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Our free college planning resources may help you find more ways to pay for college. Your school's financial aid office may also be able to help.

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When savings, scholarships, and federal aid aren’t enough, your good credit lets you give the gift of education, so you can reduce the financial pressure on your student. Get a loan in your own name that lets you choose the type of interest rate and repayment option that work best for you.

Choose a variable or fixed interest rate

Variable interest rate:   
5.49% - 11.87% APR*

Your starting interest rate may be less than a fixed interest rate, which could result in a lower total loan cost.

Your interest rate can rise or fall as the market index changes, so your Parent Loan payments may vary over time.

Fixed interest rate:   
5.74% - 12.87% APR*

Get predictable monthly payments with an interest rate that doesn't change over time.

You may pay more for your total loan cost because a fixed interest rate is usually higher than a starting variable interest rate.

Choose how you want to pay it back

Interest repayment option

In school After school Pay interest monthly
(up to 48 months)
Principal & 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 10 years.**

It will take longer to pay off your Parent Loan than with the principal and interest repayment option.

Principal and interest repayment option

In school After school Principal & interest Principal & interest

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.

Note on loan refunds: 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 that amount to Sallie Mae.

* APRs for the Principal and Interest Repayment Option are higher than APRs for the Interest Repayment Option. Variable rates may increase over the life of the loan. Advertised APRs assume a $10,000 loan to a borrower (on behalf of a freshman student) with no other Sallie Mae loans.

** This repayment example is based on a typical loan to a borrower (on behalf of a student) who chooses a variable rate and the Interest Repayment Option for a $10,000 loan, with two disbursements, and a 8.74% variable APR. It works out to 4 payments of $36.46, 44 payments of $72.92, 119 payments of $125.77 and one payment of $94.59, for a Total Loan Cost of $18,415.54. Variable rates may increase over the life of the loan.

Benefit from these Sallie Mae Parent Loan features

Apply for this loan as a parent, spouse, or any creditworthy individual. (Students may not apply themselves.)

Lower your total loan cost—get a 0.25 percentage point interest rate reduction when you enroll in and make monthly payments by auto debit.

Pay no origination fee or penalty for paying off your Parent Loan before its due date.

Borrow from $1,000 up to 100% of your student’s school-certified cost of attendance.

Track your credit health with quarterly FICO® Credit Scores available online for free to you.

May qualify to receive a tax deduction on the interest you pay.

You have a choice when it comes to helping your student

Whether you want to take out a loan yourself or cosign one with your student, it's important to explore your options. The Sallie Mae Parent Loan and the Smart Option Student Loan® are separate products with different features and available interest rates.

Compare your loan options

Applying online is easy

is about all it takes to apply and get
a credit result.

of customers would recommend our online loan application process.

Source: Sallie Mae online loan application surveys, July 2016 – June 2017.

Questions? Need help applying?

Call us at (877) 279-7172

Didn’t find what you were looking for? See all student loans.

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 information is for borrowers with students attending degree-granting institutions only. The student is not eligible to be a borrower or cosigner and must be attending or have attended a participating school during an eligible prior enrollment period, or be enrolled in an eligible study abroad program. The borrower, cosigner, and student must be U.S. citizens or permanent residents. The school may refund loan funds directly to the student, and if that occurs, borrower and cosigner (if applicable) would still be responsible for repaying that amount to Sallie Mae. Applications are subject to a requested minimum loan amount of $1,000. Current credit and other eligibility criteria apply.

Borrower or cosigner must enroll in auto debit through Sallie Mae. The rate reduction 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, and may therefore be suspended during a forbearance or deferment period.

Sallie Mae reserves the right to approve a lower loan amount than the school certified amount.

Borrowers and cosigners who have an available FICO® Score, 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, and is the same score that Sallie Mae uses, along with other information, to manage your account. 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.

This information is not meant to provide tax advice. Consult with a tax advisor for education tax credit and deduction eligibility. For more information, see IRS Publication 970.

Sallie Mae Parent Loans are made by Sallie Mae Bank or a lender partner.

Information advertised valid as of 5/25/2018.