Sallie Mae Private Student Loans

on May 31, 2017

Sallie Mae provides private student loans for undergraduate and graduate students (the Smart Option Loan) and private parent loans for parents of undergraduate students (the Sallie Mae Parent Loan).

 

Highlights:

  • Largest and most popular education lender
  • Free FICO credit score reports
  • Cosigner release option after 12 months of on-time payments


The Sallie Mae private student loans offer variable interest rates of 3.00% to 10.01% and fixed interest rates of 5.74% to 11.85%. There are no application, origination or disbursement fees.

 

Interest rates are reduced by 0.25 percentage points for borrowers who make automatic payments during the in-school period.

 

Cumulative loan limits are up to the full cost of attendance, minus other student loans and financial aid.

 

In-school payment options include interest-only repayment, fixed payments ($25 per month) and full deferment.

 

Repayment terms include 5-15 years for student borrowers and 10 years for parent borrowers.

 

Cosigner release is available after 12 months of consecutive, full, on-time monthly payments.

 

Sallie Mae offers death and disability discharges similar to the ones offered on federal education loans.

 

 

Disclaimer: This is not intended to be an endorsement of any one student loan product over another. Please note that Cappex.com is paid by Credible Labs, Inc. for advertisements that appear on this website.

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