| You understand the impact that education or training can have on your future. It can help you reach your career goals and improve your lifestyle. |  |
The Career Training LoanSM was designed specifically to help you finance your education or training and can save you money compared with other financing options. It can be used for technical training or trade school, distance learning or other continuing education programs.
The loan is geared to your success, and it's easy to apply. SLM Financial provides fast decisions and superior customer service.
The primary terms and conditions of the program are explained below. If, after reading through them, you still have questions, call us at 888/2-SALLIE (888/272-5543).
Borrower eligibility:
You must be a U.S. citizen or a permanent resident and must be credit-worthy. You may be enrolled full, half-time, or less than half-time. If you have no credit or a poor credit history, you may still qualify for a loan by applying with a credit-worthy co-borrower.
Apply with a co-borrower and save:
If you have no credit or a poor credit history, you may still qualify for a loan by applying with a credit-worthy co-borrower. That’s because when you have a co-borrower with a credit rating that is better than yours, it can lower your interest rates and fees.
Loan limits:
The minimum loan amount is $1,000, and you can borrow up to the total cost of the education, less other financial aid received, for tuition and education-related expenses such as books, fees, a computer, and living expenses. Up to 60% of the tuition amount is allowable for expenses, not to exceed $6,000. Terms may vary by school and program. A portion of the tuition must be financed to be eligible to apply for expenses.
Interest rates and fees:
Interest rates are variable (monthly) and are based on the Prime Rate plus a spread. Your interest rate spread is determined by your and your co-borrower's (if you use a co-borrower) credit history. The interest rates start at Prime + 1% with fees as low as 2% for borrowers with excellent credit (see APR examples).
Repayment term:
Repayment begins 30 days after disbursement. With our 15-year repayment option, you can keep your monthly payments low and affordable (see APR examples). You can also prepay your loan, either in part or in full, at any time to lower your total loan cost, with no penalty. Minimum monthly payment is $30 (see APR examples).
New deferment option available:
Balancing work and education while you are in school can be difficult. For this reason, there is a new 12-month deferment repayment option for qualified borrowers. During deferment, you will be required to pay only $10 per month (see APR examples). This $10 payment will be applied toward the interest that accrues on your account during deferment. Unpaid interest will be added to your loan amount (capitalized) at the end of deferment. You will then pay interest on a higher amount. Terms may vary by school. Deferment is available for most programs.
This new deferment option lets you focus on your studies rather than your loan payment while you are attending school. And afterward, you may still have up to 15 years to repay.
