Parent and education loan contrast chart. Pick the loan that is suitable for you along with your pupil

Main borrower

Adjustable rate*

Fixed rate*

Alternatives for trying to repay

Principal and interest repayment term. Graduated Repayment Period available

More features

*Lowest prices shown include the car debit discount

Willing to apply. Smart Option Education Loan for Undergraduate Students

For bachelor’s and associate’s levels or perhaps a certification at a degree-granting college.

Sallie Mae Parent Loan

For your student’s bachelor’s, associate’s, or graduate level, or perhaps a certification at a degree-granting college.

Questions on which could be the loan that is right you?

Borrow responsibly
We encourage pupils and families in the first place cost savings, funds, scholarships, and federal figuratively speaking college. Pupils and families should evaluate all expected month-to-month loan payments, and just how much the student expects as time goes by, before considering a student loan that is private.

Smart Option scholar Loan: these details is actually for undergraduate pupils attending degree-granting that is participating. Borrowers must certanly be U.S. Citizens or U.S. Residents that are permanent the college is found not in the united states of america. Non-U.S. Resident borrowers who have a home in the U.S. Meet the criteria having a cosigner that is creditworthywho should be a U.S. Resident or U.S. Permanent resident) and generally are necessary to offer an unexpired government-issued photo ID to verify identity. Applications are at the mercy of a required minimum loan level of $1,000. Present credit as well as other eligibility criteria apply.

Sallie Mae Parent Loan: This info is for borrowers with pupils attending degree-granting that is participating. The pupil just isn’t eligible to be considered a debtor or cosigner. The borrower, cosigner and pupil needs to be U.S. Residents or U.S. Residents that are permanent. May directly refund loan funds to your pupil, if occurring, debtor and cosigner (if applicable) would nevertheless be in charge of repaying that quantity. Applications are at the mercy of a requested minimum loan quantity of $1,000. Present credit as well as other eligibility criteria apply.

Loan amount cannot go beyond the expense of attendance less economic help received as certified by. Sallie Mae reserves the ability to approve a lowered loan quantity than the amount that is school-certified.

Interest is charged starting at disbursement, during school plus the period that is separation/grace and before the loan is compensated in complete. Utilizing the Fixed and Deferred Repayment Alternatives, the attention price is greater than because of the Interest Repayment Option and Unpaid Interest is put into the loan’s present Principal by the end for the grace/separation duration. Payments can be needed through the grace/separation duration with regards to the payment choice chosen. Adjustable prices may increase over the life of. Advertised variable prices mirror the range that is starting of and can even differ outside of that range throughout the lifetime of. Advertised APRs assume a $10,000 loan to a freshman with no other Sallie Mae loans.

APRs when it comes to Principal and Interest Repayment choice might be more than APRs for the attention Repayment Option. Variable prices may increase throughout the life of the mortgage. Advertised adjustable prices reflect the starting number of rates that can vary outside of that range throughout the lifetime of. APRs assume a $10,000 loan to an individual borrowing for the freshman student.

This payment instance is dependant on a normal Smart choice scholar Loan designed to a freshman debtor who chooses a fixed price and the Fixed Repayment Option for a $10,000 loan, with two disbursements, and a 8.44% fixed APR. Off to 51 repayments of $25.00, 119 repayments of $156.04 and something repayment of $118.97, for the loan that is total of $19,962.73.

This payment instance is dependant on a typical Parent Loan meant to a debtor (on the behalf of a student that is freshman who chooses price therefore the Principal and Interest Repayment selection for a $10,000 loan, with two disbursements, and a 9.50% fixed APR. Off to 4 repayments of $64.95, 115 payments of $131.25 and something repayment of $94.39, for the loan that is total of $15,447.94.

Designed for loans utilized qualified advanced schooling costs at a degree-granting organization. Graduated Repayment Period (GRP) enables payments that are interest-only 12 payment periods after principal and interest repayment begins. The loan must be current (not past due) at the time of the GRP request. Customers may request GRP during the six payment durations before in addition to 12 payment periods just after the mortgage enters that are first and interest repayment. GRP will not expand the mortgage term. Loan Cost and payments that are monthly the GRP would be more than they might have now been without one.

Borrower or cosigner must join automobile debit through Sallie Mae to get a 0.25 portion point rate of interest decrease advantage. This advantage is applicable only during active payment for as long as the Current Amount Due or Designated Amount is effectively withdrawn through the authorized bank-account every month and could be suspended during durations of forbearance or deferment, if readily available for.

Sallie Mae Loans are designed by Sallie Mae Bank or even a loan provider partner.

Information promoted legitimate at the time of 1/27/2020.