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The Sallie Mae Parent LoanSM lets you help your student achieve the dream of college by financing education-related expenses on their behalf. You'll benefit from competitive interest rates and no origination or disbursement fees. Use this calculator to estimate both your monthly payment and the total cost for a Parent Loan for education.
Student's School information
School location Click for more information
School name Click for more information
Student's current year in school Click for more information
 
Date funds are needed Click for more information
Year
Month
Student's anticipated graduation date Click for more information
Year
Month
 
Cumulative private loan balance with Sallie Mae Click for more information
$
Loan amount Click for more information
$
This calculator provides the estimated repayment terms for the amount you requested, using the lowest and highest interest rates currently offered for variable and fixed interest rate loans, where available. Choose and/or compare these estimates by making your selection below.
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The lowest rate is available only to the most qualified borrowers. Your actual interest rate will be based on creditworthiness as determined during the application process.
 
Key Interest rate and fee information
APR: With the variable interest rate, the Annual Percentage Rate (APR), the interest rate for the loan, and the amount of monthly payments will increase if the applicable index (one-month LIBOR rate) increases. For purposes of these APR examples, we have assumed that the interest rate does not change. With the fixed interest rate, the Annual Percentage Rate and interest rate for the loan will remain the same until the loan is paid in full.
Interest rate: The Parent Loan offers a variable rate that is adjusted monthly, and a fixed interest rate (at degree-granting institutions only) that remains the same until the loan is paid in full. The variable rate is based on the one-month LIBOR plus a credit-based margin.
The London Interbank Offered Rate (or LIBOR, pronounced LYE-bor) is a reference rate based on the interest rates that banks offer to lend unsecured funds to other banks in the London wholesale money market (or interbank market).
Origination fee: Depending on the creditworthiness of the borrower and/or borrower's cosigner, a fee may be assessed. Any loan fee is capitalized (added to the loan principal) at time of disbursement.
Total loan amount: Loan amount requested plus any origination fee.
Repayment schedule
Under the interest-only payment option, monthly interest-only payments are required for up to four years. The number of interest-only payments you make will be determined by the year your student is in school. Making interest payments enables you to avoid capitalized interest and to reduce the total loan cost. The monthly interest-only payment shown is based on the entire disbursed loan amount. If the loan is disbursed in two equal installments, the initial monthly payment will be based on the initial disbursement. After the interest-only period is complete, you will begin paying installments of principal and interest. The repayment term is 10 years.

Under the principal and interest repayment option, you pay installments of principal and interest. The repayment term is 10 years.

Loan Repayment Overview
Total of payments equals the estimated amount that will be paid over the life of the loan. This includes interest payments (for customers who select the Interest Repayment Option) and principal and interest payments (for all customers).
Total potential savings offered by Parent Loan
The calculator estimates the total Parent Loan payments you would make during the in-school/separation periods and the principal and interest repayment period, assuming you make all payments on time. These payments are compared to the total payments that would be required under a private student loan that defers payments while you are in school and for up to six months after graduation and capitalizes the accrued interest at the start of a 15-year repayment period. The same interest rate, fee, and disbursement assumptions apply to the loan.
Select Range
This calculator provides the estimated repayment terms for the loan amount you are requesting within the current interest rate ranges we provide. You may select which rate range estimate you would like to review first, high or low.
Repayment Options
You can choose to make full interest payments or a predefined fixed payment each month while you are enrolled and during the six-month, post-school separation period.
Interest Rate
The rate charged to borrow money. The Parent Loan offers two interest rate options: a variable interest rate and fixed interest rate. A variable interest rate may change due to an increase or decrease to the loan's index (one-month LIBOR rounded up to the nearest one-eighth of one percent.) A fixed interest rate stays the same for the life of the loan.

The London Interbank Offered Rate "LIBOR", an index, is the interest rate at which banks can borrow funds from other banks. It is a common rate used for loans and reflects the ups and downs of the market at large. LIBOR is often used as a basis for interest rates on private student loans.
Interest Rate
The rate charged to borrow money. The Parent Loan offers two interest rate options: a variable interest rate and fixed interest rate. A variable interest rate may change due to an increase or decrease to the loan's index (one-month LIBOR rounded up to the nearest one-eighth of one percent.) A fixed interest rate stays the same for the life of the loan.

The London Interbank Offered Rate "LIBOR", an index, is the interest rate at which banks can borrow funds from other banks. It is a common rate used for loans and reflects the ups and downs of the market at large. LIBOR is often used as a basis for interest rates on private student loans.
Interest Repayment Option
You'll make monthly interest payments but defer payment on the principal amount while the student is enrolled in school for up to 48 months. The number of monthly interest payments you actually make will be determined by the number of months between the first disbursement and your student's anticipated graduation date. The monthly interest payment shown is based on the entire disbursed loan amount. If the loan is disbursed in two equal installments, the initial monthly payment will be based on the initial disbursement. After the interest repayment period is complete, you'll make monthly principal and interest payments for up to 10 years.
Principal and Interest Repayment Option
You'll start making monthly principal and interest payments immediately after the first loan disbursement. You'll make monthly principal and interest payments for up to 10 years. The monthly payment shown is based on the entire disbursed loan amount. If the loan is disbursed in two equal installments, the initial monthly payment will be based on the initial disbursement.
APR
The annual cost of borrowing, including all interest, fees, premiums, etc., expressed as an annualized percentage rate based on the expected term of the loan(s). For purposes of these APR examples, we have assumed that the interest rate does not change.
Disbursement fee
A fee charged as a percentage of the disbursed amount borrowed which is immediately added to the principal amount.
Total Loan Amount
Disbursed amount borrowed plus any disbursement fee.
Interest Rate
The rate charged to borrow money. The Parent Loan offers two interest rate options: a variable interest rate and fixed interest rate. A variable interest rate may change due to an increase or decrease to the loan's index (one-month LIBOR rounded up to the nearest one-eighth of one percent.) A fixed interest rate stays the same for the life of the loan.

The London Interbank Offered Rate "LIBOR", an index, is the interest rate at which banks can borrow funds from other banks. It is a common rate used for loans and reflects the ups and downs of the market at large. LIBOR is often used as a basis for interest rates on private student loans.
Interest Rate
The rate charged to borrow money. The Parent Loan offers two interest rate options: a variable interest rate and fixed interest rate. A variable interest rate may change due to an increase or decrease to the loan's index (one-month LIBOR rounded up to the nearest one-eighth of one percent.) A fixed interest rate stays the same for the life of the loan.

The London Interbank Offered Rate "LIBOR", an index, is the interest rate at which banks can borrow funds from other banks. It is a common rate used for loans and reflects the ups and downs of the market at large. LIBOR is often used as a basis for interest rates on private student loans.