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This education loan has competitive rates that make
it a smart solution for parents of college students,
or students who are paying their own way toward
a degree.
Parents
Advantages
| Eligibility
| Limits
| Repayment
The Tuition Answer Loan is a practical, affordable
education loan that allows creditworthy parents or other
creditworthy sponsors to obtain between $1,500 and $40,000
per year* to cover any qualified college-related expense.
With competitive rates, flexible repayment options,
and no deadlines or federal forms, this loan may be
a parent's answer to filling any college financial need
gap—expected or unexpected, while still protecting
retirement savings and home equity.
Remember, Sallie Mae’s 1-2-3 approach to paying for college makes all your funding easier. Sallie Mae has helped parents find scholarships and grants, apply for federal student loans, and then fill any gaps with a Tuition Answer Loan.
Advantages
- Borrow $1,500 up to the calculated cost of attendance or maximum $40,000 a year for any college-related
expense.
- Interest may be tax-deductible (for qualified taxpayers).
- You choose your repayment option. Even defer payment
until after graduation or choose from other flexible
repayment options.
- No application deadlines.
- No collateral needed.
- No pre-payment penalty.
- Your loan check is mailed directly to you.
- No extra bills—combine this loan statement
with your other Sallie Mae loans.
Eligibility
- Borrower, student , and cosigner (if applicable) must have Social Security
numbers.
- Borrower and cosigner must be U.S. citizens or permanent residents.
- Borrower and cosigner must have good credit.
- Borrower must be able to provide proof that the student
is enrolled (full or half time) at an eligible college,
graduate, trade or technical school. This may be any
document that displays the student's name, enrollment
period and name of the school such as a tuition bill,
or print-out of an online class schedule.
Loan Limits
$1,500 is the minimum per borrower and the maximum loan
amount per year is $40,000*. The aggregate maximum available
to borrowers is $130,000.
Repayment
The repayment period may be up to 30 years, depending
on the amount you borrow and the repayment option you
choose. You may pay off this loan early without penalty.
Repayment choices:
- Pay both principal and interest immediately.
- Pay only interest while your student is in school
at least half time.
- Defer all payments (principal and interest) while
your student is in school at least half-time.
If you are experiencing financial hardship you may
request forbearance of your loan payment for up to 24
months without penalty.
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Students
Advantages
| Eligibility
| Limits
| Repayment
The Tuition Answer Loan is a practical,
affordable education loan that allows creditworthy students
with income to obtain between $1,500 and $40,000 per
year* to cover any qualified education-related expense.
With competitive rates, flexible repayment options,
and no deadlines or federal forms, this loan may be
a student's answer to filling any in-school need or covering all those expected and unexpected education-related
expenses.
Remember, Sallie Mae’s 1-2-3 approach to paying for college makes all your funding easier. Sallie Mae has helped parents find scholarships and grants, apply for federal student loans, and then fill any gaps with a Tuition Answer Loan.
Advantages
- Get the money you need, when you need it.
- Rewards good credit.
- Borrow $1,500 up to the calculated cost of attendance or maximum $40,000 a year for any college-related
expense.
- Interest may be tax-deductible (for qualified taxpayers).
- No application deadlines.
- No collateral needed.
- No pre-payment penalty.
- You choose your repayment option. Even defer payment
until after graduation or choose from other flexible
repayment options.
- Your loan check is mailed directly to you.
- No extra bills—combine this loan statement
with your other Sallie Mae loans.
Eligibility
Students must:
- Have a Social Security number and be a U.S. citizen
or permanent resident.
- Have good credit or applying with a creditworthy cosigner.
- Be able to provide proof of enrollment (full or
half time) at an eligible college, graduate, trade
or technical school.
Need a cosigner? A cosigner (usually
a parent or spouse) is needed if you don't have an established credit history. Cosigners are subject to the same
eligibility requirements as you, the primary borrower,
and will be required to authorize a credit check to
be approved.
Loan Limits
$1,500 is the minimum per borrower and the
maximum loan amount per year is $40,000*. The aggregate
maximum available to borrowers is $130,000.
Repayment
The repayment period may be up to 30 years,
depending on the amount you borrow and the repayment
option you choose. You may pay off this loan early without
penalty.
Repayment choices:
- Pay both principal and interest immediately.
- Pay only interest while you are in school (at least
half time).
- Defer all payments (principal and interest) while
you are in school at least half-time.
If you are experiencing financial hardship you may
request forbearance of your loan payment for up to 24
months without penalty.
* Maximum loan amount and loan availability may vary by school. Tuition Answer Loan proceeds are solely to pay for a student’s qualified higher education expenses at an eligible educational institution. Definition of the types of expenses considered "qualified education expenses" may vary from school to school and may affect a student’s ability to qualify for a school’s financial aid program. Students seeking federal financial assistance should seek that assistance first, and then use Tuition Answer Loan and any other private loan proceeds for any remaining financial need gap and, if necessary, to finance their Expected Family Contribution (EFC).
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