NEWARK, Del.--(BUSINESS WIRE)--
Available for Undergraduate or Graduate Programs; Open to Parents, Family Members, or Other Individuals Who Want to Help a Student Pay for College
For millions of families paying for college is a shared responsibility, and when families are left with a gap to cover remaining college costs, a private student loan, like the Sallie Mae® Parent Loan, can be an affordable and responsible option. The Sallie Mae Parent Loan offers competitive interest rates, no origination fee, and a choice of repayment options, and it can cover up to 100 percent of the school-certified cost of attendance.
Customers have the option of choosing the repayment plan that best meets their needs. The Interest Repayment Option allows customers to make monthly interest only payments while students are enrolled in school for up to 48 months, followed by monthly principal and interest payments. The Principal and Interest Repayment Option allows customers to make monthly principal and interest payments, while students are enrolled in school.
In addition to a choice of repayment options and competitive interest rates with starting rates lower than federal PLUS Loans, the Sallie Mae Parent Loan offers:
- Expanded eligibility. Unlike the federal Parent PLUS Loan, which is only available to parents of dependent undergraduate students enrolled at least half-time, the Sallie Mae Parent Loan is available to parents or creditworthy individuals who want to help fund a student’s college education. It also can be used for undergraduate or graduate students who are enrolled full-time, half-time, or less than half-time.
- Full-year borrowing. Full-year borrowing means parents can apply once with a single credit check and receive the funds needed for an entire school year, rather than by semester.
- Interest rate reduction for auto-debit. Sallie Mae Parent Loan customers who sign up to make monthly payments via auto-debit option are eligible to receive a 0.25 percentage point interest rate reduction.
- Sallie Mae’s Study Starter Benefit: An industry-leading benefit, Study Starter gives students access to study tools and thousands of tutors, available 24/7, to help them achieve success in school.
- U.S.-based customer service and no servicer confusion. Unlike other lenders or the Department of Education who may rely on third parties, Sallie Mae is the servicer for its private student loans, and customer service employees are based in the United States.
- Free access to credit scores: Customers have access to their FICO® Score on a quarterly basis, along with information about factors that affect credit scores and why monitoring credit scores is important.
“Parents often hope to give their children a brighter future than they had themselves and for many, that includes helping them pay for college,” said Kelly Christiano, senior vice president, Sallie Mae. “Our parent loan is a flexible and competitively priced option that helps parents or other individuals do just that, with the additional confidence and peace of mind of partnering with the trusted leader in the marketplace.”
Sallie Mae also offers parents and other creditworthy individuals the option to cosign the Smart Option Student Loan for undergraduate students as well as loans for graduate students. Both offer competitive variable and fixed interest rates and no origination fees or prepayment penalties.
For more information visit SallieMae.com.
Sallie Mae (SLM) believes education and life-long learning, in all forms, help people achieve great things. As the leader in private student lending, we provide financing and know-how to support access to college and offer products and resources to help customers make new goals and experiences, beyond college, happen. Learn more at SallieMae.com. Commonly known as Sallie Mae, SLM Corporation and its subsidiaries are not sponsored by or agencies of the United States of America.