Student Loans
Student Loans Rates
| Lender ?Our partners offer private student loans. Depending on the lender, they could also refinance both private and federal student loans. | Fixed Rates (APR) ?Fixed-rate students will have a predictable monthly payment amount that does not change for the life of the loan. | Variable Rates (APR) ?Variable-rate student loans have interest rates that can change during the repayment period. Interest rates may increase or decrease at any time and typically do so based on changes to LIBOR/SOFR. Often, the introductory rate on a variable-rate loan is lower than that of a fixed rate loan, though it has the potential to increase later. | Terms ?The repayment terms of private student loans have different ranges depending on the partner. | Soft Credit Check ?A soft credit check occurs when someone initiates an authorized check on your credit report that is not for the purpose of approving an application for new credit. This will not impact your credit score. | |
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9.46% – 15.52% | 9.87% – 15.88% | 5, 12, 15 |  |
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4.48% – 15.63% | 5.98% – 15.63% | 5, 12, 15 | |
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5.33% – 15.52% | 6.53% – 15.88% | 5, 12, 15 | |
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4.89% – 10.39% | 5.86% – 14.14% | 10 | |
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4.49% – 13.80% | 4.99% – 13.07% | 10 | |
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4.45% – 13.70% | 4.99% – 13.50% | 10 | |
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0.99% – 15.99% | Varies | 10 | |
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0.94% – 13.63% | Varies | 5 to 20 | |
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2.77% – 6.96% | 4.81% – 9.24% | 5 to 20 | |
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Undergraduate Loan |
4.50% – 14.83% | 5.99% – 16.33% | 10 to 15 |  |
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Borrow responsibly
We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Students and families should evaluate all anticipated monthly loan payments, and how much the student expects to earn in the future, before considering a private student loan.
Lowest rates shown include the auto debit discount.
Loans for Undergraduate & Career Training Students are not intended for graduate students and are subject to credit approval, identity verification, signed loan documents, and school certification. Student must attend a participating school. Student or cosigner must meet the age of majority in their state of residence. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend school in the U.S., apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident), and provide an unexpired government-issued photo ID. Requested loan amount must be at least $1,000.
Advertised APRs for undergraduate students assume a $10,000 loan to a student who attends school for 4 years and has no prior Sallie Mae-serviced loans. Interest rates for variable rate loans may increase or decrease over the life of the loan based on changes to the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent. Advertised variable rates are the starting range of rates and may vary outside of that range over the life of the loan. Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. To receive a 0.25 percentage point interest rate discount, the borrower or cosigner must enroll in auto debit through Sallie Mae. The discount applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment.
3 repayment options: Deferred payment; $25 Fixed repayment; Interest repayment.
Smart Option Student Loan: Examples of typical costs for a $10,000 Smart Option Student Loan with the most common fixed rate, fixed repayment option, 6-month separation period, and two disbursements: For a borrower with no prior loans and a 4-year in-school period, it works out to a 10.28% fixed APR, 51 payments of $25.00, 119 payments of $182.67 and one payment of $121.71, for a Total Loan Cost of $23,134.44. For a borrower with $20,000 in prior loans and a 2-year in-school period, it works out to a 10.78% fixed APR, 27 payments of $25.00, 179 payments of $132.53 and one payment of $40.35 for a total loan cost of $24,438.22. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 10 years.
Information advertised valid as of 5/25/2023.
SLM Corporation and its subsidiaries, including Sallie Mae Bank, are not sponsored by or agencies of the United States of America.
SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE. Sallie Mae, the Sallie Mae logo, and other Sallie Mae names and logos are service marks if Sallie Mae Bank. All other names and logos used are the trademarks or service marks of their respective owners.
The Student Loan Calculator is not the creditor for these loans and is compensated by Sallie Mae for the referral of Sallie Mae loan customers.
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When you have exhausted all other options searching for student loans, private student loans may be an option. If you have filled out every grant, applied for every scholarship, and filled out all possible federal student loan options with no luck, private student loans may be able to help. Unlike grants, scholarships, and other federal student loans, private student loans are created by individual lenders. These lenders will then set their own terms including; APR, Loan term length, as well as eligibility requirements such as credit score and household income requirements. Always please consult with a financial professional before selecting the loan that best first your needs.
Private Student Loan Application Process
What is a private student loan?
‣ Private student loans are loans that are made by private institutions or banks that work outside of what the government may offer as a subsidiary. These loans tend to be offered by big banks, credit unions, and other financial institutions. They come in many different sizes, some you probably have heard of, and others who may be quite small.
How much can I take out with a private student loan?
‣ With private student loans, you have the opportunity to take out generally as little as $1000 on the low-end of the spectrum and on the high-end well north of $200,000. It really comes down to how much you need for school. In most cases, when you qualify the sky is really the limit. Be sure to check with your lender to see lender amounts, terms, and conditions.
What can I use my private student loan to pay for?
‣ Private student loans allow you to pay for many things within the education wheelhouse. Some of the common things that you can purchase with a private student loan include; Tuition, College Fees, Textbooks, Housing expenses, Transportation, Computers, Miscellaneous supplies, and much more. However, one thing to keep in mind is that you do have to repay ALL of your student loan debt. Be smart with what you choose to pay for with your private student loan and you should come out just fine.
Does everyone happen to get approved for a private student loan?
‣ Unfortunately, this is not the case. Not everyone will qualify for a private student loan. As with credit cards or mortgages, many financial factors are taken in order to see the likeliness of you paying off your debt. If you have applied for a private loan but got denied, don’t stress, you may want to look into using a co-signer and try applying again. This may help your chances quite a bit depending on the co-signers credit history and other financial factors.
Are there any advantages to taking out private student loans?
‣ In some cases, private loans are the only route some students will have in order to be able to go to college. This is not super common but is one of the advantages for those students who would have no other options to attend school if it were not for private student loans.
How about the disadvantages when it comes to private student loans?
‣ As with any positive, there are bound to be some negative counterparts. With private student loans, one of the biggest downsides is that they tend to be very expensive. This is generally due to the fact that most of the private student loans are at the variable-rate for interest. Another huge factor when it comes to taking out private student loans is that unless you have a solid income and established credit history you will more than likely need a co-signer. This may not be a huge problem for some people, but this can be a big factor when looking at your options to pay for school.