Eligible Borrower
Available to students enrolled at least halftime in a traditional undergraduate or graduate program
Creditworthy student and/or coborrower
Cosigner required for freshmen
International students eligible with a qualified US coborrower
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 Coborrower
Credit Disbursement Fee Repayment Fee Interest Rate
Excellent 0% 0% 3.50% (Prime -0.5% variable)
Good 0% 3% 4.50% (Prime +0.5% variable)
Fair 4% 3% 8.00% (Prime +4.0% variable)
The rate and fees for loans with a co-borrower are determined by the credit of the coborrower.
Without a Coborrower
Credit Disbursement Fee Repayment Fee Interest Rate
Excellent 0% 3% 4.50% (Prime +0.5% variable)
Good 3% 3% 5.50% (Prime +1.5% variable)
Fair 6% 3% 9.00% (Prime + 5.0% 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 available
Coborrower 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 www.laureate.salliemae.com/Laureate
3) Complete a paper application obtained from the Financial Aid Office
