Nellie Mae Loan Solutions
Federal Stafford Loan
Stafford Loans are fixed-interest, federal education loans for undergraduate and graduate students.
Parent PLUS Loan
Parent PLUS loans are federal education loans available for parents of dependent, undergraduate students.
Graduate PLUS Loan
Nellie Mae GradPLUS Loans are federal education loans available for graduate- and professional-degree students enrolled at least half time in eligible programs. Nellie Mae strongly encourages graduate students to borrow Federal Stafford Loans before applying for a GradPLUS Loan.
Signature Student Loan®
The Signature Student Loan is the most popular after-Stafford loan. If grants, scholarships, and Federal Stafford loans have not covered the total cost of your education, Signature Student loans can help.
Nellie Mae Debt Management Tools
Debt Management EDvisor
Personalized online financial counseling is available to you anytime. Nellie Mae's Debt Management EDvisor covers a dynamic assortment of financial management topics, including the fundamentals of budgeting, credit cards, cutting expenses, loan borrowing decision making, loan repayment, self awareness, and behavior modification. EDvisor is suitable for all undergraduate and graduate student audiences.
Manage Your LoansSM
With Sallie Mae®’s online account management tool, Manage Your Loans, you enjoy round-the-clock, secure online access to your Sallie Mae-serviced loans any time and any place.
Nellie Mae Calculators
Monthly Payment Calculators
Get a better idea about your repayment options and what your monthly payments would be under a standard, income-sensitive or graduated repayment schedule.
Federal Stafford Loan
Benefits of Borrowing from Nellie Mae
With a 0% origination fee Stafford Loan from Nellie Mae®, you may be eligible to save the 1% default fee, and earn additional benefits that reduce your interest rate, and save you 3.3%! Here's how:
- Earn a 0.50 percentage point interest rate reduction when you choose to have your payments automatically debited from a checking or savings account*
- Earn a 3.3% check or credit–with Nellie Mae Cash Back®–after your first 33 on-time payments*
And, when you join Upromise®, you can use your Upromise rewards to help pay down balances automatically on your eligible Sallie Mae-serviced student loans by linking your Sallie Mae® account to your Upromise account with Upromise Loan LinkSM! Learn more, or join Upromise now.
*Learn how to earn these benefits
Close Parent PLUS Loan Details
Parent PLUS Loan
Benefits of Borrowing from Nellie Mae
With a Parent PLUS Loan from Nellie Mae®, you may be eligible for benefits that reduce your interest rate and let you earn a loan credit with Nellie Mae PLUSback®! Here’s how:
- Earn a 0.75 percentage point interest rate reduction–after your first on–time payment–with a one–time benefit reinstatement opportunity*
- Earn a 2.4% loan credit–with Nellie Mae PLUSback–after your first 24 on–time payments*
And, when you join Upromise®, you can use your Upromise rewards to help pay down balances automatically on your eligible Sallie Mae–serviced student loans by linking your Sallie Mae® account to your Upromise account with Upromise Loan LinkSM! Learn more, or join Upromise now.
*Learn how to earn these benefits
Graduate PLUS Loan
Benefits of Borrowing from Nellie Mae
With a GradPLUS Loan from Nellie Mae®, you may be eligible for benefits* that reduce your interest rate from 8.5% to 6.75%, and let you earn a 2.4% loan credit with Nellie Mae PLUSback®! Here’s how:
- Earn a 0.25 percentage point interest rate reduction–for the life of the loan–when your loan is first disbursed
- Earn a 0.50 percentage point interest rate reduction when you choose to have your payments automatically debited from a checking or savings account*
- Earn a 1 percentage point interest rate reduction–after your first on-time payment–with a one–time benefit reinstatement opportunity*
- Earn a 2.4% loan credit–with Nellie Mae PLUSback– after your first 24 on–time payments*
*Learn how to earn these benefits
Close Signature Student Loan Details
Signature Student Loan
Benefits of Borrowing from Nellie Mae
For the 2008-2009 Academic Year
After exhausting sources of free money (such as scholarships and grants) and applying for federal student loans, you may still need extra funds to cover your education costs. That’s when you should consider the Signature Student Loan — America’s most popular private student loan and an excellent source of gap financing.
The Signature Student Loan offers several advantages:
- New price ranges with competitive pricing that rewards creditworthiness1
- One eligible individual: One-month LIBOR + 2.5% to one-month LIBOR + 8%
- APR: 4.83% to 9.78%
- Two eligible individuals: One-month LIBOR + 2.5% to one-month LIBOR + 7%
- APR: 4.83% to 8.91%
- Zero fees — saves you money up front and over the long haul
- 0.50 percentage point interest rate reduction with automatic debit2
- No minimum income requirement
- No payments required while in school3
- Six month grace period
- Cosigner release option available after the first 24 on-time payments of principal and interest4
- Flexible repayment options
Choosing us as your private student loan lender is a smart move. We offer the following helpful features:
- 24 x 7 online account management at www.SallieMae.com/Repayment
- Upromise Loan LinkSM service can help you pay down your eligible Sallie Mae-serviced student loans
- Combined billing when you have multiple Sallie Mae-serviced student loans
- Comprehensive credit education resources
The APR is a variable rate and will increase if the one-month LIBOR rate increases. The APRs shown are APRs effective as of 5/27/08. Signature Student Loans are funded by Sallie Mae Bank® or a Sallie Mae lender partner.
Close Student EXCEL Loan Details
Student EXCEL Loan
Benefits of Borrowing from Nellie Mae
- Fast, convenient online application
- Instant credit decision
- Funds can be used to cover prior-year balances
- Combined monthly statement for federal and private loans from Nellie Mae
- Co-borrower release after making 24 on-time monthly payments of principal and interest (the borrower must meet applicable credit requirements at that time)
Borrower Eligibility
- Undergraduate student must be enrolled at least half time in a degree-granting program
- Student and co-borrower must be the age of majority
- Student must have good credit or apply with a creditworthy co-borrower
- Either student or co-borrower must be a US citizen or eligible permanent resident; both must have a valid US Social Security number
- Student should apply for a Federal Stafford Loan first
Loan Rates and Terms
Annual Loan Amount
- $500 up to cost of attendance minus other aid
Interest Rate Options
- Monthly Variable: Prime rate + 1.25%
- Annual Variable: Prime rate + 2.50%
Disbursement Fee
- 0% with a co-borrower
- 5% without a co-borrower
Repayment Fee
- 2% if student defers principal and interest while in school
- 0% if student makes payments of principal and interest while in school
Annual Percentage Rate*
- 9% to 11%
Cumulative Education Debt Limit
- No limit with a co-borrower
- $100,000 without a co-borrower
Repayment Options
- Defer principal and interest while in school at least half time
- Pay only interest while in school at least half time
- Pay principal and interest immediately
- Take up to 30 years to repay based on loan balance
*The annual percentage rate (APR) varies based on the interest rate, fees, and number of years in repayment. If the Prime Rate changes, the interest rate and APR will change. The APR example of 9% assumes a constant interest rate of 9%**, $10,000 loan balance, 0% disbursement fee, and immediate payments of principal and interest for 20 years. The 11% APR assumes a constant interest rate of 10.25%**, $10,000 loan balance, 5% disbursement and 2% repayment fee, deferral of principal and interest payments for 18 months, and 20-year repayment period.
**Prime Rate as of April 2006 is 7.75%.
