Private student loans for nearly every type of student

There are private college loans for students in undergraduate, graduate, certificate, dental, medical, and health profession programs. Sallie Mae also offers private student loans for graduates studying for the bar exam, or relocating for medical and dental residencies. 

Whether you're studying online or on campus, private school loans—as well as federal student loans—for college and grad school can be used to pay for your education expenses, which for full-time and half-time students may include:

• Tuition
• Room and board
• Fees
• Books
• Supplies
• Transportation
• Computer for school

Borrow what you need for the entire school year. Apply only once with a single credit check and funds will be sent directly to your college or university to cover each term as requested. You can cancel future disbursements as needed with no penalty. No additional interest is charged until money is sent to your school.

Federal and private loans for college use different eligibility criteria. 

Federal student loans are offered by the government. You can fill out the FAFSA to determine eligibility. 

• For Subsidized Loans, the US Department of Education pays the interest while the student is in school at least half time, grace (if offered) and authorized deferment periods.
• For Unsubsidized Loans, the borrower is responsible for paying interest during the in-school or grace periods, or a post-school deferment.

Private student loans, offered by banks and financial institutions, are based on your creditworthiness. Your credit—and your cosigner’s credit—are evaluated, along with other information provided on your application. Applying for a private student loan with a creditworthy cosigner may increase your chances for approval and may help get you a better rate.

You should generally consider federal student loans first, and then take out private loans for school if you still need money for college.

There are differences between private loans for college. It’s important to find a reputable student loan lender. Here are some ways to find the right one:

• Start with your school to see if they offer a lender list.
• Confirm that the lender works with your school of choice.
• Ask others for recommendations on lenders they've used for their student loans.
• Make sure you’re looking at the right private student loan for your education. There may be different loans for undergraduate, graduate, continuing education, or certificate courses.

Once you’ve found a couple of lenders, you can compare their private student loan options to see what each offers:

• What is the interest rate range?
• Can you choose a variable or fixed interest rate?
• Are there student loan fees, like an origination fee?
• Is there a choice of in-school repayment options (fixed, interest only, or deferred)?
• Are there benefits that help you lower your interest rate?
• Is there a program that lets you make more manageable payments (like interest only) for a period of time after you graduate?
• Do they give you access to your FICO® Credit Score?
• Are there other benefits that make their particular student loans valuable?
• Is the company reputable, with many years of experience?

You can apply for private college loans directly from each lender’s website. You should apply after you’ve made your school decision and once you know how much you need to borrow, so you won’t have to submit separate student loan applications for schools you’re considering.

There's typically no cost to apply for private student loans, but there are a few things you should know before you apply for student loans:

• You’ll fill out basic personal information and financial information.
• You’ll be asked to choose the interest rate type and repayment option for your loan.
• You generally can apply with a creditworthy cosigner during the application process. If you apply with a cosigner, they’ll have to supply their financial information in the student loan application.

Our private student loan application process only takes about 15 minutes to receive a credit result in many cases.

Understand the student loan application process

In terms of how much you should take out for college, borrow only what you think you can afford to pay back later. Think about your future career and how much you may make in your chosen field. To help estimate your future income potential, you can visit the US Department of Labor at bls.gov.

The amount of money you can receive from a private education loan varies by lender. If your lender requires “school certification,” your school verifies your enrollment and ensures that you’re not borrowing more than the cost of attendance (including your federal student loans, scholarships, and grants).

Private loans for students are credit-based. That means that a lender will look at your history of borrowing money and paying it back. Federal student loans, on the other hand, are generally based on financial situation and federal guidelines rather than credit. (Note: A credit check is conducted for the Federal PLUS Loan.)

If you don’t have a credit history, you may need a cosigner. A cosigner can be a parent, relative, or any other creditworthy individual. Their good credit history may help you get student loans for college.

Along with you, a cosigner accepts responsibility for repaying your private student loan. If you keep your loan in good standing, making on-time payments, it can be a great way to build your own credit. If you fall behind or don’t pay back your loan, your cosigner’s credit can suffer if they don’t make payments.

After you've submitted your student loan application, you’ll typically get a credit decision within 15 minutes of applying. Once approved, you'll also get notices to review, accept, and e-sign your loan terms.

Your school will have to certify your loan amount before it can be disbursed (paid to the school). Then you’ll get a Final Disclosure spelling out the details.

You have the right to cancel your private student loan as described in the Final Disclosure before it’s disbursed (sent) to your school.

Learn what happens after your loan is approved

Starting with your first semester, it’ll be helpful to keep track of both your federal and private student loans. Here are some tips for managing student loans and debt:

1. You may apply for a new loan every year that you’re a student.
2. You may need to be enrolled in school at least half-time.
3. Interest accrues on your student loan throughout the life of the loan. Making in-school payments may lower the total cost of your loan.
4. Once you leave school, whether you graduate or not, you’ll generally have a grace period of six months before you begin to make principal and interest payments.
5. As you continue to take out federal or private student loans throughout your years in college, keep a list of the lenders, how much you’re borrowing—and don’t forget to borrow responsibly.

Learn about managing your student loans