LAWLOANS private loans
If you've reached your loan limit for the LAWLOANS Stafford Loan, or are not eligible for federal funding but still need money for school, consider a LAWLOANS Private Loan.
Eligibility
- You must be a U.S. citizen or permanent resident without conditions and with proper evidence of eligibility, or an international borrower applying with a creditworthy U.S. citizen or non-citizen permanent resident.
- You must have no student loans that are delinquent or in default.
- You must meet the credit criteria established by the lender.
- You must attend an ABA-accredited school at least half time.
Features
- The LAWLOANS Private Loan has interest rates that reward good credit.
- If you have less-than-ideal credit or no credit at all, you can still be eligible for the LAWLOANS Private Loan by applying with a creditworthy cosigner.
- Creditworthy borrowers may request a cosigner release after making the first 24 consecutive payments of principal and interest on time.1
- No payments required while in school.2
- If you do not have an established credit history, you may want to apply with a creditworthy cosigner because this may increase your chances of approval. Even if you have an established credit history, you may be eligible for a lower interest rate if you apply with a creditworthy cosigner.
- No payments are required while you are in school.
- You can manage your account online 24/7.
- You get life-of-loan servicing from Sallie Mae.
- You get the convenience of combined billing for all of your Sallie Mae-serviced loans.
- There is no prepayment penalty.
Loan terms
Loan limits
$1,000 minimum loan amount.
Borrow as much as you need to pay for your education, up to the cost of attendance as certified by your school and confirmed by Sallie Mae, less other financial aid received.*
Interest rate
Manage your credit well and you may qualify for a lower interest rate.
Fees
There are no fees for LAWLOANS Private Loan.
Repayment
Standard, graduated, and extended repayment options are available.
Another way to help pay down your loan
With Upromise Loan LinkSM borrowers who join Upromise® can link their Sallie Mae loan account to their Upromise account and use their Upromise rewards to help pay down their eligible Sallie Mae-serviced student loans. Visit www.salliemae.com/upromise to learn more and enroll today.
Legal
LAWLOANS Private Loans are funded by Sallie Mae Bank® or a Sallie Mae lender partner.
* Sallie Mae reserves the right to approve a lower loan amount than what the school has certified.
1 Borrower’s account must remain current until the request for release is processed. Borrower credit qualification applies. Borrower must be a U.S. citizen or permanent resident at the time the cosigner release request is processed.
2 Deferring payment while in school and in the grace period will increase the overall loan costs. Unpaid interest that accrues while you are in school and in the grace period will be capitalized (added to your loan amount) at repayment.
SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE LOAN PROGRAMS AT ANY TIME WITHOUT NOTICE. APPLICANTS SHOULD CHECK THE SALLIE MAE WEBSITE CLOSE TO THEIR LOAN DISBURSEMENT DATE TO OBTAIN THE MOST UP-TO-DATE INFORMATION REGARDING LOAN PROGRAMS, INCLUDING BORROWER BENEFITS.
Subject to the above, borrower benefits are effective for LAWLOANS Private Loans first disbursed on or after June 1, 2008 and serviced by Sallie Mae.
Upromise is not limited to Sallie Mae loan customers.