Sallie Mae Launches New Parent Loan to Help Families Cover College Costs
Sallie Mae Launches New Parent Loan to Help Families Cover College Costs
New Loan Option Designed for Parents, Family Members, and Other Creditworthy Individuals Provides Flexibility as Federal Loan Programs Evolve
NEWARK, Del.--(BUSINESS WIRE)--Sallie Mae today announced the launch of a new Parent Loan designed to give families an additional, flexible option to pay for higher education as federal student loan options evolve. The Sallie Mae® Parent Loan allows credit-qualified individuals, including parents, guardians, or significant others, to support the financing of undergraduate and graduate education for students and offers competitive interest rates that can be lower than federal Parent PLUS loans, no origination fees, a choice of repayment options, and can cover up to 100% of the school-certified cost of attendance.
“Families have different priorities when deciding how to pay for college; while many parents choose to cosign a student loan, others prefer to borrow in their own name to support their student’s higher education goals,” said Patrick Freeman, Sallie Mae.
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The new Sallie Mae Parent Loan adds to the company’s broader suite of responsible financing products for students and families pursuing higher education. It builds on recent enhancements to the company’s industry-leading undergraduate, graduate, and career training loan options designed to support a wide range of programs and career paths, including fields such as nursing, health professions, medical, aviation, and law.
“Families have different priorities when deciding how to pay for college; while many parents choose to cosign a student loan, others prefer to borrow in their own name to support their student’s higher education goals,” said Patrick Freeman, Senior Vice President, Sallie Mae. “Our new Parent Loan gives them that flexibility and another responsible option backed by the experience and expertise of a trusted partner.”
Sallie Mae Parent Loan features include:
- Ability to prequalify with no impact on credit scores, allowing families to check eligibility and get an estimated rate before applying.
- No origination fees compared to the federal Parent PLUS program, which includes an origination fee and charges interest on that fee.
- Competitive fixed and variable rate options to help families choose what best fits their budget.
- Coverage for up to 100% of the school-certified cost of attendance, including tuition, fees, housing, and other essentials.
- Multiple repayment options, including interest-only or full principal-and-interest payments.
- A 0.25 percentage point interest rate reduction when making automatic payments.
- 100% U.S.-based support teams, helping families navigate decisions with confidence from application through repayment.
How Sallie Mae Supports Students and Families Beyond Financing
In addition to responsible private student loans and savings products, Sallie Mae also offers free tools and guidance through Sallie to help students and families navigate the higher education journey. Sallie represents the broader brand that brings Sallie Mae financial products together with a growing set of resources to support students and families at every step, from planning and saving to paying for school.
To learn more about Sallie Mae’s private student loan options, visit SallieMae.com.
Sallie Mae (Nasdaq: SLM) believes education and life-long learning, in all forms, help people achieve great things. As the leader in private student lending, we provide financing and know-how to support access to college and offer products and resources to help customers make new goals and experiences, beyond college, happen. Learn more at SallieMae.com. Commonly known as Sallie Mae, SLM Corporation and its subsidiaries are not sponsored by or agencies of the United States of America.
Category: Student Loans
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