Finding affordable education financing is now easier than ever with the Sallie Mae Continuing Education Loan. Whether you are taking courses to further your education or to advance your career, Sallie Mae is here to help you with fast decisions and exceptional service. Nobody lends you more support than Sallie Mae.

The Sallie Mae Continuing Education Loan is a private, credit-based loan that is specifically designed to provide financing for postsecondary students not seeking degrees and for part-time students seeking degrees. The loan can be used to cover the total cost of attendance, including tuition, books, fees, a computer, and even living expenses.

The primary terms and conditions of the program are explained below. If, after reading through them, you still have questions, contact Sallie Mae at 1-888-2-SALLIE (888-272-5543).

Eligibility
The borrower must be a U.S. citizen or a permanent resident and must have an established credit history. The student must be enrolled either full-time or part-time at an eligible institution. The student may be pursuing professional or technical training, a certificate, or any other type of coursework. Part-time students seeking degrees are also eligible.

Apply with a cosigner and save! If you do not have an established credit history, you may still qualify for a loan by applying with a creditworthy cosigner. If you have a creditworthy cosigner with a credit rating that is better than yours, it may lower your interest rates and fees. Interest rates and fees are tiered based on your or your cosigner’s credit history.

A cosigner release may be available after you have made your first 24 consecutive, on-time monthly payments of principal and interest.

Loan Limits
You can borrower from a minimum of $1,000 up to the total cost of attendance, less other financial aid received, for tuition and other education-related expenses such as books, fees, a computer, and living expenses. A portion of the tuition must be financed to be eligible to apply for other education-related expenses. Up to 60% of the tuition amount is allowable for other expenses, not to exceed $6,000. There is no aggregate loan limit.

Interest Rates
Your interest rate spread is determined by your and your cosigner’s (if you use a cosigner) credit history.

For interest rate and fee information, please visit Sallie Mae.

Repayment
Repayment begins 30 days after disbursement. You may select the repayment term that works best for you. The minimum repayment term is one year and the maximum repayment term is 15 years. You can also prepay your loan, either in part or in full, at any time to lower your total loan cost, with no prepayment penalty.

Repayment options:
Sallie Mae offers three repayment options:

• Standard repayment: You make level, monthly payments of interest and principal. The minimum monthly payment of principal and interest is $30.
• Interest-only repayment: You make monthly interest-only payments during the in-school period and then begin standard repayments of interest and principal payments once school is finished. The minimum monthly payment is $30.
• $10 Deferred repayment: You can defer principal payments on the loan up to 12 months, not to exceed the anticipated graduation date on the application, and make only $10 monthly payments during the deferment period*. This $10 payment will be applied toward the interest that accrues on your account during the deferment period. Unpaid interest will be added to the borrower’s principal balance (capitalized) at the end of the deferment period. The borrower will then pay interest on the higher principal amount.
  * The loan’s interest rate and fee will be higher under the deferment repayment option.

Combined billing:
If you have a federally guaranteed student loan with Sallie Mae, in addition to the private, credit-based Continuing Education Loan, you will receive a single bill. This bill will itemize and combine loan amounts. You will only need to make one easy monthly payment.

Sallie Mae Continuing Education Loans are made by state or federally chartered financial institutions and are sold after full disbursement to a Sallie Mae company. Sallie Mae Continuing Education Loans are not federally sponsored or guaranteed.

The school and its financial aid office or continuing education office act on their own behalf and do not represent you or Sallie Mae. You should always contact Sallie Mae directly if you have any questions about the terms under which Sallie Mae Continuing Education Loans are made.

SLM Corporation and its subsidiaries are not sponsored by or agencies of the United States. Sallie Mae and Nobody lends you more support are registered service marks of Sallie Mae, Inc. Continuing Education Loan is a registered service mark of SLM Financial Corporation.

back to top ^