# Student loan interest rates and fees

### Federal student loans

### Private student loans

- Signature Student Loan
- Signature Student Loan for community colleges
- Career Training Loan
- Continuing Education Loan
- DENTALoans Graduate Private Loan
- DENTALoans Residency, Relocation, and Licensure Exam Loan
- Global Health Education Loan Program
- K-12 Family Education Loan
- LAWLOAN Private Loan
- LAWLOANS Bar Study Loan
- MBA LOANS Private Loan
- Medical School Loans Private Student Loan
- Medical School Loans Residency and Relocation Loan
- Tutorial Financing Loan

### Federal student loans

#### Stafford Loan

- The interest rate on Stafford loans first disbursed beginning July 1, 2008:
- Subsidized Stafford loans for undergraduate students has a declining fixed interest rate.
- July 1, 2008–June 30, 2009 the interest rate is 6%.
- July 1, 2009–June 30, 2010 the interest rate is 5.6%.
- July 1, 2010–June 30, 2011 the interest rate is 4.5%.
- July 1, 2011–June 30, 2012 the interest rate is 3.4%.
- Beginning July 1, 2012 the rate is 6.8%.
- Subsidized Stafford loans for graduate and professional student and all unsubsidized Stafford loans is 6.8%.
- The interest rate on Stafford loans first disbursed beginning
**July 1, 2006**is fixed at 6.8%. - The interest rate on Stafford loans first disbursed on or after
**July 1, 1998 but before June 30, 2006**is variable and may change on July 1 of each year but will never exceed 8.25%. The rate is based on: - The 91-day T-bill rate + 1.70% during in-school, grace, and deferment periods.
- Starting July 1, 2008 the interest rate on variable rate loans is 3.61%.
- The 91-day T-bill rate + 2.30% during repayment periods.
- Starting July 1, 2008, the interest rate on variable rate loans is 4.21%.

#### PLUS loan

- The interest rate on PLUS loans first disbursed beginning July 1, 2006 is fixed at 8.5%.
- The interest rate on PLUS loans first disbursed on or after July 1, 1998 but before June 30, 2006 is variable and may change annually on July 1 but will never exceed 9%. The current interest rate on these variable rate PLUS loans is 5.01%.

#### Federal student loan consolidation

Severe legislative cuts made by Congress made federal student loan consolidation uneconomical. This, combined with the credit market deterioration, has caused us to suspend participation in the federal consolidation loan program.

- The fixed interest rate for consolidation loans varied from borrower to borrower but is generally expected to range from 4.75% to 6.125%. Interest rates are based on the borrower's underlying loans' primary rates and do not include discounts for interest reduction benefits. Special rules apply to consolidation loans that include HEAL loans.
- Different interest rates apply to federal Stafford, PLUS, and consolidation loans issued before July 1, 1998.

### Private student loans

The following Annual Percentage Rate (APR) examples include sample rates and fees for Sallie Mae’s private student loans. The actual rates and fees applicable to your loan may vary from these numbers shown. Sallie Mae switched from a Prime Rate index to a one-month London Interbank Offered Rate (LIBOR) index for loans first disbursed on or after June 2, 2008. Your promissory note identifies the actual index that applies to your loan.

The APRs shown are APRs effective as of January 26, 2009.

Annual Percentage Rate (APR) examples:

- The APR is a variable rate and 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.
- The APRs shown are APRs effective as of January 26, 2009.
The one-month LIBOR rate effective on January 26, 2009 is 0.50%.- All loan fees are capitalized (added to the loan principal).

#### Signature Student Loan

**APR examples**

Interest rate | Disbursement fee | Repayment fee | Monthly payment amount | APR |
---|---|---|---|---|

One-month LIBOR + 4% | 0% | 0% | $90.56 | 4.36% |

One-month LIBOR + 14% | 3% | 3% | $230.64 | 13.79% |

**APR assumptions:**

- The Annual Percentage Rate (APR) is a variable rate and will increase if the one-month LIBOR rate increases. For purposes of this calculation, we have assumed that the interest rate does not change.
- The APRs shown are APRs effective as of January 26, 2009.
- A $10,000 loan amount.
- APR examples are based on a 15-year repayment of principal and interest.

#### Signature Student Loan for community colleges

**APR examples:**

Interest rate | Disbursement fee | Repayment fee | Monthly payment amount | APR |
---|---|---|---|---|

One-month LIBOR + 6.75% | 0% | 0% | $52.24 | 7.13% |

One-month LIBOR + 14% | 3% | 3% | $94.31 | 14.82% |

**APR assumptions:**

- The Annual Percentage Rate (APR) is a variable rate and will increase if the one-month LIBOR increases. For purposes of this calculation, we have assumed that the interest rate does not change.
- The APRs shown are APRs effective as of January 26, 2009.
- A $5,000 loan amount.
- APR examples are based on a 15-year repayment of principal and interest.

#### Career Training Loan

**APR examples: **

Repayment begins at least 28, but no more than 60 days after the loan's disbursement for all repayment options.

##### Standard

Interest rate | Disbursement fee | Monthly payment amount | APR |
---|---|---|---|

One-month LIBOR + 9.5% | 0% | $94.14 | 10.12% |

One-month LIBOR + 13.5% | 5% | $122.45 | 15.12% |

**Interest-only**

Interest rate | Disbursement fee | Monthly payment amount | APR |
---|---|---|---|

One-month LIBOR + 9.5% | 0% | $94.14 | 10.11% |

One-month LIBOR + 14% | 5% | $125.56 | 15.58% |

##### Deferment

Interest rate | Disbursement fee | Monthly payment amount | APR |
---|---|---|---|

One-month LIBOR + 9.5% | 0% | $102.26 | 10.05% |

One-month LIBOR + 14% | 5% | $142.13 | 15.31% |

**APR assumptions:**

- The Annual Percentage Rate (APR) is a variable rate and will increase if the one-month LIBOR increases. For the purposes of this calculation, we have assumed that the interest rate does not change.
- The APRs shown are APRs effective as of January 26, 2009.
- $8,700 loan amount.
- All examples assume a fee of $30 for each applicant and assumes a borrower and cosigner.
- Minimum monthly payment is $30 for standard repayment.
- Minimum monthly payment is $10 for deferment repayment during deferment.
- APRs based on a 15-year repayment term of principal and interest.

#### Continuing Education Loan

**APR examples: **

Repayment begins at least 28, but no more than 60, days after the loan's disbursement for all repayment options.

##### Standard

Interest rate | Disbursement fee | Monthly payment amount | APR |
---|---|---|---|

One-month LIBOR + 11% | 0% | $53.27 | 11.74% |

One-month LIBOR + 13% | 3% | $60.96 | 14.34% |

**Interest-only**

Interest rate | Disbursement fee | Monthly payment amount | APR |
---|---|---|---|

One-month LIBOR + 11% | 0% | $53.27 | 11.73% |

One-month LIBOR + 13.5% | 3% | $62.53 | 14.81% |

##### Deferment

Interest rate | Disbursement fee | Monthly payment amount | APR |
---|---|---|---|

One-month LIBOR + 11% | 0% | $57.99 | 11.64% |

One-month LIBOR + 13.5% | 3% | $69.68 | 14.61% |

**APR assumptions:**

- The Annual Percentage Rate (APR) is a variable rate and will increase if the one-month LIBOR increases. For the purposes of this calculation, we have assumed that the interest rate does not change.
- The APRs shown are APRs effective as of January 26, 2009.
- A $4,500 loan amount.
- All examples assume a fee of $30 for each applicant and assumes a borrower and cosigner.
- Minimum monthly payment is $30 for standard repayment.
- Minimum monthly payment is $10 for deferment repayment during deferment.
- APRs based on a 15-year repayment term of principal and interest.

#### DENTALoans Graduate Private Loan

**APR examples:**

Interest rate | Disbursement fee | Repayment fee | Monthly payment amount | APR |
---|---|---|---|---|

One-month LIBOR + 4% | 0% | 0% | $99.16 | 4.23% |

One-month LIBOR + 12.75% | 0% | 0% | $239.98 | 11.22% |

**APR assumptions:**

- The Annual Percentage Rate (APR) is a variable rate and will increase if the one-month LIBOR increases. For purposes of this calculation, we have assumed that the interest rate does not change.
- The APRs shown are APRs effective as of January 26, 2009.
- A $10,000 loan amount.
- APR examples are based on a 15-year repayment of principal and interest.

#### DENTALoans Residency, Relocation, and Licensure Exam Loan

**APR examples**

Interest rate | Disbursement fee | Repayment fee | Monthly payment amount | APR |
---|---|---|---|---|

One-month LIBOR + 4% | 0% | 0% | $110.20 | 4.41% |

One-month LIBOR + 12.75% | 0% | 0% | $263.12 | 12.38% |

**APR assumptions:**

- The Annual Percentage Rate (APR) is a variable rate and will increase if the one-month LIBOR increases. For purposes of this calculation, we have assumed that the interest rate does not change.
- The APRs shown are APRs effective as of January 26, 2009.
- A $15,000 loan amount.
- APR examples are based on a 20-year repayment of principal and interest.

#### Global Health Education Loan Program

**GHELP Stafford loan**

Loans first disbursed July 1, 2008–August 30, 2009.

**Interest rate**

- 6.8% for all unsubsidized Stafford loans
- 6.8% for subsidized Stafford loans for graduate and professional students

**Fees**

Up to 2% in fees that include a 1% federal origination fee and a 1% federal default fee.

##### Sample GHELP Private Loan

**APR examples:**

Interest rate | Disbursement fee | Repayment fee | Monthly payment amount | APR |
---|---|---|---|---|

One-month LIBOR + 4% | 0% | 0% | $99.16 | 4.23% |

One-month LIBOR + 14% | 3% | 3% | $283.15 | 12.61% |

**APR assumptions:**

- The APRs shown are APRs effective as of January 26, 2009.
- A $10,000 loan amount.
- APR examples are based on a 15-year repayment of principal and interest.

##### Sample GHELP Residency & Relocation Loan

**APR examples:**

Interest rate | Disbursement fee | Repayment fee | Monthly payment amount | APR |
---|---|---|---|---|

One-month LIBOR + 4% | 0% | 0% | $110.20 | 4.41% |

One-month LIBOR + 14% | 3% | 3% | $309.53 | 14.08% |

**APR assumptions:**

- The APRs shown are APRs effective as of January 26, 2009.
- A $15,000 loan amount.
- APR examples are based on a 20-year repayment of principal and interest.

#### K-12 Family Education Loan

**APR examples:**

Repayment begins at least 28, but no more than 60 days after the loan's disbursement.

Interest rate | Disbursement fee | Monthly payment amount | APR |
---|---|---|---|

One-month LIBOR + 11% | 0% | $128.61 | 11.58% |

One-month LIBOR + 13% | 3% | $149.96 | 14.08% |

**APR assumptions:**

- The APRs shown are APRs effective as of January 26, 2009.
- A $12,000 loan amount.
- All examples assume a fee of $30 for each applicant and assumes a borrower and cosigner.
- Minimum monthly payment is $30 for standard repayment.
- APR examples are based on a 20-year repayment of principal and interest.

#### LAWLOANS Bar Study Loan

**APR examples:**

Interest rate | Disbursement fee | Repayment fee | Monthly payment amount | APR |
---|---|---|---|---|

One-month LIBOR + 4% | 0% | 0% | $118.62 | 4.49% |

One-month LIBOR + 14% | 3% | 3% | $240.93 | 15.46% |

**APR assumptions:**

- The Annual Percentage Rate (APR) is a variable rate and will increase if the one-month LIBOR rate increases. For purposes of this calculation, we have assumed that the interest rate does not change.
- The APRs shown are APRs effective as of January 26, 2009.
- A $15,000 loan amount.
- APR examples are based on a 15-year repayment of principal and interest.

#### LAWLOANS Private Loan

**APR examples:**

Interest rate | Disbursement fee | Repayment fee | Monthly payment amount | APR |
---|---|---|---|---|

One-month LIBOR + 4% | 0% | 0% | $87.97 | 4.40% |

One-month LIBOR + 14% | 3% | 3% | $214.88 | 14.17% |

**APR assumptions:**

- The Annual Percentage Rate (APR) is a variable rate and will increase if the one-month LIBOR rate increases. For purposes of this calculation, we have assumed that the interest rate does not change.
- The APRs shown are APRs effective as of January 26, 2009.
- A $10,000 loan amount.
- APR examples are based on a 15-year repayment of principal and interest.

#### MBA LOANS Private Loan

**APR examples:**

Interest rate | Disbursement fee | Repayment fee | Monthly payment amount | APR |
---|---|---|---|---|

One-month LIBOR + 4% | 0% | 0% | $83.67 | 4.45% |

One-month LIBOR + 14% | 3% | 3% | $188.63 | 14.82% |

**APR assumptions:**

- The APRs shown are APRs effective as of January 26, 2009.
- A $10,000 loan amount.
- APR examples are based on a 15-year repayment of principal and interest.

**Medical School Loans Private Student Loan **

**APR examples:**

Interest rate interim | Interest rate repayment | Disbursement fee | Repayment fee | Monthly payment amount | APR |
---|---|---|---|---|---|

One-month LIBOR + 6.25% | One-month LIBOR + 8.75% | 0% | 0% | $132.29 | 7.53% |

**APR assumptions:**

- The APRs shown are APRs effective as of January 26, 2009.
- A $10,000 loan amount.
- APR examples are based on a 20-year repayment of principal and interest.

**Medical School Loans Residency and Relocation Loan **

**APR examples:**

Interest rate interim | Interest rate repayment | Disbursement fee | Repayment fee | Monthly payment amount | APR |
---|---|---|---|---|---|

One-month LIBOR + 7.25% | One-month LIBOR + 8.75% | 0% | 0% | $175.53 | 8.46% |

**APR assumptions:**

- The APRs shown are APRs effective as of January 26, 2009.
- A $15,000 loan amount.
- APR examples are based on a 20-year repayment of principal and interest.

#### Tutorial Financing Loan

**APR examples:**

Repayment begins at least 28, but no more than 60 days after the loan's disbursement.

##### Standard

Interest rate | Disbursement fee | Monthly payment amount | APR |
---|---|---|---|

One-month LIBOR + 7% | 0% | $56.55 | 7.50% |

One-month LIBOR + 13.5%* | 5% | $86.10 | 15.17% |

**APR assumptions:**

- The APRs shown are APRs effective as of January 26, 2009.
- A $6,100 loan amount.
- * Example assumes a fee of $30 for each applicant and assumes a borrower and cosigner.
- Minimum monthly payment is $30 for standard repayment.
- APRs based on immediate repayment and a 15-year repayment term of principal and interest.