For Degree-Granting Institutions For Degree-Granting Institutions
Get the money your student needs
The Sallie Mae Parent Loan gives parents or any creditworthy individual (including spouses, family members, and guardians) another option for financing their student’s college expenses. This loan, in your name, lets you enjoy a choice of repayment options. Plus, the interest paid may be tax deductible.1
A choice of competitive variable or fixed interest rates
- Variable interest rates from 5.12% APR to 11.49% APR2
- Fixed interest rates from 5.74% APR to 12.87% APR2
- Get a 0.25 percentage point interest rate reduction while enrolled to make monthly payments by automatic debit3
Choose how you want to pay back the loan2,4
- Interest repayment option: Make monthly interest payments while your student is enrolled in school for up to 48 months, followed by 10 years of monthly principal and interest payments.4
- Principal and interest repayment option: Make monthly principal and interest payments for 10 years, including while your student is enrolled in school.
Benefit from these features
- No prepayment penalty
- No origination fee
- Borrow up to 100% of your student’s school-certified cost of attendance5
- May be used for undergraduate or graduate expenses
We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Students and families should evaluate all anticipated monthly loan payments, and how much the student expects to earn in the future, before considering a private student loan.
Check your credit health
Quarterly FICO® Scores are available online for free for both borrowers and cosigners, along with access to the key factor(s) affecting your score.6
The proceeds of the loan will be disbursed directly to the school on behalf of the student. Refunds will be handled within your school’s current process, and in some cases, your school may refund loan funds directly to the student. If that occurs, the borrower and cosigner (if applicable) would still be responsible for repaying the loan to Sallie Mae.