Sallie Mae Student Loan for UG PG MBA Students in the USA – Loan How To Apply Key Points

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Sallie Mae Student Loan

Sallie Mae student loan is one of the largest private student loan lenders in the industry. Apply only once with a single credit check and funds will be sent directly to your college or university each term as requested. You can cancel future disbursements as needed with no penalty.

Sallie Mae Student Loan Key Points

Key points of Sallie Mae student loan:

  • Sallie Mae student loan offers undergraduate, graduate, career training, MBA, medical school & medical residency, dental school & dental residency, K-12 loan, bar study, law school, health professional Graduate loans.
  • There are also parent loans, taken out by a parent, relative, or another creditworthy individual (not the student) that can help you pay for college.
  • Sallie Mae student loan covers your education expenses, which for full-time and half-time students may include:

Tuition

Room and board

Fees

Books

Supplies

Transportation

Computer for school

Sallie Mae Student Loan
  • There are no application fees, origination fees, or prepayment penalties.
  • Applications are subject to a requested minimum loan amount of $1,000 and loan amount cannot exceed the cost of attendance.
  • Borrower or cosigner must enroll in auto debit through Sallie Mae to receive a 0.25 percentage point interest rate reduction benefit.
  • you can choose one of three in-school repayment options to return Sallie Mae student loan:
  • Deferred repayment
  • Fixed repayment
  • Interest repayment

Sallie Mae student loan offers loan to the below mentioned categories.

Sallie Mae Student Loan for Undergraduate Students

Sallie Mae undergraduate student loan pays for all school certified expenses like tuition, fees, books, housing, meals, travel, laptop to undergraduate students. Sallie Mae’s undergraduate school loans have no origination fees or prepayment penalty.

Variable Rates1.25% to 11.10%
Fixed rates4.25% to 12.35%
Loan amount$1,000 up to the total cost of attendance
Loan terms5, 10 or 15 years

Note- Borrower or cosigner must enroll in auto debit through Sallie Mae to receive a 0.25 percentage point interest rate reduction benefit.

Sallie Mae Student Loan How to Apply

It takes about 15 minutes to apply and get a credit decision.

  1. Provide some basic information about yourself and your school.
  2. After you’re approved, pick the repayment option and interest rate type that suits your budget and timeframe.
  3. Review, sign, and accept your loan documents.
  4. You can apply only once and get the money you need for the entire school year. Funds will be sent for each term as requested by your school.

Note- You can cancel future disbursements as needed with no penalty. No additional interest is charged until money is sent to your school.

Sallie Mae Student Loan Eligibility Criteria

  • Borrowers must be U.S. citizens or U.S. permanent residents if the school is located outside of the United States.
  •  Non-U.S. citizen borrowers who reside in the U.S. are eligible with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident) and are required to provide an unexpired government-issued photo ID to verify identity.
  • Borrowers must be the age of majority (18 in most states).
  • Savings comparison assumes a freshman student with no other Sallie Mae loans receives a $10,000 Smart Option Student Loan.
  • The loan is available for many type of students and courses like-

full-time, half-time, or less than half-time

Online or on campus

Winter or summer classes

Study abroad

Professional certification courses

A U.S. citizen or permanent resident enrolled in a school in a foreign country

A non-U.S. citizen student, 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.

A cosigner is someone who shares responsibility with you for paying back the loan and is often a parent, but can be any creditworthy adult whom you can trust.

Sallie Mae Student Loan Repayment

Deferred repayment option:

Make no payments until after you leave school for budget flexibility that means,

In school and in grace – no payment

After school- payment & interest

If you go with the deferred repayment option, interest rate will be higher and and unpaid interest will be added to your principal amount at the end of your grace period.

Fixed repayment option:

Pay $25 per month in your school and save up to 12% on the total loan cost by choosing this repayment option instead of the deferred repayment option.

In school & grace- $25/ month

After school- Principal & Interest

Interest repayment option:

Pay monthly interest in school and save up to 23% on total loan cost by choosing this repayment option rather than the deferred repayment option.

In school & grace- pay interest monthly

After school- principal and interest

Disbursement: The funds have been sent directly to the school. The process can take as few as 10 business days from application to disbursement.

Sallie Mae Student Loan

Sallie Mae Student Loan for Graduate Students

Sallie Mae Graduate student loan pays for all school certified expenses like tuition, fees, books, housing, meals, travel, laptop to graduate students.

Approval rate is 94% for graduate students who return for their next loan with a cosigner through Multi-Year Advantage. Sallie Mae’s graduate school loans have no origination fees and no repayment penalty. Internship or fellowship deferment will help borrowers postpone or reduce their Graduate School Loan payments. It is available in increments of 12 months, up to a total of 48 months.

Variable Rates2.25% to 11.76%
Fixed Rates4.75% to 12.11%
Loan Amounts$1,000 up to the total cost of attendance
Loan Terms15 years

Note- get a 0.25 percentage point interest rate reduction when you enroll in and make monthly payments by auto debit. Advertised APRs assume a $10,000 Graduate School Loan with a 2-year in-school period.

How to apply Sallie Mae Student Loan for Graduate Students

  1. Provide some basic information about yourself and your school.
  2. After getting approval, pick the suitable repayment option and interest rate type according to your budget and timeframe.
  3. Review, sign and accept your loan documentation.
  4. You can apply only once and get the money you need for the entire school year. Funds will be sent for each term as requested by your school.

Eligibility Criteria

  • Borrowers must be U.S. citizens or U.S. permanent residents if the school is located outside of the United States.
  •  Non-U.S. citizen borrowers who reside in the U.S. are eligible with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident) and are required to provide an unexpired government-issued photo ID to verify identity.
  • Borrowers must be the age of majority (18 in most states).
  • It is available for full time, half time and even less than half time enrollment.

Repayment Options Sallie Mae Student Loan

Deferred repayment option:

Make no payments while you are in school and six months after leaving school (grace period) that means,

In school and in grace – no payment

After school- payment & interest

If you go with the deferred repayment option, interest rate will be higher and unpaid interest will be added to your principal amount at the end of your grace period.

Fixed repayment option:

Pay $25 per month in your school and save on the total loan cost by choosing this repayment option instead of the deferred repayment option.

In school & grace- $25/ month

After school- Principal & Interest

Interest repayment option:

Pay monthly interest in school and in grace period. Thus you can save up to 0.50% on the total loan cost by choosing this repayment option rather than the deferred repayment option and interest rate will be 0.25% lower than with the fixed repayment option.

In school & grace- pay interest monthly

After school- principal and interest

Sallie Mae Student Loan

Sallie Mae Career Training Student Loan

If you are pursuing professional training or trade certificate courses—such as culinary or technical at a non degree granting school – Sallie Mae career training student loan will pay for all your school-certified expenses like tuition, fees, books, housing, meals, travel, and even a laptop. Sallie Mae career training student loan has no origination fee and no prepayment penalty.

Variable Rates4.25% to 11.64%
Fixed Rates6.62% to 13.83%
Loan AmountsMinimum $1,000 and maximum limit is the total cost of attendance
Loan Terms5, 10, or 15 years

Note- get a 0.25 percentage point interest rate reduction when paying by auto debit.

How to apply

  1. Give some details about yourself and your school. Consider adding a cosigner: Approval rate will be high when a parent, relative, or other creditworthy individual cosigns for your student loan.
  2. According to your budget choose the interest rate and repayment option after getting approval.
  3. Review, sign, and accept your loan documents.
  4. You can apply only once and get the money you need for the entire school year. Funds will be sent for each term as requested by your school.

Advertised APRs assume a $10,000 loan to a borrower whose planned term for enrollment is approximately one academic year with no other Sallie Mae loans.

Eligibility criteria is the same as above .

Repayment options

Fixed repayment option:

Pay $25 per month in your school and in grace period. Thus you will save on the total loan cost by choosing this repayment option instead of the deferred repayment option.

In school & grace- $25/ month

After school- Principal & Interest

Interest repayment option:

Pay monthly interest in school and in grace period. Thus you can lower your total student loan cost more than with the fixed repayment option.

In school & grace- pay interest monthly

After school- principal and interest

Sallie Mae Loan for MBA

An MBA loan from Sallie Mae is targeted toward those attending business school, in pursuit of a master’s degree in business administration. This loan gives 100% coverage of all your school-certified costs.  Approval rate is 94% for graduate students who return for their next loan with a cosigner through our Multi-Year Advantage. Internship or fellowship deferment will help borrowers postpone or reduce their Graduate School Loan payments. It is available in increments of 12 months, up to a total of 48 months.

Variable Rates2.25% to 11.76%
Fixed rates4.75% to 12.11%
Loan amountsMinimum limit -$1,000 Maximum limit- up to the total cost of attendance
Loan terms15 years

Note- If you sign up for automatic payments, Sallie Mae will reduce your interest rate by 0.25%.

Repayment Options Sallie Mae Student Loan for MBA

Deferred repayment option:

Make no payments while you are in school and six months after leaving school (grace period) that means,

In school and in grace – no payment

After school- payment & interest

If you go with the deferred repayment option, interest rate will be higher and unpaid interest will be added to your principal amount at the end of your grace period.

Fixed repayment option:

Pay $25 per month in your school and save on the total loan cost by choosing this repayment option instead of the deferred repayment option.

In school & grace- $25/ month

After school- Principal & Interest

Interest repayment option:

Pay monthly interest in school and in grace period. Thus you can save up to 0.50% on the total loan cost by choosing this repayment option rather than the deferred repayment option and interest rate will be 0.25% lower than with the fixed repayment option.

In school & grace- pay interest monthly

After school- principal and interest

Eligibility criteria and Application process:

Application process and eligibility criteria for Sallie Mae MBA student loan are the same as mentioned in undergraduate and graduate student loan.

Sallie Mae Medical and Dental School Loan

Medical and Dental school loans from Sallie Mae give 100% coverage of all your school-certified costs.  Approval rate is 94% for graduate students who return for their next loan with a cosigner through our Multi-Year Advantage. Internship or fellowship deferment will help borrowers postpone or reduce their Graduate School Loan payments. Customers can apply for and receive a maximum of 48 months deferment periods.

Dental school loan is available for graduate students enrolled in a D.D.S. or D.M.D. program at participating degree-granting schools and Medical school loan is available for graduate students enrolled in an M.D., D.O., D.V.M., V.M.D, or D.P.M. program at participating degree-granting schools.

Variable rates2.25% to 11.61%
Fixed rates4.75% to 11.98%
Loan amount$1,000 up to the total cost of attendance
Total term20 years

Note- get a 0.25 percentage point interest rate reduction when you enroll in and make monthly payments by auto debit.

 Advertised APRs assume a $10,000 Medical and Dental School Loan with a 4-year in-school period.

Repayment options

Deferred repayment option:

Make no payments while you are in school and in grace period that means,

In school and in grace – no payment

After school- payment & interest

Note- Grace period for medical school loan is 36 months after leaving school and for dental school loan is 12 months after leaving school.

If you go with the deferred repayment option, interest rate will be higher and unpaid interest will be added to your principal amount at the end of your grace period.

Fixed repayment option:

Pay $25 per month in your school and save on the total loan cost by choosing this repayment option instead of the deferred repayment option.

In school & grace- $25/ month

After school- Principal & Interest

Interest repayment option:

Pay monthly interest in school and in grace period. Thus you can save up to 0.50% on the total loan cost by choosing this repayment option rather than the deferred repayment option and interest rate will be 0.25% lower than with the fixed repayment option.

In school & grace- pay interest monthly

After school- principal and interest

How to Apply

Application processes for Sallie Mae student loans for medical and dental school are as same as mentioned above.

Sallie Mae Dental and Medical Residency Loan

With the Sallie Mae Medical & Dental Residency and Relocation Loan you can borrow up to $30,000 to cover your travel and relocation costs. There are no origination fees or prepayment penalties.

Internship or fellowship deferment will help borrowers postpone or reduce their Graduate School Loan payments. It  is available in increments of 12 months, up to a total of 48 months. Advertised APRs assume a $20,000 loan disbursed at the time of student’s graduation from school.

Variable rates3.03% to 9.62%
Fixed rates6.52% to 12.00%
Loan amount$1,000 to $30,000
Loan term20 years

Note- get a 0.25 percentage point interest rate reduction when you enroll in and make monthly payments by auto debit.

Eligibility Criteria

  • Borrowers must be enrolled at least half time in their final year of study at a participating dental school, or have graduated from one within the past 12 months.
  • Borrowers must be U.S. citizens or U.S. permanent residents if the school is located outside of the United States.
  • Non-U.S. citizen borrowers who reside in the U.S. are eligible with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident) and are required to provide an unexpired government-issued photo ID to verify identity.
  • If you don’t have a credit history, you need to add a cosigner (creditworthy adult) for repayment the loan on time and in full. When a creditworthy adult cosigns a student loan with you, their good credit can make it easier for the loan to be approved.

How to Apply

Application processes for Sallie Mae student loans for medical and dental residency are as same as mentioned above.

Repayment Options

Deferred Repayment:

Defer your principal and interest payments while you’re enrolled at least half-time and during your grace period (three years after you graduate or nine months if you leave school or drop to less than half-time status).

In school & in grace- no payments

In repayment- principal & interest

Sallie Mae Law School Loan

Law school loan from Sallie Mae provides 100% coverage of all your school-certified expenses and approval rate is 94% for graduate students who return for their next loan with a cosigner through our Multi-Year Advantage. Customers can apply for and receive a maximum of 48 month deferment periods during clerkship or fellowship. Advertised APRs assume a $10,000 Law School Loan with a 3-year in-school period.

Variable rates2.25% – 11.61%
Fixed rates4.75% – 11.98%
Loan amount$1,000 up to the total cost of attendance  

Eligibility Criteria

  • This loan is available for graduate students enrolled in a J.D. program at participating degree-granting schools located in the U.S.
  • Graduate Certificate/Continuing Education coursework is not eligible.
  • Available for full time, half time or even for less than half-time enrollment.

Other points of eligibility criteria are the same as mentioned above.

Repayment Plan

Deferred repayment option:

Make no payments while you are in school and nine months after leaving school (grace period) that means,

In school and in grace – no payment

After school- payment & interest

If you go with the deferred repayment option, interest rate will be higher and unpaid interest will be added to your principal amount at the end of your grace period.

Fixed repayment option:

Pay $25 per month in your school and save on the total loan cost by choosing this repayment option instead of the deferred repayment option.

In school & grace- $25/ month

After school- Principal & Interest

Interest repayment option:

Pay monthly interest in school and in grace period. Thus you can save up to 0.50% on the total loan cost by choosing this repayment option rather than the deferred repayment option and interest rate will be 0.25% lower than with the fixed repayment option.

In school & grace- pay interest monthly

After school- principal and interest

Sallie Mae Bar Study Loan

Sallie Mae Bar study loan provides expenses associated with fees and living costs as you study for the bar exam. The funds will be sent directly to you.

Variable rates3.02% to 9.96%
Fixed rates5.75% to 12.68%
Loan amount$1,000 to $15,000
Loan term15 years

Note- If you sign up for automatic payments, Sallie Mae will reduce your interest rate by 0.25%.

Eligibility Criteria

  • This loan is available for borrowers who are either enrolled at least half-time in their final year of study at a participating ABA-accredited law school located in the U.S. or graduated from one within the last 12 months. Borrowers should be sitting for the bar exam no later than 12 months after graduation.

Other points of eligibility criteria are the same as mentioned in the Sallie Mae Dental and Medical Residency Loan category.

Payment Plan

Deferred repayment

Make no scheduled payments while you’re in school at least half-time and in grace (nine months after leaving school).

In school and in grace- no payments

In repayment- principal and interest

Sallie Mae Parent Loan

Sallie Mae Parent Loan for parents or other creditworthy individuals who want to take responsibility for financing their student’s undergraduate, graduate, or certificate education at a degree-granting school. It will give 100% coverage of all your student’s school-certified expenses including 4 months of free chegg study. APRs assume a $10,000 loan to a person borrowing for a freshman student.

Variable Rates3.50% to 10.12%
Fixed rates5.49% to 12.87%
Loan amount$1,000 up to the total cost of attendance
Loan term10 years

Note- Get a 0.25 percentage point interest rate reduction when you enroll and make monthly payments with auto debit

Eligibility criteria and Application process are the same as mentioned above for other Sallie Mae student loans.

Repayment Plan

Choose any of the following repayment options to to repay your loan-

Start by paying just the interest-

Only pay monthly interest up to 48 months

while your student is in school and then pay principal and interest for the remaining life of the loan.

In school- pay interest monthly

After school- principal and interest

Pay off your loan faster-

Pay principal and interest while your student is in school and make the loan cost comparatively lower with respect to the previous option.

In school- Principal and Interest

After school- principal and interest

Sallie Mae K-12 Family Education Loan

Sallie Mae K-12 Family Education loan offers 100% coverage of the school certified cost associated with your child’s private kindergarten through grade 12 education. Pay no application fee or penalty for paying off your private school loan before its due date.

Variable rates7.24% – 13.87%
Fixed ratesNone
Loan amountMinimum limit $1000 and can not exceed the cost of attendance
Loan term3 years

Eligibility Criteria

  • All institutions must be licensed or accredited by the department of education in the states in which they operate, if required by that state, or must be accredited by a recognized national education association.
  • Proof of student enrollment must be provided through school certification, an enrollment agreement, or tuition bill.
  • Borrower/ Cosigner must be a U.S. citizen or U.S. permanent resident

Repayment Options

Principal and interest payments begin within 30 days of when the loan is sent to the school.

Sallie Mae Graduate School Loan for Health Professions

This loan will give 100% coverage of expenses in allied health, nursing, pharmacy, and other graduate-level health degrees. Approval rate is 94% for graduate students who return for their next loan with a cosigner through our Multi-Year Advantage. Internship or fellowship deferment will help borrowers postpone or reduce their Graduate School Loan payments. It  is available in increments of 12 months, up to a total of 48 months.

Advertised APRs assume a $10,000 Graduate School Loan for Health Professions with a 2-year in-school period.

Variable rates2.25% – 11.76%
Fixed rates4.75% – 12.11%
Loan amountMinimum limit $1000 and can not exceed the cost of attendance
Loan term15 years

Note- get a 0.25 percentage point interest rate reduction when you enroll in and make monthly payments by auto debit.

Eligibility criteria and Application Process

Eligibility criteria and application process are the same as mentioned in the Sallie Mae Graduate student loan category.

Repayment Options

Deferred repayment option:

Make no payments while you are in school and six months after leaving school (grace period) that means,

In school and in grace – no payment

After school- payment & interest

If you go with the deferred repayment option, interest rate will be higher and unpaid interest will be added to your principal amount at the end of your grace period.

Fixed repayment option:

Pay $25 per month in your school and save on the total loan cost by choosing this repayment option instead of the deferred repayment option.

In school & grace- $25/ month

After school- Principal & Interest

Interest repayment option:

Pay monthly interest in school and in grace period. Thus you can save up to 0.50% on the total loan cost by choosing this repayment option rather than the deferred repayment option and interest rate will be 0.25% lower than with the fixed repayment option.

In school & grace- pay interest monthly

After school- principal and interest

Contact information- for any question and help call at 877-279-7172

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

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