no cosigner. If you have a cosigner, MBA LOANS Private Loan will cover your cost of education less other financial aid.

Interest rate

The MBA LOANS Private Loan has interest rates that reward good credit and are as low as Prime – 1.0% when you and your cosigner are both credit-approved and one has excellent credit. Interest rates are variable and reset monthly.

Fees

There are no fees for the MBA LOANS Private Loan.

Repayment

• Standard, graduated, and extended repayment options are available.
• Repayment begins after a six-month grace period. 

Legal

• Repayment begins immediately following a six-month grace period after you graduate, leave school, or fall below half-time status.
• Interest rate reductions are available only during active repayment.
• MBA LOANS is a registered service mark of Sallie Mae, Inc.