Skip to main contentSkip to login

Sallie Mae Parent LoanSM

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

Loan Servicer

Sallie Mae®
855-429-9758
SallieMae.com/ParentOptions

Variable Interest Rates: 4.75% APR to 11.12% APR
Fixed Interest Rates: 5.74% APR to 12.87% APR

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 10 years of principal and interest payments
  • Principal and Interest Repayment: Borrowers make monthly principal and interest payments for 10 years, including 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 automatic debit enrollment.
  • Upromise Loan Link®
  • 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.

Eligibility

  • You may borrow on behalf of a student who is enrolled full time, half time, or less than half time.
  • Borrower, cosigner, and student must be U.S. citizens or permanent residents.
  • Parents and other creditworthy individuals may be the borrower. The student may not be the borrower.

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. Sallie Mae 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 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.

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 8.99% variable APR. It works out to 4 payments of $37.50, 44 payments of $75.00, 119 payments of $127.14 and one payment of $94.31, for a Total Loan Cost of $18,673.97. Variable rates may increase over the life of the loan.

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.

Only the borrower can link Upromise and loan accounts. Not all loans may be eligible for linking. Please visit Upromise.com/loanlink for details. Upromise account balances of $10 or more will be automatically transferred on a monthly basis to the linked loan account. For multiple linked loans, Upromise earnings will be allocated at the sole discretion of Upromise and Sallie Mae. Access to Upromise is not limited to Sallie Mae loan customers.

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.

If a student dies or becomes permanently and totally disabled, Sallie Mae will waive all remaining payments on the loan.

If requesting a loan for a prior enrollment period, less than 365 days can pass from the end of the prior enrollment period to the time of the loan's first disbursement. At the time of the 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.

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

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.

Information advertised valid as of 10/25/2017.

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