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

Over the past 10 years, we’ve paid out more than $8 Billion in loans for undergraduate students at interest rates lower than a Parent PLUS loan.

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No origination fee or early repayment penalty^{footnote 1}

Choice of fixed or variable interest rate

Multiple repayment options

Undergraduate loan rates

Fixed rates:

2.99% APR

to 17.49% APR^{footnote 2}

Variable rates:

4.37% APR

to 16.99% APR^{footnote 2}

Lowest rates shown include the auto debit discount.^{footnote 2} Only the most creditworthy applicants who choose the interest repayment option may receive the lowest rate.

Pay for more than tuition

Cover up to 100% of school-certified expenses, including books, meals, housing, and even a laptop.^{footnote 3}

Repay your way

Make payments while you’re in school or defer until after graduation. There’s no origination fee or penalty for prepayment.^{footnote 4}

Compare loan options to see what works best for your goals

	Sallie Mae private student loans	Federal Direct PLUS Loans^{footnote 5}
No origination 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 6}
Rate reduction when you enroll in auto debit^{footnote 7}
Credit check required

Questions? We're here to help!

What are the benefits of having a cosigner?

Most 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 shares 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?

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.

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.

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.

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.

Parents, you can help your student by cosigning a loan

If you cosign your student’s undergraduate student loan application, their chances of being approved may increase! A cosigner is usually a parent, but can be any adult with good credit.

Apply online—it's fast and easy.

Fill out some basic information and find out how much you qualify for.

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For degree and non-degree granting institutions

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

footnote 2. 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 3. 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 4. Although we do not charge a penalty or fee if you prepay your loan, any prepayment will be applied as outlined in your promissory note—first to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal.

footnote 5. Federal loan rate and fee information is provided by Federal Student Aid, an Office of the U.S. Department of Education.

footnote 6. 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 7. 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 Information advertised valid as of 7/28/2025.

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 Smart Option Student loans are made by Sallie Mae Bank.