| Nothing is more important than a child's
education. Though the cost of private school may seem
daunting, its benefits will last a lifetime. SLM
Financial Corporation, a Sallie Mae Company, has
created a loan program to grow with a family's education
needs. SLM Financial's K-12 Family Education Loan helps
families send their children to private primary and
secondary schools. It is available to parents or other
creditworthy family members of children attending private
K-12 schools. SLM Financial provides fast decisions
and superior customer service.
The K-12 Family Education Loan covers all education-related
expenses, such as tuition, room and board,
books, computers, musical instruments, music lessons,
sports and theater, and other extracurricular activities
that enrich a child's learning experience. Check to
see if your school
participates in the K-12 Education Loan program.
Eligibility
Borrowers must be a citizen or permanent resident of
the U.S., and must be creditworthy. Borrowers with no
credit, or with a poor credit history, may still qualify
for a loan by applying with a creditworthy cosigner.
Limits
Minimum loan amount is $1,000 and you can borrow up
to the total cost of your child’s education, less
other aid received, for tuition and education-related
expenses. Up to 60% of the tuition amount is allowable
for expenses, not to exceed $6,000. A portion of the
tuition must be financed to be eligible to apply for
expenses.
Interest & Fees
Each interest rate spread
is determined by the credit history of the borrower
and cosigner (if the borrower uses a cosigner).
For interest rate and fee information, please visit Sallie Mae.
Repayment Terms
Standard term is 15 years with minimum payments set
at $30 a month per loan. Repayment begins 30 days after
disbursement and there are no prepayment penalties.
After six consecutive payments, borrowers may apply
for up to two deferred payments a year.
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