Sallie Mae private loans are a useful option for undergraduate and graduate students who are not eligible for Direct Loans, or for students who wish to apply for funding after a session is over. Funding is determined by your Cost of Attendance.
Sallie Mae private loans can have higher interest rates than the rates for Direct Loans (Subsidized, Unsubsidized or PLUS). If you're eligible for Direct Loans, it may be in your best interest to explore that option first.
If you're eligible for Direct Loans, it may be in your best interest to explore that option first.