salliemae K-12 Family Education Loan

K-12 Family Education Loan

Looking for a way to pay for private school? The K-12 Family Education Loan is available to parents or other creditworthy family members of children attending private K-12 schools.The application process is easy and provides fast decisions and superior customer service.

You can use our K-12 Family Education Loan to pay for private elementary, middle, or high school, including prep school, military school, Catholic school, Montessori school, boarding school, and more.

Eligibility

• You must be a U.S. citizen or permanent resident and have an established credit history.
• The institution your child is attending must be licensed or accredited by the department of education in the states in which they operate, if required by that state, or must be accredited by a recognized national education association.

Features

• The K-12 Family Education Loan can be used to fund past tuition balances.
• You may borrow for both tuition and other education-related expenses such as books, computers, and fees.
• The K-12 Family Education Loan has interest rates and fees that reward good credit.
• You can manage your account online 24/7.
• Apply with a cosigner and increase your chances of approval.
• Easy application process … have a copy of your tuition bill handy!
• Flexible repayment terms of up to 20 years are available.
• Borrow as little as $1,000 or up to the total cost of your child's education.
• You get life-of-loan servicing from Sallie Mae.
• You get the convenience of combined billing for all of your Sallie Mae-serviced loans.
• There is no prepayment penalty.

Loan terms

Loan limit

Flexible aggregate loan limits depending upon your situation.

Interest rate

The K-12 Family Education Loan has interest rates that reward good credit and are as low as Prime + 0% for borrowers with excellent credit. Interest rates are variable and reset monthly.

Fees

Loan fees are 0%–5%.

Repayment

You can take up to 20 years to repay the loan.

Another way to help pay down your loan

With Upromise Loan Link^SM student and parent borrowers who join Upromise^® can link their Sallie Mae loan account to their Upromise account and use their Upromise rewards to help pay down their eligible Sallie Mae-serviced student loans. Visit www.salliemae.com/upromise to learn more and enroll today.

Legal

• K-12 Family Education Loan is a service mark of SLM Financial Corporation.
• K-12 Family Education Loans are made by state or federally chartered financial institutions and are sold after full disbursement to a Sallie Mae company.
• The school and its financial aid office act on their own behalf and do not represent you or Sallie Mae. You should always contact Sallie Mae directly if you have questions about the terms under which K-12 Family Education Loans are made.
• The K-12 Family Education Loan is a private, credit-based loan and is not federally sponsored or guaranteed.
• Repayment begins at least 30 days, but no more than 60 days, after disbursement.
• The APR will increase if the Prime Rate increases.
• Minimum monthly payment is $30.
• Up to 60% of the tuition amount may be financed for other expenses, not to exceed $6,000. Terms may vary by school.