Borrow responsibly.We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Students and families should evaluate all anticipated monthly loan payments, and how much the student expects to earn in the future, before considering a private student loan.
All loans and lines of credit and all terms referenced are subject to credit approval and other conditions. Other terms, conditions, fees and restrictions may apply.
These loans are made by Sallie Mae Bank. M&T Bank is not the creditor for these loans and is compensated by Sallie Mae for the referral of loan customers.
Loans for Undergraduate & Career Training Students are not intended for graduate students and are subject to credit approval, identity verification, signed loan documents, and school certification. Student must attend a participating school. Student or cosigner must meet the age of majority in their state of residence. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend school in the U.S., apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident), and provide an unexpired government-issued photo ID. Requested loan amount must be at least $1,000.
Graduate School Loan and Graduate School Loan for Health Professions are for graduate students at participating degree-granting schools and are subject to credit approval, identity verification, signed loan documents, and school certification. Student or cosigner must meet the age of majority in their state of residence. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend school in the U.S., apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident), and provide an unexpired government-issued photo ID. Requested loan amount must be at least $1,000.
MBA Loans are for graduate students in an M.B.A. program at participating degree-granting schools and are subject to credit approval, identity verification, signed loan documents, and school certification. Student or cosigner must meet the age of majority in their state of residence. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend school in the U.S., apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident), and provide an unexpired government-issued photo ID. Requested loan amount must be at least $1,000.
Medical School Loans are for graduate students in an M.D., D.O., D.V.M., V.M.D., or D.P.M. program at participating degree-granting schools and are subject to credit approval, identity verification, signed loan documents, and school certification. Graduate Certificate/Continuing Education coursework is not eligible. Student or cosigner must meet the age of majority in their state of residence. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend school in the U.S., apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident), and provide an unexpired government-issued photo ID. Requested loan amount must be at least $1,000.
Dental School Loans are for graduate students in a D.D.S. or D.M.D. program at participating degree-granting schools and are subject to credit approval, identity verification, signed loan documents, and school certification. Graduate Certificate/Continuing Education coursework is not eligible. Student or cosigner must meet the age of majority in their state of residence. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend school in the U.S., apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident), and provide an unexpired government-issued photo ID. Requested loan amount must be at least $1,000.
Law School Loans are for graduate students in a J.D. or L.L.M. program at participating degree-granting schools and are subject to credit approval, identity verification, signed loan documents, and school certification. Graduate Certificate/Continuing Education coursework is not eligible. Student or cosigner must meet the age of majority in their state of residence. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend school in the U.S., apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident), and provide an unexpired government-issued photo ID. Requested loan amount must be at least $1,000.
All loans and lines of credit and all terms referenced are subject to credit approval and other conditions. Other terms, conditions, fees and restrictions may apply.
FAQs
For Students, Parents, and Borrowers
The Federal Student Aid Information Center (FSAIC) can answer your and your students' general questions about the federal student aid programs and application process.
What can happen if you don t repay student loans you must select all correct answers and no incorrect answers to earn full credit for this question? ›
If you don't make your student loan payment or you make your payment late, your loan may eventually go into default. If you default on your student loan, that status will be reported to national credit reporting agencies. This reporting may damage your credit rating and future borrowing ability.
What happens if I haven't paid student loans in 10 years? ›
Credit Score Impact: Like with federal loans, defaulting on private student loans damages your credit score and the late payments remain on your credit report for seven years. Legal Actions and Wage Garnishment: Private lenders can sue for unpaid debts, potentially leading to wage garnishment if they win the case.
Why is it so hard to get a student loan? ›
Federal student loans usually don't require a credit check, making them easier to get for most students. However, private loans often require a good credit score, a minimum income and at least half-time enrollment in an eligible institution. If you don't meet these criteria, a cosigner may be necessary.
Who gets denied student loans? ›
It's not uncommon to be denied a private student loan1 if you applied on your own. Most students lack the credit history needed to qualify for a sizable loan without a cosigner. At Earnest*, students are 5X more likely to be approved with a cosigner, but if you've still been denied, here are a few things you can do.
Who is the best person to talk to about student loans? ›
Your school's financial aid office is a terrific starting place. Most financial aid offices have ample information about federal student loan options. The Federal Student Aid office is another helpful resource. It's often best to max out your federal loan options before considering private student loans.
Is it a crime to not pay student loans? ›
No, you can't go to jail for not paying your student loans. So if that was a fear you had, take a deep breath—no one is coming to arrest you if you miss a payment. But like we mentioned, you can be sued over defaulted student loans. This would be a civil case—not a criminal one.
How many people don't pay back student loans? ›
Delinquencies and Defaults. About 5% of student debt was at least 90 days delinquent or in default in the fourth quarter of 2021. However, that number is artificially low—federal loans that are currently in forbearance due to Covid-19 are reported as current by the Department of Education.
What are 3 effects of not paying back student loans? ›
It may take years to reestablish a good credit record. You may not be able to purchase or sell assets such as real estate. Your tax refunds and federal benefit payments may be withheld and applied toward repayment of your defaulted loan (this is called “Treasury offset”). Your wages may be garnished.
Do unpaid student loans ever go away? ›
Do student loans go away after 7 years? While negative information about your student loans may disappear from your credit reports after seven years, the student loans will remain on your credit reports — and in your life — until you pay them off.
The federal government won't take your home because you owe student loan debt. However, if you default and the U.S. Department of Education cannot garnish your wages, offset your tax refund, or take your Social Security Benefits, it may sue you.
What happens if you never earn enough to repay student loans? ›
If you stop working, or start to earn below the repayment threshold, your repayments will stop until you earn over the threshold. You'll make a repayment if you go over the weekly or monthly threshold at any point during the year, for example, if you get a bonus or work overtime.
Does Sallie Mae approve everyone? ›
Private lenders like Sallie Mae will look at creditworthiness and repayment history before approving loan applications.
What disqualifies you from getting a student loan? ›
Having no credit or bad credit is common for students who are entering college, but it can lead to private student loan denial. Aside from credit, private lenders can also deny your student loan application for other reasons, such as your: Income: Lenders want to know that borrowers can repay the loans they take out.
What disqualifies you from FAFSA? ›
Other reasons for financial aid disqualification include: Not maintaining satisfactory progress at your college or degree program. Not filling out the FAFSA each year you are enrolled in school. Defaulting on a student loan.
Who to talk to about student loan questions? ›
call the Federal Student Aid Information Center (FSAIC) at 1-800-433-3243.
Can someone help me with my student loans? ›
Your servicer should be your first point of contact for student loan help. You can find your federal student loan servicer by logging into your My Federal Student Aid account. For private loans, ask the original lender whom to contact for billing or repayment inquiries.
Who should you contact if having trouble with student loans? ›
The CFPB is one of the federal agencies responsible for overseeing private and federal student loan products and servicers. You can submit a complaint through CFPB's online complaint system or by calling 855-411-2372. U.S. Department of Education (DOE).
Who is in control of student loans? ›
Federal student loans are owned by the U.S. Department of Education while private student loans are owned by the financial institution that granted them.
