Undergraduate student loan that fits your goals

Here to help you make your best moves every step of the way.

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I want to cosign a loan

Fixed rates

3.49%

to 15.99% APR^{footnote 1}

What are fixed rates?

Fixed means your interest rate never changes.

If you want a predictable monthly payment, this is the way to go.

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Variable rates

4.54%

to 14.71% APR^{footnote 1}

What are variable rates?

Variable interest rates go up or down as the market changes.

This means your monthly payments may also change—they might be higher if interest rates rise and lower if they fall.

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Lowest rates shown include the auto debit discount. Only the most creditworthy applicants who choose the interest repayment option may receive the lowest rate.

Benefits you won't want to miss

No origination fees

There’s no fee to process a loan or if you pay it off early.^{footnote 2}

3 repayment options

Go for what works best for your budget.

Consider a cosigner

Students with cosigners were 5x more likely to be approved last year.^{footnote 3}

Save money

Get a 0.25 percentage point discount with auto debit.^{footnote 4}

100%

Up to 100% coverage

of school-certified costs^{footnote 5}—and you only need to apply once to get set for the whole year.

91%

Of undergrad loans were cosigned

last year.^{footnote 6} A cosigner can be a guardian, relative, or friend.

Getting approved for a Sallie Mae^® loan was fairly simple. And took a huge weight off my shoulders when it came to paying for my education.

Desirea M.,

California

Breaking down your repayment options

Pay interest in school
Pay some in school
Pay after school

Pay interest in school

Pay some in school

Pay after school

Interest repayment option

How does it work?
You pay your interest every month you’re in school and in grace (the 6 months after).^{footnote 1}

This is a great option if you want to save the most.
Freshman students may save 17% on their total loan cost by choosing interest repayment instead of deferred repayment.^{footnote 7}

Keep in mind:
You might have higher monthly payments, but the total cost of your loan may be lower.

Fixed repayment option

How does it work?
You pay $25 every month^{footnote 8} you’re in school and in grace.^{footnote 1}

This is a great option if you want to make a dent in payments from the start.
Freshman students may save 7% on their total loan cost by choosing fixed repayment instead of deferred repayment.^{footnote 7}

Keep in mind:
Any interest you don't pay during school will be added to your principal amount (total borrowed) after grace.

Deferred repayment option

How does it work?
You have no scheduled payments while you’re in school and in grace.^{footnote 1}

This is a great option if you want to focus on class and not on making loan payments.

Keep in mind:
The total cost of your loan may be higher because the interest you don’t pay on your loan while you’re in school and grace will be added to the original amount you borrowed (principal amount).

Apply in
minutes

1. Tell us some basics

2. Choose your loan options

3. Sign and accept

Apply now

Let’s make sure you’re ready

You’ll need a few things to apply like address, Social Security number (if you have one), and details about your school.

FAQs

Have other questions? We’re here to help.
1-877-279-7172

What is my school's cost of attendance?

You can estimate how much a whole year of school will cost using your school’s cost of attendance (COA), usually found on your financial aid offer or the school’s website.

The cost of attendance usually includes expenses like tuition, fees, books, meals, and transportation. Depending on the type of loan, your school may certify your loan amount. This means that your school confirms the loan amount to make sure you don’t borrow more than the cost of attendance.

Do I need a cosigner?

Most students don’t have the credit history to take out a loan by themselves. That’s where a cosigner can help. A cosigner is an adult with good credit who shares responsibility for the loan. By having a cosigner on the application, students’ chances of being approved may increase.

Why should I borrow for the entire school year?

You can apply just once a year with a single credit check and funds are sent (disbursed) for each term directly to your school. You can cancel any future disbursements as needed with no penalty. No interest is charged until money is sent to your school, so you can relax, knowing you've got the funds when you need them.

What’s the difference between federal and private student loans?

Federal loans are provided by the government, while you take out a private loan from a bank like Sallie Mae, or a credit union. There are also differences in interest rates, repayment options, and other features.^{footnote 9}

When you apply for a private loan, the lender must check your credit, including your borrowing/repayment history, to decide if you qualify for a loan. Many federal loans don’t require a credit check.

How long does it take to get an undergraduate student loan?

It takes about 10 minutes to apply and get a credit decision. After your application is approved, you choose your undergraduate loan rate type and repayment options, accept your loan disclosure, and the loan is certified by your school. We send (disburse) the funds directly to the school. The process typically takes 10 business days from application to disbursement.

Can I qualify if attending school online, or less than half-time?

Yes! Whether you study online or on campus, you can borrow to cover your school costs, even if you're not a full- or half-time student. Our loan is a good choice if you find yourself in any of these situations:

Attending school full-time, half-time, or less than half-time
Online or on-campus classes
Winter or summer classes
Study abroad
Professional certification courses
A U.S. citizen or permanent resident enrolled in a participating school in a foreign country
Students who are not U.S. citizens or permanent residents, including DACA students, residing in and attending school in the U.S. (with a cosigner who is a U.S. citizen or U.S. permanent resident)

When do I start paying back my undergraduate student loan?

With our undergraduate student loan, you have three repayment options. While in school, you can 1) choose to make monthly interest payments or 2) fixed $25 payments each month^{footnote 8}—or 3) you can choose to defer (wait to make) payments until after school.^{footnote 1} The repayment option you choose applies during school and for six months after you leave school (your grace period). After that, you’ll make principal and interest payments.

How do you decide if I qualify for a student loan?

When you apply, we look at your history of borrowing money and paying it back on time. Lenders want to know how responsible you are with credit before approving your student loan application.

Many high school students haven’t had time to build up their own credit. That's why it can help to apply with a cosigner, a creditworthy adult who shares the responsibility of the student loan.

footnote Borrow responsibly
We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Evaluate all anticipated monthly loan payments, and how much the student expects to earn in the future, before considering a private student loan.

footnote Loans for Undergraduate & Career Training Students are not intended for graduate students and are subject to credit approval, identity verification, signed loan documents, and school certification. Student must attend a participating school. Student or cosigner must meet the age of majority in their state of residence. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend school in the U.S., and apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident). Requested loan amount must be at least $1,000.

footnote All reviews on this page were provided by customers who completed Net Promoter Score (NPS) surveys. Reviewers were not compensated by Sallie Mae for providing their review.

footnote 1. Advertised APRs for undergraduate students assume a $10,000 loan to a student who attends school for 4 years and has no prior Sallie Mae-serviced loans. Interest rates for variable rate loans may increase or decrease over the life of the loan based on changes to the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent. Advertised variable rates are the starting range of rates and may vary outside of that range over the life of the loan. Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. To receive a 0.25 percentage point interest rate discount, the borrower or cosigner must enroll in auto debit through Sallie Mae. The discount 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.

footnote 2. 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.

footnote 3. Based on a comparison of the percentage of students who were approved for any Sallie Mae loan with a cosigner to the percentage of students who were approved without a cosigner from October 1, 2023 to September 30, 2024.

footnote 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.

footnote 5. For applications submitted directly to Sallie Mae, loan amount cannot exceed the cost of attendance less financial aid received, as certified by the school. Applications submitted to Sallie Mae through a partner website will be subject to a lower maximum loan request amount. Miscellaneous personal expenses (such as a laptop) may be included in the cost of attendance for students enrolled at least half-time.

footnote 6. Based on the percentage of approved undergraduate loans that were cosigned from October 1, 2023 to September 30, 2024.

footnote 7. Savings comparison assumes a freshman student with no other Sallie Mae loans receives a $10,000 Smart Option Student Loan with the most common variable rate as of January 2025.

footnote 8. Examples of typical costs for a $10,000 Smart Option Student Loan with the most common fixed rate, fixed repayment option, 6-month separation period, and two disbursements: For a borrower with no prior loans and a 4-year in-school period, it works out to a 10.28% fixed APR, 51 payments of $25.00, 119 payments of $182.67 and one payment of $121.71, for a Total Loan Cost of $23,134.44. For a borrower with $20,000 in prior loans and a 2-year in-school period, it works out to a 10.78% fixed APR, 27 payments of $25.00, 179 payments of $132.53 and one payment of $40.35 for a total loan cost of $24,438.22. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 10 years. A variable APR may increase over the life of the loan. A fixed APR will not.

footnote 9. Explore federal loans and compare to make sure you understand the terms and features. Private student 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.

footnote Information advertised valid as of 4/17/2025.

footnote 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.

footnote Sallie Mae loans are made by Sallie Mae Bank.