| 6.8% | 8.5% Many lenders who work with Sallie Mae offer interest rate reductions that may reduce rate to 7.75%. | Prime Rate + 1.25%* Variable, adjusted monthly. *Repayment interest rate assumes that the borrower takes advantage of Direct RepaySM and Medical School Loans Private Student Loan Rewards. Otherwise, the interest rate in repayment is Prime + 2%. | Prime + 1% Variable and adjusted monthly. Repayment interest rate assumes that the borrower takes advantage of Medical School Residency and Relocation Loan Rewards, otherwise the repayment interest rate is Prime + 2%. | Interest rates that reward good credit and are as low as Prime + 1.5% for borrowers with excellent credit.
Interest rates are variable and reset monthly. |
Federal default fee: None Origination fee: 2% subtracted from loan proceeds | Origination fee of 3% charged by the federal government. Up to a 1% guarantee fee. Many Sallie Mae lenders and guarantors who work with these lenders pay all or a portion of the guarantee fee. | Origination fee: 0% Supplemental fee at repayment: 1.5% | Origination fee: 0% Supplemental fee at repayment: 1.5% | Disbursement fee: 5%–10% |
Annual: $38,500* Aggregate: $189,125 *The unsubsidized Stafford Loan limit is less any subsidized amount. (Annual subsidized limit: $8,500.) Limits may vary by school. See your financial aid officer. | Borrow up to the full cost of your education less other aid received. | Minimum: $500 Annual maximum: Cost of education minus other financial aid. Aggregate maximum: $250,000 (Total education indebtedness from all sources.) | Maximum aggregate: $12,000 Total education borrowing, including the Medical School Loans Residency and Relocation Loan, may not exceed $220,000. | Without cosigner:
$150,000
With cosigner: no limit |
Begins after a six-month grace period following graduation, leaving school, or changing to less-than-half-time status. Deferment and forbearance options are available for residency. Standard (level), graduated (including Sallie Mae’s exclusive Flex RepaySM account), income-sensitive, and extended repayment plans are available with 10–25 year repayment terms depending on eligibility. | Repayment begins within 60 days after the final disbursement of the loan. Borrowers who are certified by their school to be attending at least half time will be placed into in-school deferment. No payments are required during in-school deferment. Payments begin after in-school deferment ends. | Begins three years after graduation or nine months after changing to less-than-half-time status. 20 year repayment term. Standard and alternative repayment plans are available. | Begins three years after graduation or nine months after changing to less-than-half-time status. 20 year repayment term. Standard and alternative repayment plans are available. | Flexible repayment options determine first payment. |