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Sallie Mae® Parent Loan

For Borrowers on behalf of Undergraduate and Graduate Students at Degree-Granting Institutions

Loan Servicer

Sallie Mae®

Variable rates: 5.74% APR to 12.37% APR
Fixed rates: 5.49% APR to 12.87% APR

Lowest rates shown include the auto debit discount.

No origination fee and no prepayment penalty.

Choose a repayment option that fits your need,

  • Interest Repayment: Borrowers make monthly interest payments while the student is enrolled in school for up to 48 months, followed by monthly principal and interest payments for the remaining life of the loan.
  • Principal and Interest Repayment: Borrowers make monthly principal and interest payments while the student is enrolled in school and through the life of the loan

Repayment term – 10 years of principal and interest payments.

Special Features/Benefits

  • Auto Debit Savings – 0.25 percentage point interest rate reduction for enrolling in and making monthly payments by automatic debit.
  • The all-in-one study partner, Study StarterSM: Students can set themselves up for success and less stress with free access to a complete package: 4 months of Textbook Solutions and Expert Q&A through Chegg Study®, 30 minutes of live online tutoring through Chegg® Tutors, and 4 months of proofreading and citation help with EasyBib® Plus.
  • Free financial literacy tools and resources, including access to quarterly FICO® Credit Scores for both borrowers and cosigners
  • Student death and disability loan forgiveness.
  • Cover an existing balance for an enrollment period within the past 365 days.
  • Borrow up to 100% of the school-certified cost of attendance.

Applying with a creditworthy cosigner: While not required, a wide range of individuals may be the cosigner as long as they are creditworthy, and understand and accept the responsibilities of being a cosigner. Students may not be the cosigner.


  • You may borrow on behalf of a student who is enrolled full time, half time, or less than half time.

It only takes about 15 minutes to apply online and get a credit result.

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.

Explore federal loans and compare to ensure you understand the terms and features. Parent Loans that have variable rates can go up over the life of the loan. Federal student loans are required by law to provide a range of flexible repayment options, including, but not limited to, income-based repayment and income-contingent repayment plans, and loan forgiveness and deferment benefits, which other student loans are not required to provide. Federal loans generally have origination fees, but are available to students regardless of income.

This information is for borrowers with students attending participating degree-granting schools located in the U.S. The student is not eligible to be a borrower or cosigner. The borrower, cosigner and student must be U.S. citizens or U.S. 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. Applications are subject to a requested minimum loan amount of $1,000. Current credit and other eligibility criteria apply.

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 to a person borrowing for a freshman student.

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

This repayment example is based on a typical Parent Loan made to a borrower (on behalf of a freshman student) who chooses a fixed rate and the Principal and Interest Repayment Option for a $10,000 loan, with two disbursements, and a 9.50% fixed APR. It works out to 4 payments of $64.95, 115 payments of $131.25 and one payment of $94.39, for a Total Loan Cost of $15,447.94.

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. This benefit may be suspended during periods of forbearance or deferment, if available for the loan.

This promotional benefit is provided at no cost to borrowers with loans that first disburse between July 1, 2018 and April 30, 2020. Borrowers who reside in, attend school in, or borrow for a student attending school in Maine are not eligible for this benefit. No cash value. Terms and Conditions apply. Please visit for complete details. This offer expires one year after issuance.

Borrowers and cosigners who have an available FICO® Score and a Sallie Mae 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, 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.

If a student dies or becomes permanently and totally disabled, the current balance of the loan will be waived.

No more than 365 days can pass from the loan period end date to the first disbursement of the loan. At the time of request, the student must be enrolled, intending to enroll, or have graduated. The student must have been enrolled during the prior enrollment period for which the loan is requested and must not have withdrawn with no intention of re-enrolling, as verified by the school.

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.


Information advertised valid as of 4/25/2019.

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