Student loans
Choose a student loan repayment option that works for you
Feel confident about your future by picking a repayment option that fits your budget
Student loans built with you in mind
We provide you with a number of different paths to get you started on your educational journey. All you have to do is choose the right one for you.
Fixed rates:
3.49% APRfootnote 2 – 15.49% APRfootnote 2
Variable rates:
5.54% APRfootnote 2 – 15.70% APRfootnote 2
For college students earning a bachelor's or associate's degree, or a certificate at a degree-granting school.
Lowest rates shown include the auto debit discount.
Fixed rates:
3.49% APRfootnote 3 – 15.69% APRfootnote 3
Variable rates:
5.54% APRfootnote 3 – 16.46% APRfootnote 3
For students taking professional training or certificate courses (such as culinary, aviation, technical, etc.).
Lowest rates shown include the auto debit discount.
For graduate students seeking loans for medical, dental, health professions, MBA, law, and master's/doctorate degree expenses.
Rates vary by loan.
Adding a cosigner may strengthen your student loan application
If you have little or no credit history, consider a cosigner. Last year, students were 3.5x more likely to be approved for a student loan with one!footnote 4
Last year, 88% of Sallie Mae® undergraduate loans were cosignedfootnote 5 and it may help you get a better interest rate on your student loan.
The help you need now, and throughout the school year
Cover up to 100%
of school-certified costsfootnote 6
Multiple ways
to repay
ZERO origination fees
Make college your focus
Save time—apply for a student loan once to get money for the whole year so you can focus on studying. And if your plans change, no worries—interest on your loan won't be charged until the money is sent to your school.
Higher education comes with some college costs—bigger ones, like tuition and housing, and smaller ones, like books and a laptop. We can help you get the money you need for school.footnote 6
Take comfort, Get covered
Our multi-year advantage means you can get the money you need year after year. 95% of students who’ve been approved with a cosigner were approved again when they returned with a cosigner the following year.footnote 7 Plus, you’ll get the convenience of a faster student loan application and managing all your private student loans with one lender.
Need help? Our 100% U.S.-based customer service team is here for you.
Paying back comes with benefits
Our multiple student loan repayment options on college loans give you more flexibility on how you can pay them back. Plus, you'll get free access to your FICO® score, which is updated quarterly online.footnote 8
Our loans for college students have no origination fees and provide competitive interest rates.
Plus, you get a 0.25 percentage point interest rate discount when you enroll in and make monthly student loan payments using auto debit.footnote 9
A student loan that gives you more
See how Sallie Mae compares to other lenders
Footnotes only apply to Sallie Mae loans
Benefit |
Sallie Mae |
Citizens |
SoFi |
---|---|---|---|
|
|
||
|
|
||
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
Your partner in borrowing
Whether you're a student or a cosigner, our goal is to make your student loan experience as stress-free as possible. We're here to help every step of the way.
If you’re a student
We’ve got tools, resources, and information that can help you throughout your borrowing journey:
- Before you apply, make sure you fully understand private student loans.
- Figure out if you should consider a cosigner—and find out details like who can cosign, cosigner responsibilities, and how to apply to release a cosigner.
- See how you can graduate with less student loan debt.
- Use our student loan repayment calculator to estimate monthly student loan payments.
- Need more help? Call us at 877-279-7172
If you’re a cosigner
We’ve got tools, resources, and information that can help you throughout your cosigning journey:
- Before you apply, make sure you fully understand what it means to be a cosigner and why it might be the right option for you.
- Get to know all the responsibilities of being a cosigner.
- Use our student loan repayment calculator to estimate monthly student loan payments.
- Need more help? Call us at 877-279-7172.
Some frequently asked questions about student loans
A student loan is money that’s loaned to you by a bank or other financial institution to help pay for your education. All loans need to be paid back. When you pay back loans for school, your repayment amount includes the full amount you borrowed, plus interest (the amount your lender charges you for borrowing the money).
There are school loans available for students in undergraduate, graduate, certificate, dental, medical, and health professions programs. Sallie Mae also offers student loans for graduates studying for the bar exam or relocating for medical and dental residencies.
Private loans for college—offered by banks like Sallie Mae, credit unions, and other financial institutions—are based on your creditworthiness. This means your lender will check to see if you have a history of borrowing money and paying it back on time. Since many students haven't had time to build credit, applying for a private student loan with a cosigner—a parent, relative, or other adult with good credit—may increase your chances for approval and help get you a better rate.
For private student loans in general, you may be approved to borrow up to 100% of your school-certified costs for the entire year, if needed.
You should borrow only what you can afford to pay back later. Consider how much you may earn in your future career. Use a responsible borrowing approach. Use free money first and explore federal loans before considering private student loans. To help estimate your future income potential, you can visit the US Department of Labor at bls.gov.
You can fill out a student loan application right on the lender’s website. There’s no cost to apply. You’ll be asked to enter some basic personal and financial information, and choose the type of interest rate and repayment plan you want for your loan. If you’re applying with a cosigner, they’ll also need to provide their financial info.
You can use student loan funds to cover any of your school costs included in your school's cost of attendance for the year, which might include the following for students attending school at least half time:
- Tuition
- Fees
- Books
- Housing
- Meals
- Travel to and from school
- A laptop
- Equipment, supplies, and tools
Get more expert advice on what you can and cannot use your student loan money for.
Repayment terms vary by lender. Because more interest gets added to your loan balance over time, you may be able to save money by paying off your loan sooner.
Use our Accrued Interest Calculator to see how much you can save by paying more towards your loan.
Yes, it may. Your lender will need to run a credit check to see if you qualify for the college loan, which may impact your credit score.
You may boost your chances of being approved by adding a cosigner (such as a parent, relative, or other responsible adult). Last year, 88% of Sallie Mae undergraduate loans were cosigned.footnote 5
A fixed rate is one that doesn’t change over the life of your loan, so your monthly payment stays the same. A variable interest rate can go up or down with the market, increasing or lowering your monthly payment as it does.
Sallie Mae offers different types of student loans and the eligibility requirements differ for each loan:
- Private student loans
- Undergraduate student loans
- Career training student loans
- Graduate student loans
- Medical school loans
- Medical residency and relocation loans
- Dental school loans
- Dental residency and relocation loans
- Law school loans
- Bar study loans
- MBA loans
- Nursing school loans
- Physician assistant student loans
Private student loans are credit-based, which means the lender will check your credit rating and other info. If you’re just entering college, you may not have much credit history, so you may need a creditworthy cosigner. A cosigner shares responsibility with you for paying back the loan.
A lender wants to make sure you’ll be able to pay back your loan after you borrow the money. That’s why they consider whether you and/or your cosigner are “creditworthy.” The lender will evaluate your credit history to see how you’ve handled your finances in the past.
That’s why the first step a lender will take after you submit your application is to see if your (and your cosigner’s) credit history meets their guidelines.
- Every lender has specific criteria that they look for—this can include a particular credit score range, outstanding debts, income, and more.
- When you (and your cosigner, if you have one) pass the credit review, you’ll be notified that you’re approved. It can take as few as 15 minutes to find out whether you’ve met their credit requirements. If the lender needs more information, the approval can take a few business days.
After you apply and your loan is approved, a certification request is sent to your school. All schools have different processes for certification—some certify daily, weekly, biweekly, etc. Most schools only certify 30 days before the enrollment period begins, even though you may have applied months in advance.
When certification is received, and after the right to cancel period has expired, your student loan is ready to be disbursed (sent to your school).
- A disbursement is funds that are sent to your school. Loan funds may be divided into multiple disbursements (usually one per semester).
- If you chose a repayment option that requires in-school payments, your monthly payments will begin as soon as your funds are disbursed.
Sallie Mae offers private student loans to qualifying students who are not U.S. citizens or permanent residents (including DACA students) who reside in and attend school in the U.S. with an eligible, creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident).
While international students can’t receive U.S. federal student aid like federal loans or work-study, there are still options available to help pay for higher education. You might be eligible for financial aid allocated for international students, as well as scholarships and grants.