Help your student succeed by cosigning their student loan

Cosigning on your student’s undergraduate loan can help them get approved and pay for school with confidence.

Apply now

Fixed rates

3.49%

to 15.99% APR^{footnote 1}

What are fixed rates?

Fixed means your interest rate never changes.

If you want a predictable monthly payment, this is the way to go.

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Variable rates

4.54%

to 14.71% APR^{footnote 1}

What are variable rates?

Variable interest rates go up or down as the market changes.

This means your monthly payments may also change—they might be higher if interest rates rise and lower if they fall.

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Lowest rates shown include the auto debit discount. Only the most creditworthy applicants who choose the interest repayment option may receive the lowest rate.

Undergraduate student loan benefits

Up to 100% coverage

Tuition, books, other random fees—we’re on it.^{footnote 2}

No origination fees

There’s no fee to process a loan or if you pay it off early.^{footnote 3}

Help them get approved

Students with cosigners were 5x more likely to be approved last year.^{footnote 4}

Repay your way

Choose what works for your and your student’s budget & save if you choose auto debit.^{footnote 5}

Your student’s repayment options

Pay interest in school
Pay some in school
Pay after school

Pay interest in school

Pay some in school

Pay after school

Interest repayment option

How does it work?
Your student pays interest every month they’re in school and in grace (the 6 months after).^{footnote 1}

This is a great option if they want to save the most.
Freshman students may save 17% on their total loan cost by choosing interest repayment instead of deferred repayment.^{footnote 6}

Keep in mind:
They might have higher monthly payments, but the total cost of their loan may be lower.

Fixed repayment option

How does it work?
Your student pays $25 every month^{footnote 7} they’re in school and in grace.^{footnote 1}

This is a great option if they want to make a dent in payments from the start.
Freshman students may save 7% on their total loan cost by choosing fixed repayment instead of deferred repayment.^{footnote 6}

Keep in mind:
Any interest they don’t pay during school will be added to their principal amount (total borrowed) after grace.

Deferred repayment option

How does it work?
They’ll have no scheduled payments while they’re in school and in grace.^{footnote 1}

This is a great option if they want to focus on class and not on making loan payments.

Keep in mind:
The total cost of their loan may be higher because the interest they don’t pay on their loan while they’re in school and grace will be added to the original amount they borrowed (principal amount).

What you gain with our undergraduate student loan

	Sallie Mae^® Undergraduate Student Loan	Other competitors
Less than half-time enrollment eligibility
Apply for cosigner release after 12 months of on-time principal and interest payments and credit requirements have been met^{footnote 8}
Interest-only payments for 12 months after grace period for qualifying undergraduate loan borrowers^{footnote 9}
Cover up to 100% of the cost of attendance minus financial aid^{footnote 2}
Fixed and variable interest rate options
In-school or deferred repayment options for undergraduate loan borrowers^{footnote 1}

We keep
cosigning simple

1. Tell us some basics

2. Invite your student

3. Sign and accept

Apply now

Let’s make sure you’re both ready

You’ll need a few things to apply like address, Social Security number (if you have one), and details about your student’s school.

FAQs

Have other questions? We’re here to help.
1-877-279-7172

Does my student need a cosigner?

Private student loans are credit-based, which means we check students’ credit when they apply. Last year, students were 5X more likely to be approved with a cosigner.^{footnote 4} A cosigner can be a parent, or any responsible adult who agrees to share responsibility for the loan.

What are my responsibilities as a cosigner?

Being a cosigner means you’re jointly and legally responsible for repaying the loan on time and in full. So if your student doesn’t make payments for any reason, you’ll be expected to make them. Missed or late payments can have a negative impact on your credit report as well as your student’s.

Why borrow for the entire school year?

Your student can apply just once a year with a single credit check and funds are sent for each term directly to their school. They can cancel future disbursements as needed with no penalty. No interest is charged until money is sent to the school, so your student can relax, knowing they’ve got the funds when they need them.

How long does it take to get a Smart Option Student Loan?

It takes about 10 minutes to apply and get a credit decision. After the loan application gets approved, your student chooses their undergraduate loan rate type and repayment options. After you both e-sign your loan documents and accept the loan terms, the loan is certified by your school. We send (disburse) the funds directly to the school. The process takes 10 business days or less from application to disbursement.

Can my student qualify if attending school online, or less than half-time?

Whether they’re studying online or on campus, your student can borrow to cover the costs at a degree-granting institution, even if they’re not a full- or half-time student. The loan's flexibility makes it a good choice for many situations:

Attending school full-time, half-time, or less than half-time
Online or on-campus classes
Winter or summer classes
Study abroad
Professional certification courses
A U.S. citizen or permanent resident enrolled in a school in a foreign country
Students who are not U.S. citizens or permanent residents residing in and attending school in the U.S. (with a cosigner who is a U.S. citizen or U.S. permanent resident)

When do students start paying back their student loan?

With the Smart Option Student Loan, you can select from three repayment options. While in school, you can choose to make monthly interest payments or fixed $25 payments,^{footnote 7}—or you can choose to defer payments until after school.^{footnote 1} The repayment option you choose applies during school and for six months after you leave school (your grace period). After that, you begin to make principal and interest payments.

How do you decide if a student qualifies for a student loan?

When a student applies, we look at their history of borrowing money and paying it back on time. Lenders want to know how responsible they are with credit before approving their student loan application.

Many college-bound high school students haven’t had time to build up their own credit. That’s why they apply with a cosigner, a creditworthy adult who shares the responsibility of the student loan.

What information do my student and I need when applying for a loan?

You and your student will want to have your Social Security numbers (if you have them), their school information, amount needed (remember, they can use it to pay for school-certified expenses for the entire year) as well as your financial and employment information. You or your student may start the application, however, should your student not be with you, we can send along an email with a link to their section of the application so they can fill it in later.

footnote Borrow responsibly
We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Evaluate all anticipated monthly loan payments, and how much the student expects to earn in the future, before considering a private student loan.

footnote 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., and apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident). Requested loan amount must be at least $1,000.

footnote 1. 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.

footnote 2. For applications submitted directly to Sallie Mae, loan amount cannot exceed the cost of attendance less financial aid received, as certified by the school. Applications submitted to Sallie Mae through a partner website will be subject to a lower maximum loan request amount. Miscellaneous personal expenses (such as a laptop) may be included in the cost of attendance for students enrolled at least half-time.

footnote 3. Although we do not charge you a penalty or fee if you prepay your loan, any prepayment will be applied as provided in your promissory note — first to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal.

footnote 4. Based on a comparison of the percentage of students who were approved for any Sallie Mae loan with a cosigner to the percentage of students who were approved without a cosigner from October 1, 2023 to September 30, 2024.

footnote 5. The borrower or cosigner must enroll in auto debit through Sallie Mae to receive a 0.25 percentage point interest rate reduction benefit. This benefit 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.

footnote 6. Savings comparison assumes a freshman student with no other Sallie Mae loans receives a $10,000 Smart Option Student Loan with the most common variable rate as of January 2025.

footnote 7. 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. A variable APR may increase over the life of the loan. A fixed APR will not.

footnote 8. Only the borrower may apply for cosigner release. To do so, they must first meet the age of majority in their state and provide proof of graduation (or completion of certification program), income, and U.S. citizenship or permanent residency (if their status has changed since they applied). In the last 12 months, the borrower can’t have been past due on any loans serviced by Sallie Mae for 30 or more days or enrolled in any hardship forbearances or modified repayment programs. In addition, the borrower must have paid ahead or made 12 on-time principal and interest payments on each loan requested for release. The loan can’t be past due when the cosigner release application is processed. The borrower must also demonstrate the ability to assume full responsibility of the loan(s) individually and pass a credit review when the cosigner release application is processed that demonstrates a satisfactory credit history including but not limited to no: bankruptcy, foreclosure, student loan(s) in default or 90-day delinquencies in the last 24 months. Requirements are subject to change.

footnote 9. GRP allows interest-only payments for the initial 12-month period of repayment when the loan would normally begin requiring full principal and interest payments or during the 12-month period after GRP request is granted, whichever is later. At the time of GRP request, the loan must be current. The borrower may request GRP only during the six billing periods immediately preceding and the twelve billing periods immediately after the loan would normally begin requiring full principal and interest payments. GRP does not extend the loan term. If approved for GRP, the Current Amount Due that is required to be paid each month after the GRP ends will be higher than it otherwise would have been without GRP, and the total loan cost will increase.

footnote Sallie Mae loans are made by Sallie Mae Bank.

footnote Information advertised valid as of 4/17/2025.

footnote SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE. CHECK SALLIEMAE.COM FOR THE MOST UP-TO-DATE PRODUCT INFORMATION.