Sallie Mae Private Student Loans
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).
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.
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