Eligible Borrower:
Available to students enrolled at least halftime in a traditional undergraduate or graduate program
Creditworthy student and/or co-borrower
Co-borrower required for freshmen
International students eligible with a qualified U.S. co-borrower
Loan Amounts:
Maximum: Cost of education less financial aid
Minimum: $500
Aggregate Limit: $100,000 for undergraduate students, $150,000 for graduate students
(No limit with coborrower)
Interest Rate - With a Co-borrower:
Credit Disbursement Fee Repayment Fee Interest Rate
Excellent 0% 0% 5.75% (Prime - 0.25% variable)
Good 0% 3% 7.00% (Prime + 1.0% variable)
Fair 0% 3% 11.00% (Prime + 5.0% variable)
The rate and fees for loans with a co-borrower are determined by the credit of the coborrower.
Interest Rate - Without a Co-borrower:
Credit Disbursement Fee Repayment Fee Interest Rate
Excellent 0% 3% 6.50% (Prime + 0.5% variable)
Good 3% 3% 8.00% (Prime + 2.0% variable)
Fair 6% 3% 12.00% (Prime + 6.0% variable)
Borrowers with no credit score or a low credit score may be required to secure a co-borrower with at least "fair" credit.
Repayment
Fifteen to twenty-five years to repay, based on loan balance
Flexible repayment options, including both standard and graduated options
Other Features
In-school deferment and forbearance options are available
Co-borrower release option
Online application available
No prepayment penalty
Combined billing with borrower's other Sallie Mae serviced loans
There are three ways to apply:
1) Call toll-free 1-800-695-3317 to apply by phone
2) Apply online at Sallie Mae's OpenNet site (This is the preferred method)
3) Complete a paper application (which can be obtained from the Financial Aid Office)
275 Eastland Rd.