Lender Specific Disclosures

Lender Specific Disclosures

Sallie Mae

Borrow responsibly
We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Students and families should 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: This information is for students attending 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. Borrowers must be U.S. citizens or U.S. permanent residents if the school is located outside of the United States. Non-U.S. citizen borrowers who reside in the U.S. are eligible with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident) and are required to provide an unexpired government-issued photo ID to verify identity. Applications are subject to a requested minimum loan amount of $1,000. Current credit and other eligibility criteria apply.

Parent Loan: This information is for borrowers with students attending participating degree-granting schools. The student is not eligible to be a borrower or cosigner. The borrower, cosigner and student must be U.S. citizens or U.S. permanent residents. The school may refund loan funds directly to the student, and if that occurs, borrower and cosigner (if applicable) would still be 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 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.

2 Interest rates for Fixed and Deferred Repayment Options are higher than interest rates for the Interest Repayment Option. You’re charged interest starting at disbursement, while in school, during your separation/grace period, and until the loan is paid in full. The repayment option that is selected will apply during the in-school and separation/grace periods. When you enter principal and interest repayment, Unpaid Interest will be added to your loan’s Current Principal. 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, Health Professions Graduate Loan, and Graduate School Loan APRs assume 2 years in school.

3 Sallie Mae reserves the right to approve a lower loan amount than the school-certified amount.

4 Borrower or cosigner must enroll in auto debit through Sallie Mae. The rate reduction 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. This benefit may be suspended during periods of forbearance or deferment, if available for the loan.

5 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: open bankruptcy, open foreclosure, student loan(s) in default or 90 day delinquencies in the last 24 months. Requirements are subject to change.

6 This repayment example is based on a typical loan to a borrower who chooses a fixed rate and the Fixed Repayment Option for a $10,000 loan, with two disbursements, and a 8.88% fixed APR. It works out to 51 payments of $25.00, 119 payments of $162.06 and one payment of $120.23, for a Total Loan Cost of $20,680.37.

7 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 to a person borrowing for a freshman student.

8 This repayment example is based on a typical loan to a borrower (on behalf of a student) who chooses a variable rate and the Interest Repayment Option for a $10,000 loan, with two disbursements, and a 9.36% variable APR. It works out to 4 payments of $39.06, 44 payments of $78.13, 119 payments of $129.20 and one payment of $93.62, for a Total Loan Cost of $19,062.38. Variable rates may increase over the life of the loan.

9 This repayment example is based on a typical loan to a first-year graduate MBA borrower who chooses a fixed rate and the Fixed Repayment Option for a $10,000 loan, with two disbursements, a 0% disbursement fee, and a 9.11% fixed APR. It works out to 27 payments of $25.00, 179 payments of $116.19 and one payment of $57.89, for a Total Loan Cost of $21,530.90.

10 This repayment example is based on a typical loan to a first-year graduate Medical borrower who chooses a fixed rate and the Fixed Repayment Option for a $10,000 loan, with two disbursements, a 0% disbursement fee, and a 8.54% fixed APR. It works out to 81 payments of $25.00, 239 payments of $129.14 and one payment of $25.17, for a Total Loan Cost of $32,914.63.

11 This repayment example is based on a typical loan to a first-year graduate Dental borrower who chooses a fixed rate and the Fixed Repayment Option for a $10,000 loan, with two disbursements, a 0% disbursement fee, and a 8.82% fixed APR. It works out to 57 payments of $25.00, 239 payments of $117.69 and one payment of $23.23, for a Total Loan Cost of $29,576.14.

12 This repayment example is based on a typical loan to a first-year graduate borrower who chooses a fixed rate and the Fixed Repayment Option for a $10,000 loan, with two disbursements, a 0% disbursement fee, and a 9.11% fixed APR. It works out to 27 payments of $25.00, 179 payments of $116.19 and one payment of $57.89, for a Total Loan Cost of $21,530.90.

13 This repayment example is based on a typical loan to a first-year graduate Law borrower who chooses a fixed rate and the Fixed Repayment Option for a $10,000 loan, with two disbursements, a 0% disbursement fee, and a 8.95% fixed APR. It works out to 42 payments of $25.00, 179 payments of $124.19 and one payment of $77.10, for a Total Loan Cost of $23,357.11.

14 This repayment example is based on a typical loan to a first-year graduate borrower who chooses a fixed rate and the Fixed Repayment Option for a $10,000 loan, with two disbursements, a 0% disbursement fee, and a 9.11% fixed APR. It works out to 27 payments of $25.00, 179 payments of $116.19 and one payment of $57.89, for a Total Loan Cost of $21,530.90.

15 Interest is charged starting at disbursement, while in school, during the nine-month grace period, and until your loan is paid in full. When you start paying principal and interest, any Unpaid Interest will be added to Current Principal, increasing your 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.

16 Interest is charged starting at disbursement, while in school, during the applicable grace period of either 36 months after graduation or nine months after withdrawal from school, if your attendance falls below half-time status, and until your loan is paid in full. When you start paying principal and interest, any Unpaid Interest will be added to Current Principal, increasing your 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 1/25/2019.

Sallie Mae Loans are made by Sallie Mae Bank or a lender partner.

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.

Discover Student Loans

1Aggregate loan limits apply.

2At least a 3.0 GPA or equivalent qualifies for a one-time cash-reward of 1% of the loan amount of each new Discover undergraduate and graduate student loan. Reward redemption period is limited. Please visit DiscoverStudentLoans.com./Reward for any applicable reward terms and conditions.

College Ave Student Loans

College Ave Student Loans products are made available through either Firstrust Bank, member FDIC or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.

1Rates shown include autopay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. Variable rates may increase after consummation.

2This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with an 8-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 7% variable Annual Percentage Rate (“APR”): 96 monthly payments of $179.28 while in the repayment period, for a total amount of payments of $17,211.20. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.

3As certified by your school and less any other financial aid you might receive. Minimum $1,000.

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