When Federal Aid Falls Short

Pay for more than tuition

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

No upfront fees

There’s no fee to process a loan or if you pay it off early.^{footnote 3}

Choice of fixed or variable interest rate

Pick between competitive fixed or variable interest rates for your college journey.

Multiple repayment terms

Your term is based on how much you borrow—so your payments make sense.

Compare loan options to see what works best for your goals

Table with loan options
	Sallie Mae private student loans	Federal Direct PLUS Loans^{footnote 4}
No upfront fees
Less than half-time enrollment eligibility
Fixed and variable interest rate options
Cover up to 100% of the cost of attendance minus financial aid^{footnote 2}
Rate reduction when you enroll in autopay^{footnote 5}
Credit check required

Complete your application in minutes

Apply now

A Sallie Mae^® private student loan can help

If you’ve completed your FAFSA^® and explored financial aid or federal loan options and still need additional support, our private student loans can help close the gap when a federal loan doesn’t cover the full cost of college.

Breaking down your repayment options

Pay in school

Pay some in school

Pay after school

Interest repayment option

How does it work?
You pay your interest every month you’re in school and in grace (the 6 months after leaving school).^{footnote 1}

This is a great option if your student wants to save the most.
Freshman students may save 17% on their total loan cost by choosing interest repayment instead of deferred repayment.^{footnote 6}

Keep in mind:
You might have higher monthly payments during school, but the total cost of your loan may be lower.

Fixed repayment option

How does it work?
You pay $25 every month^{footnote 7} while you’re in school and in grace (the 6 months after leaving school).^{footnote 1}

This is a great option if your student wants to make a dent in payments from the start.
Freshman students may save 7% on their total loan cost by choosing fixed repayment instead of deferred repayment.^{footnote 6}

Keep in mind:
You might have higher monthly payments during school, but the total cost of your loan may be lower.

Deferred repayment option

How does it work?
You have no scheduled payments while you’re in school and in grace (the 6 months after leaving school).^{footnote 1}

This is a great option if you want to focus on class and not on making loan payments.

Keep in mind:
The total cost of your loan may be higher because the interest you don’t pay on your loan while you’re in school and grace will be added to the original amount you borrowed (principal amount).

It's easy to get
started

Follow these steps:

1. Tell us the basics

2. Customize your loan

3. Sign and accept

Get started

Questions?

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. Following your FAFSA^® financial aid determination, and depending on whether you’re using a federal loan such as a direct subsidized or unsubsidized loan (formerly known as a Stafford loan), a PLUS loan, and/or a private student 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?

Most students don’t have the credit history to take out a private student loan by themselves. That’s where a cosigner can help. A cosigner is an adult with good credit, usually a parent, along with the student, is fully responsible for the loan. By having a cosigner on a private student loan application, students’ chances of being approved may increase! The FAFSA^®identifies estimated financial aid eligibility, which includes federal options like direct subsidized and unsubsidized loans (formerly known as Stafford loans), and PLUS loans. Federal loans don’t typically require a cosigner.

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. This option is common with federal student loan programs, including direct subsidized and unsubsidized loans (formerly known as Stafford loans) and PLUS loans.

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. This is something to consider when comparing federal loans and private student loans.

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

Federal loans are provided by the government and include options such as direct subsidized and unsubsidized loans (formerly known as Stafford loans) and PLUS loans. On the other hand, 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 4}

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. 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 4. 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 5. 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 6. Savings comparison assumes a freshman student receives a $10,000 Smart Option Student Loan with the most common variable rate as of January 2025 and the longest loan term offered.

footnote 7. Examples of typical transactions for a $10,000 Smart Option Student Loan with the most common fixed rate, Fixed Repayment Option, two disbursements, a 4-year in-school period, and a 6-month grace: For a borrower with the shortest loan term, it works out to 16.16% fixed APR, 51 payments of $25.00, 119 payments of $296.32 and one payment of $41.82, for a total loan cost of $36,578.90. For a borrower with the longest loan term, it works out to 16.38% fixed APR, 51 payments of $25.00, 177 payments of $265.54 and one payment of $173.00, for a total loan cost of $48,448.58. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 10 years. A variable APR may increase over the life of the loan. A fixed APR will not.

footnote Sallie Mae loans are made by Sallie Mae Bank.

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 FAFSA® is a registered service mark of U.S. Department of Education, Federal Student Aid.

If federal loans don’t cover all your college costs, we can help