You can apply only once for the money you need for the entire school year. Funds will be sent for each term as requested by your school.
Sallie Mae® Parent Loan
100% coverage
Pay all your student's school-certified expenses like tuition, fees, books, housing, meals, travel, and even a laptop.footnote 2
No origination fee or prepayment penalty
Pay as early and as much as you'd like with no penalty.footnote 3
Cost-saving feature
Get a 0.25 percentage point interest rate reduction when you enroll and make monthly payments with auto debit.footnote 4
4 months of free Chegg Study®
Get study and homework support, anytime, anywhere, for any subject.footnote 5
Tip for borrowers
Choose the loan options that work for you
Variable rates: 3.37% – 12.99% APRfootnote 1
Your interest rate can rise or fall as the market index changes, so your Parent Loan payments may vary over time.
Fixed rates: 5.49% – 13.87% APRfootnote 1
Get predictable monthly payments with a rate that doesn’t change over time.
Start by paying just the interest
Get budget flexibility—make interest-only payments while your student is in school for up to 48 months, and then principal and interest payments for the remaining life of the loan. It may take longer to pay of your Parent Loan than with the principal and interest repayment option.
Pay off your loan faster
You can pay off your loan faster by making principal and interest payments while your student is in school and your total Parent Loan cost will likely be lower, compared to the interest repayment option. Your monthly Parent Loan payments will likely be higher while your student is in school, compared to the interest repayment option.
Applying is easy
Provide some basic info
Give some details about yourself. Apply for this loan as a parent or any creditworthy individual. (Students may not apply themselves.)
Choose your options
After you’re approved, pick the repayment option and interest rate type that suits your budget and timeframe.
Accept your loan
Review, sign, and accept your loan documents; we’ll take care of the rest with your school.
Manage your credit like a pro
Track your credit health with free access to your FICO® Score, updated quarterly.footnote 6
Have questions or need help applying?
Call us at