When searching for an undergraduate loan, you can expect some serious lender benefits. Depending on the lender, some of these benefits include:
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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Before moving forward and filling out a loan application with one of our lenders, you may want to make sure you have completed all of these free options prior to applying for a private student loan. A few programs that you should look into would be:
If you have exhausted all of the above options, you can select one of the lenders above to work with or head over to our student loans page.
It depends on your individual situation. You may be approved for a loan as an independent student borrower. However, applying with a cosigner who has good credit may increase the probability of getting approved and may lower the cost of your loan.