Student Loans Made Simple

Q: What’s the difference between a fixed and variable rate?

Fixed interest rate The rate never varies. You’ll have a predictable monthly payment amount. Variable interest rate The rate can go up or down with changes to the loan’s index. It can save you money but could cost more, and your monthly payment amount may change.

Sallie Mae^® is the nation’s #1 private student lender

Join the more than 1M students who choose Sallie Mae
Easy online application
Apply once for the money you need for the entire year

Undergraduate Student Loans:
Fixed rates: 2.89% to 17.49% APR^{footnote 1}
Variable rates: 3.75% to 16.37% APR^{footnote 1}

Lowest rates shown include/APR shown includes the auto debit discount.

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Benefits you won’t want to miss

Pay for more than tuition

Cover up to 100% of school-certified expenses, including books, meals, housing, and even a laptop.^{footnote 2}

Save money

Get a 0.25 percentage point interest rate reduction when you enroll in and make monthly payments with autopay.^{footnote 3}

Consider a cosigner

Undergraduate students were 6.5x more likely to be approved when applying with a cosigner last year.^{footnote 4}

Repay your way

Make payments while you’re in school or defer until after leaving school.^{footnote 1} There’s no upfront fee or penalty for prepayment.^{footnote 5}

Searching for Discover^® student loans?

As of February 1, 2024, Discover no longer accepts applications for student loans. If you’re looking for a new lender, we’re ready to help.

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Putting students first

Your education matters most to us

Some lenders may offer you a credit card or checking account. Not us. We focus on one thing: helping you crush your education goals. Apply and see why more students choose our private loans over all the others.

We support all kinds of students

Going to college or grad school? Training for a new career path? We’ll support your education journey from start to finish. Wherever you’re headed, whether you’re going full time or part time, Sallie can get you covered.

It's easy to get
started

Follow these steps:

1. Tell us the basics

2. Customize your loan

3. Sign and accept

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Questions?

We're here to help.

What’s my school’s cost of attendance?

You can figure out how much a whole year of school will cost. Start by checking your financial aid award letter for your school’s cost of attendance. You can also find the cost of attendance on your school’s website.

The cost of attendance is what it will cost you to go to school for the year, including expenses like tuition, fees, books, meals, and transportation. Depending on the type of loan, your school may need to check how much you’re borrowing to make sure it’s not more than the cost of attendance.

What are the benefits of having a cosigner?

Many students don’t have the credit history to take out a loan by themselves. That’s where a cosigner can help. A cosigner is an adult with good credit, usually a parent, who, along with the student, shares full responsibility for the loan. By having a cosigner on the application, students’ chances of being approved may increase!

What’s the difference between a fixed and variable rate?

What’s the difference between federal and private student loans?

Federal loans are provided by the government, while you take out a private loan from a bank like Sallie Mae, or a credit union. There are also differences in interest rates, repayment options, and other features.^{footnote 6}

When you apply for a private loan, the lender must check your credit, including your borrowing/repayment history, to decide if you qualify for a loan. Many federal loans don’t require a credit check.

footnote Borrow responsibly
We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Evaluate all anticipated monthly loan payments, and how much the student expects to earn in the future, before considering a private student loan.

footnote Loans for Undergraduate & Career Training Students are not intended for graduate students and are subject to credit approval, identity verification, signed loan documents, and school certification. Student must attend a participating school. Student or cosigner must meet the age of majority in their state of residence. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend school in the U.S., and apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident). Requested loan amount must be at least $1,000.

footnote 1. Advertised APRs for undergraduate students assume a $10,000 loan with a 4-year in-school period, a 6-month grace, and the longest loan term offered. Interest rates for variable rate loans may increase or decrease over the life of the loan based on changes to the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent. Advertised variable rates are the starting range of rates and may vary outside of that range over the life of the loan. Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. To receive a 0.25 percentage point interest rate discount, the borrower or cosigner must enroll in auto debit through Sallie Mae. The discount applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment.

footnote 2. For applications submitted directly to Sallie Mae, loan amount cannot exceed the cost of attendance less financial aid received, as certified by the school. Applications submitted to Sallie Mae through a partner website will be subject to a lower maximum loan request amount. Miscellaneous personal expenses (such as a laptop) may be included in the cost of attendance for students enrolled at least half-time.

footnote 3. The borrower or cosigner must enroll in auto debit through Sallie Mae to receive a 0.25 percentage point interest rate reduction benefit. This benefit applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment.

footnote 4. Based on a comparison of the percentage of undergraduate students approved for a Sallie Mae Undergraduate Loan with a cosigner to the percentage of undergraduate students approved without a cosigner from October 1, 2024 through September 30, 2025.

footnote 5. Although we do not charge you a penalty or fee if you prepay your loan, any prepayment will be applied as provided in your promissory note — first to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal.

footnote 6. Sallie Mae loans may be offered at a lower rate than PLUS depending on the creditworthiness of the applicant(s). Explore federal loans and compare to make sure you understand the terms and features. Private student loans that have variable rates can go up over the life of the loan. Federal student loans are required by law to provide a range of flexible repayment options, including, but not limited to, income-based repayment and income-contingent repayment plans, and loan forgiveness and deferment benefits, which other student loans are not required to provide. Federal loans generally have origination fees, but are available to students regardless of income.

footnote Information advertised valid as of 04/28/2026.

footnote SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE. CHECK SALLIEMAE.COM FOR THE MOST UP-TO-DATE PRODUCT INFORMATION.

footnote Sallie Mae loans are made by Sallie Mae Bank.