Private Student Loans

Home » Private Student Loans

We’re here to help when you need it.

When scholarships, grants, work-study and savings won’t cover college expenses, a private student loan can help fill in the gaps. Whether you’re an undergraduate student, graduate student, or the parent of a student, our affordable student loan options through Sallie Mae® are designed to meet your needs.

  • Competitive variable and fixed interest rates
  • No origination fee or prepayment penalty
  • Multiple repayment options

The Smart Option Student Loan® for DuTrac by Sallie Mae® is for students pursuing a bachelor’s or associate’s degrees or a certificate at a degree-granting school.

Apply Online

Support is available for a wide variety of educational degrees and related expenses:

  • Masters of Business Administration Loan: Pay for your business school expenses as you pursue your MBA.
  • Graduate School Loan: Pay for your school and associated expenses as you pursue your master’s or doctoral degree.
  • Law School Loan: Pay for your school and associated expenses as you study for your law degree.
  • Bar Study Loan: For expenses associated with fees and living costs as you study for the bar exam.
  • Graduate School Loan for Health Professionals: Pay for your health professions degree expenses in allied health, nursing, pharmacy, and other graduate-level health degrees
  • Medical School Loan: Pay for your medical degree expenses in allopathic, general, osteopathic, podiatric, radiology, sports, and veterinary medicine.
  • Medical Residency and Relocation Loan: For expenses associated with taking board examinations, travel for interviews, and moving for your medical residency.
  • Dental School Loan: Pay for your dental degree expenses in general dentistry, endodontics, oral and maxillofacial surgery, orthodontics, pediatric dentistry, periodontics, and prosthodontics.
  • Dental Residency and Relocation Loan: For expenses associated with taking board examinations, travel for interviews, and moving for your dental residency.

Apply Online

Choose the parent loan option to help support your student’s undergraduate, graduate, or certified education at a degree-granting school. The interest rate is based on the applicant’s creditworthiness. You’ll also have the option to choose either a fixed rate or a variable rate.

Apply Online

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.

Smart Option Student Loan for undergraduate students and Sallie Mae loans for graduate school expenses: These loans are for students at participating degree-granting schools. Smart Option Student Loan information is for undergraduates only. Graduate Certificate/Continuing Education coursework is not eligible for MBA, Medical, Dental, and Law School Loans. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend a participating 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 to verify their identity. Applications are subject to a requested minimum loan amount of $1,000. Current credit and other eligibility criteria apply.

Parent Loan: This loan must be used to pay for eligible student expenses at participating degree-granting schools. The student cannot be a borrower or cosigner and is not responsible for repaying the loan. The borrower, cosigner, and student must be U.S. citizens or U.S. permanent residents. If the school issues a refund directly to the student, the borrower and cosigner (if applicable) are still responsible for repaying that amount. Applications are subject to a requested minimum loan amount of $1,000. Current credit and other eligibility criteria apply.

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

2 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. Payments may be required during the grace/separation period depending on the repayment option selected. Variable rates may increase over the life of the loan. Advertised variable rates reflect the starting range of rates and may vary outside of that range over the life of the loan. All Advertised APRs assume a $10,000 loan. Smart Option Student Loan APRs assume a freshman borrower with no other Sallie Mae loans. Medical School Loan and Dental School Loan APRs assume 4 years in school. Law School Loan APRs assume 3 years in school. MBA Loan, Graduate School Loan for Health Professions, and Graduate School Loan APRs assume 2 years in school.

3 Loan amount cannot exceed the cost of attendance less financial aid received, as certified by the school. Sallie Mae reserves the right to approve a lower loan amount than the school-certified amount.

4 This promotional benefit is provided at no cost to borrowers with new loans that disburse between May 1, 2021 and April 30, 2022. Borrowers are not eligible to activate the benefit until July 1, 2021. Borrowers who reside in, attend school in, or borrow for a student attending school in Maine are not eligible for this benefit. Chegg Study® offers expert Q&A where students can submit up to 20 questions per month. No cash value. Terms and Conditions apply. Please visit http://www.chegg.com/legal/smtermsandconditions for complete details. This offer expires one year after issuance.

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, if available for the loan.

6 Only the borrower may apply for cosigner release. Borrowers who meet the age of majority in their state may apply for cosigner release by providing proof of graduation (or completion of certification program), income, and U.S. citizenship or permanent residency (if your status has changed since you applied). In the last 12 months, the borrower must be current on all Sallie Mae-serviced loans (including no hardship forbearances or modified repayment programs) and have paid ahead or made 12 on-time principal and interest payments on each loan requested for release. When the cosigner release application is processed, the borrower must demonstrate the ability to assume full responsibility of the loan(s) individually and pass a credit review 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.

7  Examples of typical transactions for a $10,000 Smart Option Student Loan with the most common variable rate, fixed repayment option, 6-month separation period, and two disbursements: For a borrower with no prior loans, it works out to a 6.88% APR, 51 payments of $25.00, 119 payments of $136.17 and one payment of $112.58, for a Total Loan Cost of $17,591.81. For a borrower with $20,000 in prior loans and a 2-year in-school period, it works out to a 7.06% APR, 27 payments of $25.00, 179 payments of $98.17 and one payment of $66.85 for a total loan cost of $18,314.28. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 10 years. Variable rates may increase over the life of the loan.

8 APRs for the Principal and Interest Repayment Option may be higher than APRs for the Interest Repayment Option. Variable rates may increase over the life of the loan. Advertised variable rates reflect the starting range of rates and may vary outside of that range over the life of the loan. APRs assume a $10,000 loan with a 4-year in-school period.

9 This repayment example is based on a typical Parent Loan made to a borrower (on behalf of a freshman student) who chooses a variable rate and the Principal and Interest Repayment Option for a $10,000 loan, with two disbursements, and a 12.99% variable APR. It works out to 4 payments of $75.05, 115 payments of $151.38 and one payment of $80.65, for a Total Loan Cost of $17,789.55. Variable rates may increase over the life of the loan.

10 This repayment example is based on a typical MBA Loan made to a first-year graduate MBA borrower who chooses a variable rate and the Fixed Repayment Option for a $10,000 loan, with two disbursements, and a 11.49% variable APR. It works out to 27 payments of $25.00, 179 payments of $139.96 and one payment of $27.70, for a Total Loan Cost of $25,755.54. Variable rates may increase over the life of the loan.

11 This repayment example is based on a typical Medical School Loan made to a first-year graduate medical borrower who chooses a variable rate and the Fixed Repayment Option for a $10,000 loan, with two disbursements, and a 10.52% variable APR. It works out to 81 payments of $25.00, 238 payments of $170.75 and one payment of $100.32, for a Total Loan Cost of $42,763.82. Variable rates may increase over the life of the loan.

12 This repayment example is based on a typical Dental School Loan made to a first-year graduate dental borrower who chooses a variable rate and the Fixed Repayment Option for a $10,000 loan, with two disbursements, and a 10.98% variable APR. It works out to 57 payments of $25.00, 238 payments of $151.78 and one payment of $90.01, for a Total Loan Cost of $37,638.65. Variable rates may increase over the life of the loan.

13 This repayment example is based on a typical Graduate School Loan for Health Professions made to a first-year graduate borrower who chooses a variable rate and the Fixed Repayment Option for a $10,000 loan, with two disbursements, and a 11.49% variable APR. It works out to 27 payments of $25.00, 179 payments of $139.96 and one payment of $27.70, for a Total Loan Cost of $25,755.54. Variable rates may increase over the life of the loan.

14 This repayment example is based on a typical Law School Loan made to a first-year graduate law borrower who chooses a variable rate and the Fixed Repayment Option for a $10,000 loan, with two disbursements, and a 11.21% variable APR. It works out to 42 payments of $25.00, 179 payments of $152.87 and one payment of $60.14, for a Total Loan Cost of $28,473.87. Variable rates may increase over the life of the loan.

15 This repayment example is based on a typical Graduate School Loan made to a first-year graduate borrower who chooses a variable rate and the Fixed Repayment Option for a $10,000 loan, with two disbursements, and a 11.49% variable APR. It works out to 27 payments of $25.00, 179 payments of $139.96 and one payment of $27.70, for a Total Loan Cost of $25,755.54. Variable rates may increase over the life of the loan.

16 Interest is charged starting when the funds are sent to you. Once principal and interest repayment begins, any Unpaid Interest will be added to Current Principal, increasing the Total Loan Cost. Variable rates may increase over the life of the loan. Advertised variable rates reflect the starting range of rates and may vary outside of that range over the life of the loan. Advertised APRs assume a $15,000 loan disbursed at the time of the student’s graduation from school.

17 Interest is charged starting when the funds are sent to you. For those who graduate, the grace period is 36 months. For those who withdrawal or whose attendance falls below half-time status, the grace period is 9 months. Once principal and interest repayment begins, any Unpaid Interest will be added to Current Principal, increasing the Total Loan Cost. Variable rates may increase over the life of the loan. Advertised variable rates reflect the starting range of rates and may vary outside of that range over the life of the loan. Advertised APRs assume a $20,000 loan disbursed at the time of student’s graduation from school.

SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE.

Information advertised valid as of 7/1/2021.

Sallie Mae loans are made by Sallie Mae Bank.

The Sallie Mae partner referred is not the creditor for these loans and is compensated by Sallie Mae for the referral of Sallie Mae Loan customers.