The Signature Student Loan is America's most popular after Stafford Loan because it is widely available, has high approval rates, and lets you borrow all you need to cover the full cost of your education.

When should I apply?
You can apply for a Signature Student Loan after you have completed the FAFSA and received financial aid award information from your school. Schools should send your award letter to you in the spring or early summer.

Both you and your cosigner can apply online and receive an instant credit decision. You can even sign your application/promissory note electronically to speed up the process.

Eligibility

Eligibility requirements for the Signature Student Loan:

• Enrolled at least half-time, pursuing a degree.
• No loans in default.
• International students eligible with a U.S. Citizen or permanent resident cosigner.

Permanent residents and foreign students are eligible for this loan and must provide applicable CIS documentation. Foreign students are required to apply with a credit-worthy cosigner. Cosigner must be a U.S. citizen or permanent resident.

Graduate Law students are not eligible for the Signature Student Loan and should apply for a private loan through LAWLOANS.

Borrowers are strongly encouraged to apply for a federal loan before applying for a Signature Student Loan, if eligible, because federal loans may be more beneficial. Your financial aid office can assist you with the process.

In addition, parents who are willing can apply for a Federal PLUS loan which offers lower interest rates.

Borrowing Costs

Cosigners can help you. Cosigners, like mom or dad, can help lower your interest rates and fees. Such savings could be a huge help to you after graduation, when you will have new, additional expenses to consider such as an apartment, car payments, business clothes, etc. (See chart below for possible interest savings).

Your interest rates and fees are based on the borrower on the loan application with the better credit. So if your cosigner has excellent credit, you will receive better rates and fees.

Even if you, the borrower, are approved on your own, adding a credit-approved cosigner may reduce your rates and fees—just by cosigning your loan.

Cosigners must pass a credit review and be a U.S. citizen or permanent resident and are required on a loan for foreign borrowers, borrowers who are under the age of majority (usually 18), and have no or insufficient credit history.

A cosigner release option is available after the student borrower makes 24 on-time payments of principal and interest. A cosigner can help you obtain lower rates but not be liable for 15 or more years. (A credit check is required.)

Interest Rates & Fees

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

Loan Limits

You can borrow up to the cost of attendance less any other financial aid received. Your school must certify your requested loan amount.

Maximum Aggregate Loan Amount
Cosigner	Without *	With
Undergraduate	$100,000	No aggregate loan limit
Graduate	$150,000	No aggregate loan limit
Select Health Professions **	$200,000	No aggregate loan limit
Minimum Loan Amount	$500	$500
* Includes all student loan debt, federal, and private.
** Graduate health professions include Allopathic, Osteopathic, Dentistry, Veterinary, Optometry, Podiatry, Pharmacy, and clinical Psychology.

Repayment Terms

No payments while in school and repayment begins six months after graduation, if you leave school, or drop below half-time enrollment. The minimum payment is $50.

In addition, you may be able to package your federal and private loans into one account, if Sallie Mae is servicing your federal loan(s). This means you'll receive better customer service, one simple billing statement, and need to mail one monthly payment. And you'll always have access to Sallie Mae's 24-hour online account service.

Repayment Flexibility: You may need to adjust your repayment schedule to accommodate starting income, loss of income, or unusual circumstances—the Signature Student Loan provides this flexibility. And unlike the federal programs which generally offer a 10-year repayment period, this program allows a maximum repayment period of 30 years (based on the loan balance at repayment).

Credit Education

Since the Signature Student Loan is a credit-based loan, it's important to learn how to manage your finances to establish and maintain a good credit history. Visit our Borrowing Responsibly section for guidance on managing your credit.

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