Variable rates
3.37% APR
to 12.99% APR1
Fixed rates
5.49% APR
to 13.87% APR1
Lowest rates shown include the auto debit discount. Only the most credit-worthy applicants may receive the lowest rates.

Get the money you need, plus features that can help make college happen for your student

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100% coverage

Pay all your student's school-certified expenses like tuition, fees, books, housing, meals, travel, and even a laptop.2

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No origination fee or prepayment penalty

Pay as early and as much as you'd like with no penalty.3

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Cost-saving feature

Get a 0.25 percentage point interest rate reduction when you enroll and make monthly payments with auto debit.4

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4 months of free Chegg Study®

Get study and homework support, anytime, anywhere, for any subject.5

Tip for borrowers

You can apply only once and get the money you need for the entire school year. Funds will be sent for each term as requested by your school.

Learn about how much to borrow

Choose the loan options that work for you

Smaller version of graphic showing fixed vs variable rates over time

Variable rates: 3.37% – 12.99% APR1
Your interest rate can rise or fall as the market index changes, so your Parent Loan payments may vary over time. 

Fixed rates: 5.49% – 13.87% APR1
Get predictable monthly payments with a rate that doesn’t change over time.

Start by paying just the interest
Get budget flexibility—make interest-only payments while your student is in school for up to 48 months, and then principal and interest payments for the remaining life of the loan. It may take longer to pay of your Parent Loan than with the principal and interest repayment option.

Pay off your loan faster
You can pay off your loan faster by making principal and interest payments while your student is in school and your total Parent Loan cost will likely be lower, compared to the interest repayment option. Your monthly Parent Loan payments will likely be higher while your student is in school, compared to the interest repayment option.

Applying is easy

Provide some basic info

Give some details about yourself. Apply for this loan as a parent or any creditworthy individual. (Students may not apply themselves.)

Choose your options

After you’re approved, pick the repayment option and interest rate type that suits your budget and timeframe.

Accept your loan

Review, sign, and accept your loan documents; we’ll take care of the rest with your school.


Manage your credit like a pro

Track your credit health with free access to your FICO® Score, updated quarterly.6

Learn more about FICO® Scores

Have questions or need help applying?


Call us at

Ready to apply? Start here.
Looking for another type of student loan?

Borrow responsibly
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.
 This loan must be used to pay for eligible student expenses at participating degree-granting schools. The student cannot be a borrower or cosigner and is not responsible for repaying the loan. The borrower, cosigner, and student must be U.S. citizens or U.S. permanent residents. If the school issues a refund directly to the student, the borrower and cosigner (if applicable) are still responsible for repaying that amount. Applications are subject to a requested minimum loan amount of $1,000. Current credit and other eligibility criteria apply.
1. APRs for the Principal and Interest Repayment Option may be higher than APRs for the Interest Repayment Option. Variable rates may increase over the life of the loan. Advertised variable rates reflect the starting range of rates and may vary outside of that range over the life of the loan. APRs assume a $10,000 loan with a 4-year in-school period.
2. Loan amount cannot exceed the cost of attendance less financial aid received, as certified by the school. Sallie Mae reserves the right to approve a lower loan amount than the school-certified amount. Miscellaneous personal expenses (such as a laptop) may be included in the cost of attendance for students enrolled at least half-time.
3. 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. 
4. 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, if available for the loan.
5. This promotional benefit is provided at no cost to borrowers with undergraduate, graduate, or parent loans with a first disbursement between May 1, 2021 and April 30, 2022. Borrowers are not eligible to activate the benefit until July 1, 2021. Borrowers who reside in, attend school in, or borrow for a student attending school in Maine are not eligible for this benefit. Chegg Study® offers expert Q&A where students can submit up to 20 questions per month. No cash value. Terms and Conditions apply. Please visit for complete details. This offer expires one year after issuance.
6. Borrowers and cosigners with an available FICO® Score and a Sallie Mae-serviced loan with a current balance greater than $0, may receive their score quarterly after the first disbursement of their loan. The FICO® Score provided to you is the FICO® Score 8 based on TransUnion data. FICO® Scores and associated educational content are provided solely for your own non-commercial personal review, use and benefit. This benefit may change or end in the future. FICO® is a registered trademark of the Fair Isaac Corporation in the United States and other countries.
Sallie Mae loans are made by Sallie Mae Bank.
Information advertised valid as of 11/25/2021.