Sallie Mae, the nation’s saving, planning, and paying for college
company, today announced new financing options for graduate students
pursuing law, MBA, health professions, and other graduate degrees.
Sallie Mae’s new graduate
student loans offer competitively priced fixed or variable interest
rates and extended repayment terms, have no origination fees or
pre-payment penalties, and can cover up to 100 percent of the
school-certified cost of attendance.
Mae Law School Loan offers fixed interest rates with an annual
percentage rate ranging from 6.24 to 8.93 percent, and variable interest
rates with a starting APR that ranges from 4.00 to 8.82 percent. It also
features a grace period of nine months and up to 48 months of deferment
for an internship, fellowship, or clerkship. In comparison, the federal
Direct PLUS Loan for graduate students offers a grace period of just six
months, and fellowship deferments can vary.
Mae MBA Loan offers fixed interest rates with an APR ranging from
6.25 to 9.16 percent, and variable interest rates with a starting APR
that ranges from 4.00 to 9.04 percent. The Sallie Mae MBA loan also
features an internship deferral of up to 48 months, on top of a
six-month grace period.
Mae Health Professions Graduate Loan is for master of arts, master
of science, or doctoral candidates pursuing grad-level medical degrees
in fields such as nursing, pharmacy, and allied health disciplines. For
M.A., M.S., and Ph.D. candidates in non-health-related programs, the Sallie
Mae Graduate School Loan may be an option. Both offer fixed interest
rates with an APR ranging from 6.25 to 9.16 percent, and variable
interest rates with a starting APR that ranges from 4.00 to 9.04
percent. They also feature six-month grace periods and internship
deferments of up to 48 months.
These new financing options join the Sallie
Mae Medical School Loan and the Sallie
Mae Dental School Loan, which were introduced earlier this year, to
complete a suite of loans specifically designed for graduate school
students. Both offer fixed interest rates with an APR ranging from 6.24
to 8.86 percent, and variable interest rates with a starting APR that
ranges from 4.00 to 8.74 percent. The Medical School Loan features a
36-month grace period, while the Dental School Loan features a 12-month
grace period, and both offer up to 48 months of residency or fellowship
Customers may choose to make monthly fixed-amount or interest-only
payments while in school or defer all payments until after leaving
school. More than half of Sallie Mae’s customers choose to make
in-school payments, and that responsible choice reduces interest rates.
The interest rate for customers who make interest-only payments while in
school is 0.50 percentage points lower than for those who choose the
deferred payment option; for customers who choose to make fixed-amount
payments while in school, the interest rate is 0.25 percentage points
lower than for the deferred payment option.
“The demands and pressures on grad students can be daunting, and a
one-size-fits-all approach may not meet their financing needs,
especially when their focus is on finishing studies, completing
internships, and building a career,” said Kelly Christiano, senior vice
president, Sallie Mae. “From competitive pricing to repayment options to
extended grace and deferment periods, our new loans provide the choice,
flexibility, and attractive features grad students desire and which, in
many cases, are not available with federal student loans.”
Additionally, Sallie Mae’s graduate student loans offer repayment terms
and options to help graduate students manage their budgets, transition
into their careers, and establish themselves financially. Law, MBA,
health professions, and other graduate students may take up to 15 years
to repay their loans. Medical and dental students may take up to 20
years. For even more budget flexibility, customers who maintain their
Sallie Mae loans in good standing may request a Graduated
Repayment Period, which allows eligible customers to make
interest-only payments for one year after their grace period ends.
Sallie Mae’s new graduate student loans also offer:
Sallie Mae and Winnie
Sun, one of the most followed financial advisors on social media,
will discuss tips to help students prepare for graduate school in a
Twitter chat on June 27 at 2 p.m EDT. To participate, use hashtag
For more information on graduate student loans or to apply, visit
SallieMae.com or call 877-279-7172.
Sallie Mae (Nasdaq: SLM) is the nation’s saving, planning, and
paying for college company. Whether college is a long way off or just
around the corner, Sallie Mae offers products that promote responsible
personal finance, including private education loans, free scholarship
search tools, free college financial planning tools, and online retail
banking. 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.
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