SLM Financial Career Loans

Eligibility

You must be a U.S. citizen or permanent resident and have an established credit history.

Features

• The Career Training Loan has interest rates and fees that reward good credit.
• Repayment terms of up to 15 years are available.
• If you have less-than-ideal credit or no credit at all, you can still be eligible for the Career Training Loan by applying with a creditworthy cosigner.
• You may borrow for both tuition and other education-related expenses.
• You get the convenience of combined billing for all of your Sallie Mae-serviced loans.
   
• Creditworthy borrowers may request a cosigner release after making the first 24 consecutive, on-time monthly payments of principal and interest as initially scheduled.
• There is no prepayment penalty.

Loan terms

Loan limits

There is no aggregate loan limit.

Interest rate

The Career Training Loan has interest rates that reward good credit and are as low as Prime + 1% for borrowers with excellent credit. Interest rates are variable and reset monthly.

Fees

Loan fees are 2%–9%.

Repayment

• You may take up to 15 years to repay your loan.
• With the standard repayment option, you make level, monthly payments of principal and interest. The minimum monthly payment is $30.
• With the interest-only repayment option, you make interest-only payments while you are in school and begin standard repayment of principal and interest once school is completed. The minimum monthly payment is $30.
• With the $10 deferred repayment option, you may defer payments for up to 12 months, not to exceed the anticipated graduation date on the application. You are required to make a $10 monthly payment during deferment. This $10 payment will be applied toward the interest that accrues on the account during deferment. After deferment, you will begin standard repayment of principal and interest.

Legal

• Career Training Loan is a service mark of SLM Financial Corporation.
• Career Training Loans are made by state or federally chartered financial institutions and are sold after full disbursement to a Sallie Mae company.
• The school and its financial aid office act on their own behalf and do not represent you or Sallie Mae. You should always contact Sallie Mae directly if you have questions about the terms under which Career Training Loans are made.
• The Career Training Loan is a private, credit-based loan and is not federally sponsored or guaranteed.
• Minimum monthly payment is $30 under the interest-only repayment option; $10 per month under the $10 deferred repayment option.
• Up to 60% of the tuition amount may be financed for other expenses, not to exceed $6,000. Terms may vary by school.
• Repayment begins 30 days after the loan is disbursed.
• The APR will increase if the Prime Rate increases.
• There is a $30 fee for each cosigner.