Nellie Mae Loan Solutions
Federal Stafford Loans
After seeking out grants and scholarships that don't have to be paid back, consider a Federal Stafford Loan as a low-cost option to help pay for college. When you choose Nellie Mae as your Stafford Loan lender, you may be eligible to save the 1% default fee!*
- 0% default fee
- 0.30 percentage point interest rate reduction for automatic debit
And, when you join Upromise®, you can use your Upromise rewards to help pay down balances automatically on your eligible Sallie Mae-serviced student loans by linking your Sallie Mae® account to your Upromise account with Upromise Loan LinkSM! To learn more, or to join Upromise now, go to www.salliemae.com/upromise.
*Benefits are available on loans first disbursed 2/1/08–6/30/09 to students attending four-year not-for-profit public and private colleges and serviced by Sallie Mae throughout repayment. Terms and conditions apply. Nellie Mae will pay the origination fee on the borrower's behalf on Stafford Loans guaranteed 2/1/08–6/30/09; the 1% federal default fee will be paid on the borrower's behalf on loans guaranteed by USA Funds or NELA 2/1/08–6/30/09. A 0.30 percentage point interest rate reduction for paying by automatic debit is available during active repayment for as long as the borrower’s monthly payment is successfully deducted from his/her bank account.
Federal PLUS Loans for parents
With a Parent PLUS Loan from Nellie Mae®, you may be eligible for benefits that reduce your interest rate and let you earn a loan credit with Nellie Mae PLUSback®! Here's how:
- Earn a 0.75 percentage point interest rate reduction—after your first on-time payment—with a one-time benefit reinstatement opportunity*
- Earn a 2.4% loan credit—with Nellie Mae PLUSback—after your first 24 on-time payments*
- Borrower benefits are effective for loans serviced by Sallie Mae and first disbursed July 1, 2007 through January 31, 2008. Check back soon for updated information for the remaining 2007/2008 academic year.
And, when you join Upromise®, you can use your Upromise rewards to help pay down balances automatically on your eligible Sallie Mae-serviced student loans by linking your Sallie Mae® account to your Upromise account with Upromise Loan LinkSM! To learn more, or to join Upromise now, go to www.salliemae.com/upromise.
Nellie Mae GradEXCEL Loan
With a GradEXCEL Loan from Nellie Mae:
- Choose the interest rate.
- Get an instant credit decision when you e-sign your online application.
- Earn a 0.50 percentage point interest rate reduction for auto-debit payments.
- Pay no disbursement fee when you apply with a co-borrower.
- Avoid the repayment fee by making payments while in school.
Nellie Mae B&B EXCEL Loan
The B&B EXCEL Loan helps final-year law students fund bar and board exam studies.
- Choose the interest rate.
- Borrow up to $10,000 in addition to the cost of attendance for expenses related to taking the bar exam.
- Get an instant credit decision.
- E-sign your online application.
- Reduce the disbursement fee by applying with a co-borrower.
- Pay no repayment fee when repayment begins while in school.
Nellie Mae EXCEL Loan
EXCEL Loans are perfect for independent students, parents, grandparents, or any creditworthy sponsor!
- Choose the interest rate and repayment schedule.
- E-sign your online application.
- Get an instant credit decision.
- Earn a 0.50 percentage point interest rate reduction for auto-debit payments.
- Borrow up to the cost of attendance, minus other aid.
Nellie Mae LawEXCEL Loan
With a LawEXCEL Loan from Nellie Mae:
- Choose the interest rate.
- Pay no disbursement fee when you apply with a co-borrower.
- E-sign your online application.
- Get an instant credit decision.
- Earn a 0.50 percentage point interest rate reduction for auto-debit payments.
- Avoid the repayment fee by making payments while in school.
Nellie Mae Student EXCEL Loan for undergraduates
With a Student EXCEL Loan from Nellie Mae, undergraduate borrowers can:
- Choose the interest rate.
- Earn a 0.50 percentage point interest rate reduction for auto-debit payments.
- Get an instant credit decision with our easy online application featuring e-signature.
- Pay no disbursement fee when you apply with a co-borrower.
- Avoid the repayment fee by making payments while in school.
Federal Consolidation Loan
A Federal Consolidation Loan simplifies repayment of your federal student loans by eliminating multiple monthly payments to multiple lenders!
- Lock in a low, fixed interest rate.
- Eligible borrowers receive a 1.25 percentage point interest rate reduction.
Private Consolidation Loan
A Private Consolidation Loan combines your nonfederal student debts into one simplified loan.
- Borrowers may be creditworthy parents or students (applicants with problem credit may add a co-borrower)
- Consolidate $5,000 to $275,000 in education loans from private lenders
- Flexible repayment options are available to make payments affordable.
- Take up to 30 years to repay.
Nellie Mae Debt Management Tools
Complete Your Entrance Counseling
As a condition of getting your first federal student loan, you must receive "Entrance Counseling" before your funds can be disbursed. For your convenience, you can complete your entrance counseling requirements right here online! The results of your session will be sent to the financial aid office for processing.
Complete Your Exit Counseling
As a federal student loan borrower, you must participate in "Exit Counseling" prior to graduation. For your convenience, you can fulfill your federal counseling requirements online in the comfort of your dorm room, home ... or anywhere! The results of your counseling session will be sent to your financial aid office for processing.
Become a Brilliant Borrower
Concerned about what you're getting into? To get a better idea about how to borrow, how much you should borrow, as well as how to budget, check out Nellie Mae's Debt Management EDvisor. This informative and interactive site provides practical information about student borrowing and budgeting, a loan record keeper, and an assortment of online calculators.
Undergraduate Students, Get Tips from FinMan
Develop a spending plan. Learn more about the perils of credit card use. Get timely tax filing tips for students. And get the scoop on saving and budgeting for higher education ... all at the FinMan (Financial Management Tips for Undergraduate Students) web site.
Graduate Students, Get Tips from FinMan
Develop a spending plan. Learn more about the perils of credit card use. Get timely tax filing tips for grad students. And learn how to manage your credit effectively and protect your credit rating ... all at FinMan Grad (Financial Management Tips for Grad Students), an informative web site developed especially for graduate students.
Learn About the Lifecycle of a Loan
Education loans are a different breed than home, car or consumer loans. The process of borrowing an education loan involves many steps and many organizations. Click here to get a better idea of how the system works.
Manage Your Loans
Once you get a Nellie Mae loan, it's easy to track. Simply click here to enroll or log in to your account to review account status, make payments, change your address or payment plan, reduce or postpone your payments or to contact customer service.
Nellie Mae Calculators
Budget Worksheet
Tracking your income and expenses is the first step in developing a sound financial plan. Complete this simple worksheet at the beginning of each semester to give you a snapshot of your finances.
Capitalized Interest Calculator
See the true cost of deferring interest accrual on unsubsidized Federal Stafford Loans, Federal PLUS Loans or private loans. And see how much you can save by making interest payments while enrolled.
Prepayment Savings Calculator
See how much you can save by prepaying or making extra payments on federal or private student loans.
Monthly Payment Calculators
Get a better idea about your repayment options and what your monthly payments would be under a standard, income-sensitive or graduated repayment schedule.
Federal Stafford Loan
Benefits of Borrowing from Nellie Mae
With a zero-fee Stafford Loan from Nellie Mae®, you may be eligible for additional benefits that reduce your interest rate, and save you 3.3%! Here's how:
- Earn a 0.50 percentage point interest rate reduction when you choose to have your payments automatically debited from a checking or savings account*
- Earn a 3.3% check or credit—with Nellie Mae Cash Back®—after your first 33 on-time payments*
- Borrower benefits are effective for loans serviced by Sallie Mae and first disbursed July 1, 2007 through January 31, 2008. Check back soon for updated information for the remaining 2007/2008 academic year.
And, when you join Upromise®, you can use your Upromise rewards to help pay down balances automatically on your eligible Sallie Mae-serviced student loans by linking your Sallie Mae® account to your Upromise account with Upromise Loan LinkSM! To learn more, or to join Upromise now, go to www.salliemae.com/upromise.
Terms and conditions apply. Nellie Mae will pay the 1.5% origination fee on Stafford Loans and, for those guaranteed 7/1/07-6/30/08 by USA Funds or NELA, the 1% default fee on the borrower's behalf. The automatic-debit benefit is available during active repayment for as long as the borrower's monthly payment is successfully deducted from his/her bank account. To qualify for the 3.3% Nellie Mae Cash Back, the borrower must sign up on Manage Your LoansSM, prior to entering repayment, to receive account information by e-mail and make the required number of payments by the due dates as initially scheduled. Loan credit borrower benefit is based on the original principal loan amount (less cancellations, refunds and returns). Borrower benefits are effective for loans owned and serviced by Sallie Mae and first disbursed 7/1/07-6/30/08. Sallie Mae reserves the right to modify, continue, or discontinue loan and borrower benefit programs at any time without notice.
Borrower Eligibility
- Borrower must be a student enrolled at least half time
- Student must be a US citizen or eligible permanent resident
- Student must have a valid US Social Security number
Loan Rates and Terms
Annual Loan Amount
| Y1 Limit | Y2 Limit | Other Years | Cumulative Limit | |
|---|---|---|---|---|
| Dependent Undergraduate Students | $3,500 | $4,500 | $5,500 | $23,000 |
| Independent Undergraduate Students | $7,500 | $8,500 | $10,500 | $46,000 |
| Per Year | Cumulative Limit | |
|---|---|---|
| Subsidized | $8,500 | $138,500* (subsidized and unsubsidized total) |
| Unsubsidized | $12,000 | $138,500* (subsidized and unsubsidized total) |
*Certain health professions students may borrow more than this limit
Interest Rate
- The interest rate for the 2007-2008 academic year for loans disbursed after July 1, 2006 is fixed at 6.8%.
- For Stafford Loans made prior to July 1, 2007, the Variable Rate formula previously assigned applies.
Fees
- No origination fee
- No default fee
Repayment Plans
After graduating (or dropping below half-time enrollment), there is a six-month grace period before repayment on your Federal Stafford Loans begins. Repayment plans include:
- Standard Repayment: requires a fixed monthly amount for up to 10 years. The actual length of repayment depends on the total amount borrowed.
- Graduated Repayment: allows you to begin with lower monthly payments for either 2 or 4 years and then gradually increase your payment amount over the 10-year repayment term. Payments must at least equal the interest accrued on the loan.
- Income-Sensitive Repayment: allows you to increase or decrease your monthly payment amount based on your gross annual income and the loan amount. Payments must at least equal the interest accrued on the loan; you must submit income verification to your lender to qualify.
- Extended Repayment: allows new borrowers with federal student loans totaling $30,000 or more disbursed after 10/7/98 to make fixed or graduated monthly payments for up to 25 years.
If you don't select a repayment plan, you will automatically receive a standard repayment schedule. You may change repayment plans annually and prepay your student loans without penalty.
Postponing Repayment
If your grace period is ending and you meet certain conditions, you may be eligible to continue postponing repayment under a deferment. These conditions include:
- Returning to school at least half time;
- Participating in an approved graduate fellowship or rehabilitation training for the disabled;
- Seeking but unable to find full-time employment (maximum three years); or
- Experiencing other types of economic hardship (maximum three years).
In other cases, if you don't meet deferment conditions but you're still having difficulty repaying your loan(s), you may request forbearance from your lender. A forbearance is generally granted in 12-month increments; it allows you to reduce your monthly payment amount or postpone payments altogether. You must request a deferment or forbearance from your lender; and you should continue making payments until you receive notice that your request has been processed. During deferment, interest does not accrue on subsidized Stafford Loans, however, interest accrues on all loans during forbearance. Postponing payments may affect eligibility for borrower benefits.
Federal PLUS Loan
Benefits of Borrowing from Nellie Mae
With a Parent PLUS Loan from Nellie Mae®, you may be eligible for benefits that reduce your interest rate and let you earn a loan credit with Nellie Mae PLUSback®! Here's how:
- Earn a 0.75 percentage point interest rate reduction—after your first on-time payment—with a one-time benefit reinstatement opportunity.
- Earn a 2.4% loan credit—with Nellie Mae PLUSback—after your first 24 on-time payments.
- Borrower benefits are effective for loans serviced by Sallie Mae and first disbursed July 1, 2007 through January 31, 2008. Check back soon for updated information for the remaining 2007/2008 academic year.
And, when you join Upromise®, you can use your Upromise rewards to help pay down balances automatically on your eligible Sallie Mae-serviced student loans by linking your Sallie Mae® account to your Upromise account with Upromise Loan LinkSM! To learn more, or to join Upromise now, go to www.salliemae.com/upromise.
Terms and conditions apply. To qualify for the 0.75 percentage point interest rate reduction and the 2.4% loan credit, the borrower must sign up on Manage Your LoansSM, prior to the first payment due date, to receive account information by e-mail and make the required number of payments by the due dates as initially scheduled. The 0.75 percentage point interest rate reduction benefit continues during active repayment for as long as the borrower continues to pay as initially scheduled. A borrower who makes a single late payment can re-earn this interest rate reduction once by making the next 24 monthly payments by the due dates as initially scheduled. Loan credit borrower benefit is based on the original principal loan amount (less cancellations, refunds and returns). Borrower benefits are effective for loans owned and serviced by Sallie Mae and first disbursed July 1, 2007 through June 30, 2008. Sallie Mae reserves the right to modify, continue, or discontinue loan and borrower benefit programs at any time without notice.
Borrower Eligibility
- For parents of dependent undergraduate students
- Undergraduate student must be enrolled in school at least half time
- Borrower and student each must have a valid US Social Security number
- Borrower and student must be US citizens or eligible permanent residents
Loan Rates and Terms
Annual Loan Amount
- $100 up to cost of attendance minus other aid
Interest Rate
- The interest rate is fixed at 8.50%.
- For PLUS Loans made prior to July 1, 2006, the Variable Rate formula previously assigned applies.
Fees
- Origination fee: Up to 3%
- No default fee
Repayment Plans
- Standard Repayment: requires a fixed monthly amount for up to 10 years. The actual length of repayment depends on the total amount borrowed.
- Graduated Repayment: begins with lower monthly payments for either 2 or 4 years and gradually increases the payment amount over the 10-year repayment term. Payments must at least equal the interest accrued on the loan.
- Income-Sensitive Repayment: allows borrowers to increase or decrease monthly payment amount based on gross annual income and the loan amount. Payments must at least equal the interest accrued on the loan; borrower must submit income verification to the lender to qualify.
- Extended Repayment: allows new borrowers with federal student loans totaling $30,000 or more disbursed after 10/7/98 to make fixed or graduated monthly payments for up to 25 years.
If a repayment plan is not selected, the parent will automatically receive a standard repayment schedule. Repayment plans may be changed annually, and may be prepaid without penalty.
Forbearance
If necessary, parents can choose to postpone or forbear payments in 12-month increments for up to 5 years, including while the student is enrolled; however, interest will accrue and will be capitalized on the principal, increasing the overall cost of the loan. Postponing payments may affect eligibility for borrower benefits.
GradEXCEL Loan
Benefits of Borrowing from Nellie Mae
- Fast, convenient online application
- Instant credit decision
- Funds can be used to cover prior-year balances
- Combined monthly statement for federal and private loans from Nellie Mae
- Co-borrower release after making 24 on-time monthly payments of principal and interest (the borrower must meet applicable credit requirements at that time)
- Borrowers can reduce the interest rate by 0.50 percentage point by authorizing payments from a checking or savings account
Borrower Eligibility
- Graduate student must be enrolled at least half time in a degree-granting program
- Student and co-borrower must be the age of majority
- Student must have good credit or apply with a creditworthy co-borrower
- Either student or co-borrower must be a U.S. citizen or eligible permanent resident; both must have a valid U.S. Social Security number
- Student should apply for a Federal Stafford Loan first
Loan Rates and Terms
Annual Loan Amount
- $500 up to cost of attendance minus other aid
Interest Rate Options
- Monthly variable: Prime rate + 1.25%
- Annual variable: Prime rate + 2.5%
Disbursement Fee
- 0% with a co-borrower
- 5% without a co-borrower
Repayment Fee
- 2% if student defers principal and interest while in school
- 0% if student makes payments of principal and interest while in school
Annual Percentage Rate*
- 9% to 11.25%
Cumulative Education Debt Limit
- Up to the cost of attendance
- $150,000 without a co-borrower
- $220,000 for health professions
Repayment Options
- Defer principal and interest while in school at least half time
- Pay only interest while in school at least half time
- Pay principal and interest immediately
- Take up to 30 years to repay based on loan balance
*The annual percentage rate (APR) varies based on the interest rate, fees, and number of years in repayment. If the Prime rate changes, the interest rate and APR will change. The APR example of 9% assumes a constant interest rate of 9.50%**, $10,000 loan balance, 0% disbursement fee, an earned rate reduction for auto-debit, and immediate payments of principal and interest for 240 months. The 11.25% APR assumes a constant interest rate of 10.75%**, $10,000 loan balance, 5% disbursement and 2% repayment fee, deferral of principal and interest payments for 27 months, a 240-month repayment period, and no earned rate reduction with auto-debit .
**Prime rate as of April 2007 is 8.25%.
LawEXCEL and B&B EXCEL Loans
Benefits of Borrowing from Nellie Mae
- Fast, convenient online application
- Instant credit decision
- Funds from the LawEXCEL Loan can be used to cover prior-year balances
- Combined monthly statement for Stafford and private loans from Nellie Mae
- Co-borrower release after making 24 on-time monthly payments of principal and interest (the borrower must meet applicable credit requirements at that time)
- LawEXCEL Loan borrowers can reduce the interest rate by 0.50 percentage point by authorizing payments from a checking or savings account
Borrower Eligibility
- Graduate student must be enrolled at least half time at an ABA-approved law school
- B&B EXCEL Loan applicant must be enrolled at least half time in final year of program
- Student and co-borrower must be the age of majority
- Student must have good credit or apply with a creditworthy co-borrower
- Either student or co-borrower must be a U.S. citizen or eligible permanent resident; both must have a valid U.S. Social Security number
- Student should apply for a Federal Stafford Loan first
Loan Rates and Terms
Annual Loan Amount
- $500 up to cost of attendance minus other aid
- Final year: additional $15,000 (B&B EXCEL)
Interest Rate Options
- Monthly variable (LawEXCEL): Prime rate + 1.25%
- Monthly variable (B&B EXCEL): Prime rate + 2.5%
- Annual variable (LawEXCEL and B&B EXCEL): Prime Rate + 2.5%
Disbursement Fee
- 0% with a co-borrower (LawEXCEL)
- 2% with a co-borrower (B&B EXCEL)
- 5% without a co-borrower
Repayment Fee
- 2% if student defers principal and interest while in school
- 0% if student makes payments of principal and interest while in school
Annual Percentage Rate*
- 9% to 11.25% (LawEXCEL)
- 10.56% to 11.46% (B&B EXCEL)
Cumulative Education Debt Limit
- Up to the cost of attendance
- $150,000 without a co-borrower
Repayment Options
- Defer principal and interest while in school at least half time
- Pay only interest while in school at least half time
- Pay principal and interest immediately
- Take up to 30 years to repay based on loan balance
*The annual percentage rate (APR) varies based on the interest rate, fees, and number of years in repayment. If the Prime Rate changes, the interest rate and APR will change. The LawEXCEL Loan APR example of 9% assumes a constant interest rate of 9.5%**, $10,000 loan balance, 0% disbursement fee, an earned rate reduction for auto-debit, and immediate payments of principal and interest for 240 months. The B&B EXCEL APR of 10.56% assumes a constant interest rate of 10.75%**, $10,000 loan balance, 2% disbursement and 0% repayment fee, immediate payments of principal and interest for 240 months, and no earned rate reduction with auto-debit. The LawEXCEL APR of 11.25% assumes a constant interest rate of 10.75%**, $10,000 loan balance, 5% disbursement and 2% repayment fee, deferral of principal and interest payments for 27 months, 240-month repayment period, and no earned interest rate reduction with auto-debit. The B&B EXCEL APR of 11.46% assumes a constant interest rate of 10.75%**, $10,000 loan balance, 5% disbursement and 2% repayment fee, deferral of principal and interest payments for 18 months, a 240-month repayment period, and no earned rate reduction with auto-debit.
**Prime rate as of April 2007 is 8.25%.
EXCEL Loan
Benefits of Borrowing from Nellie Mae
- Borrower can reduce the interest rate by 0.50 percentage point by authorizing payments from a checking or savings account
- Fast, convenient online application
- Instant credit decision
- Funds can be used to cover prior-year balances
- Combined monthly statement for federal and private loans from Nellie Mae
Borrower Eligibility
- Any creditworthy individual, including the student, with a minimum annual income of $20,000 may borrow on the student's behalf
- Monthly debt obligations should not exceed 50% of monthly income
- Borrower and co-borrower must be the age of majority
- Student must be enrolled at least half time
- Student, borrower, and co-borrower must have a valid U.S. Social Security number
- Either the borrower or co-borrower must be a U.S. citizen or eligible permanent resident
- Student should apply for a Federal Stafford Loan first
Loan Rates and Terms
Annual Loan Amount
- $500 up to cost of attendance minus other aid
Interest Rate Options
- Monthly variable: Prime rate + 1.0%
- Annual variable: Prime rate + 2.5%
Disbursement Fee
- 5%
Annual Percentage Rate*
- 9.48% to 11.40%
Cumulative Education Debt Limit
- Cost of attendance
Repayment Options
- Pay only interest while student is enrolled at least half time
- Pay principal and interest immediately
- Take up to 30 years to repay based on loan balance
*The annual percentage rate (APR) varies based on the interest rate, fees, and number of years in repayment. If the Prime rate changes, the interest rate and APR will change. The APR example of 9.48% assumes a constant interest rate of 9.25%**, $10,000 loan balance, 5% disbursement fee, immediate payments of principal and interest for 240 months, and an earned rate reduction with auto-debit. The 11.40% APR assumes a constant interest rate of 10.75%**, $10,000 loan balance, 5% disbursement fee, interest-only payments for a 48-month in-school period, a 240-month repayment period, and no earned rate reduction.
** Prime rate as of April 2007 is 8.25%.
LawEXCEL and B&B EXCEL Loans
Benefits of Borrowing from Nellie Mae
- Fast, convenient online application
- Instant credit decision
- Funds from the LawEXCEL Loan can be used to cover prior-year balances
- Combined monthly statement for Stafford and private loans from Nellie Mae
- Co-borrower release after making 24 on-time monthly payments of principal and interest (the borrower must meet applicable credit requirements at that time)
- LawEXCEL Loan borrowers can reduce the interest rate by 0.50 percentage point by authorizing payments from a checking or savings account
Borrower Eligibility
- Graduate student must be enrolled at least half time at an ABA-approved law school
- B&B EXCEL Loan applicant must be enrolled at least half time in final year of program
- Student and co-borrower must be the age of majority
- Student must have good credit or apply with a creditworthy co-borrower
- Either student or co-borrower must be a U.S. citizen or eligible permanent resident; both must have a valid U.S. Social Security number
- Student should apply for a Federal Stafford Loan first
Loan Rates and Terms
Annual Loan Amount
- $500 up to cost of attendance minus other aid
- Final year: additional $15,000 (B&B EXCEL)
Interest Rate Options
- Monthly variable (LawEXCEL): Prime rate + 1.25%
- Monthly variable (B&B EXCEL): Prime rate + 2.5%
- Annual variable (LawEXCEL and B&B EXCEL): Prime Rate + 2.5%
Disbursement Fee
- 0% with a co-borrower (LawEXCEL)
- 2% with a co-borrower (B&B EXCEL)
- 5% without a co-borrower
Repayment Fee
- 2% if student defers principal and interest while in school
- 0% if student makes payments of principal and interest while in school
Annual Percentage Rate*
- 9% to 11.25% (LawEXCEL)
- 10.56% to 11.46% (B&B EXCEL)
Cumulative Education Debt Limit
- Up to the cost of attendance
- $150,000 without a co-borrower
Repayment Options
- Defer principal and interest while in school at least half time
- Pay only interest while in school at least half time
- Pay principal and interest immediately
- Take up to 30 years to repay based on loan balance
*The annual percentage rate (APR) varies based on the interest rate, fees, and number of years in repayment. If the Prime Rate changes, the interest rate and APR will change. The LawEXCEL Loan APR example of 9% assumes a constant interest rate of 9.5%**, $10,000 loan balance, 0% disbursement fee, an earned rate reduction for auto-debit, and immediate payments of principal and interest for 240 months. The B&B EXCEL APR of 10.56% assumes a constant interest rate of 10.75%**, $10,000 loan balance, 2% disbursement and 0% repayment fee, immediate payments of principal and interest for 240 months, and no earned rate reduction with auto-debit. The LawEXCEL APR of 11.25% assumes a constant interest rate of 10.75%**, $10,000 loan balance, 5% disbursement and 2% repayment fee, deferral of principal and interest payments for 27 months, 240-month repayment period, and no earned interest rate reduction with auto-debit. The B&B EXCEL APR of 11.46% assumes a constant interest rate of 10.75%**, $10,000 loan balance, 5% disbursement and 2% repayment fee, deferral of principal and interest payments for 18 months, a 240-month repayment period, and no earned rate reduction with auto-debit.
**Prime rate as of April 2007 is 8.25%.
Close StudentEXCEL Loan Details
Student EXCEL Loan
Benefits of Borrowing from Nellie Mae
- Borrower can reduce the interest rate by 0.50 percentage point by authorizing payments from a checking or savings account
- Fast, convenient online application
- Instant credit decision
- Funds can be used to cover prior-year balances
- Combined monthly statement for federal and private loans from Nellie Mae
- Co-borrower release after making 24 on-time monthly payments of principal and interest (the borrower must meet applicable credit requirements at that time)
Borrower Eligibility
- Undergraduate student must be enrolled at least half time in a degree-granting program
- Student and co-borrower must be the age of majority
- Student must have good credit or apply with a creditworthy co-borrower
- Either student or co-borrower must be a U.S. citizen or eligible permanent resident; both must have a valid U.S. Social Security number
- Student should apply for a Federal Stafford Loan first
Loan Rates and Terms
Annual Loan Amount
- $500 up to cost of attendance minus other aid
Interest Rate Options
- Monthly variable: Prime rate + 1.25%
- Annual variable: Prime rate + 2.5%
Disbursement Fee
- 0% with a co-borrower
- 5% without a co-borrower
Repayment Fee
- 2% if student defers principal and interest while in school
- 0% if student makes payments of principal and interest while in school
Annual Percentage Rate*
- 9% to 11.25%
Cumulative Education Debt Limit
- Up to cost of attendance
- $100,000 without a co-borrower
Repayment Options
- Defer principal and interest while in school at least half time
- Pay only interest while in school at least half time
- Pay principal and interest immediately
- Take up to 30 years to repay based on loan balance
*The annual percentage rate (APR) varies based on the interest rate, fees, and number of years in repayment. If the Prime Rate changes, the interest rate and APR will change. The APR example of 9% assumes a constant interest rate of 9.50%**, $10,000 loan balance, 0% disbursement fee, immediate payments of principal and interest for 240 months, and an earned rate reduction with auto-debit. The 11.25% APR assumes a constant interest rate of 10.75%**, $10,000 loan balance, 5% disbursement and 2% repayment fee, deferral of principal and interest payments for 27 months, a 240-month repayment period, and no earned rate reduction with auto-debit.
**Prime Rate as of April 2007 is 8.25%.
Close Federal Consolidation Loan Details
Federal Consolidation Loan
Benefits of Consolidating through Nellie Mae
Federal Consolidation Loans simplify repayment by eliminating multiple monthly payments to multiple lenders
- Federal Consolidation Loan borrowers who choose Nellie Mae and have a minimum balance of $7,500 or more will receive a .25 percentage point interest rate reduction when they sign up for auto-debit payment from a checking or savings account
- Eligible borrowers with an initial consolidated loan balance of $10,000 or more can also earn a 1 percentage point interest rate reduction after making their first 36 payments on time
- Borrower benefits are effective for loans serviced by Sallie Mae and first disbursed July 1, 2007 through January 31, 2008. Check back soon for updated information for the remaining 2007/2008 academic year.
Borrower Eligibility
- Available to borrowers who have completed their education, whose loans are in their grace or repayment periods
- The outstanding federal loan types that are eligible for consolidation include: Federal Stafford Loans (subsidized or unsubsidized) under either the Federal Family Education Loan Program (FFELP) or the William D. Ford Federal Direct Loan Program (FDLP); Federal Supplemental Loans (SLS); Federal Perkins Loans (previously called NDSL); Federally Insured Student Loans (FISL); Health Professions Student Loans (HPSL), including Loans for Disadvantaged Students (LDS); Health Education Assistance Loans (HEAL); Federal PLUS Loans under either the FFELP or the FDLP; Nursing Student Loans (NSL); and Federal Consolidation Loans, under the FFELP or the FDLP
Loan Rates and Terms
Loan Amount
- Borrower must have a minimum of $5,000 in outstanding federal loans to consolidate or combine into one new loan
Interest Rate
- Based on the weighted average of all loans being consolidated rounded up to the next 1/8 of a percent
- Rate will not exceed 8.25%
Fee
- No fee
Repayment Plans
- Standard Repayment: requires a fixed monthly amount for up to 30 years. The actual length of repayment depends on the total amount borrowed.
- Graduated Repayment: begins with lower monthly payments for either 2 or 4 years and gradually increases the payment amount over the 10-year repayment term. Payments must at least equal the interest accrued on the loan.
- Income-Sensitive Repayment: allows you to increase or decrease your monthly payment amount based on your gross annual income and the loan amount. Payments must at least equal the interest accrued on the loan; you must submit income verification to your lender to qualify.
- Extended Repayment: allows borrowers with federal student loans totaling $30,000 or more disbursed after 10/7/98 make fixed or graduated monthly payments for up to 25 years. Note: Borrowers with loan amounts of $40,000 or more will automatically receive a 25- or 30-year repayment term under the standard payment plan.
If you don't select a repayment plan, you will automatically receive a standard repayment schedule. You may change repayment plans annually and prepay your student loans without penalty.
Postponing Repayment*
If you meet certain conditions, you may be eligible to postpone repayment under a deferment. These conditions include:
- Returning to school at least half time;
- Participating in an approved graduate fellowship or rehabilitation training for the disabled;
- Seeking but unable to find full-time employment (maximum three years); or
- Experiencing other types of economic hardship (maximum three years).
In other cases, if you don't meet deferment conditions but you're still having difficulty repaying your loan(s), you may request forbearance from your lender. A forbearance is generally granted in 12-month increments; it allows you to reduce your monthly payment amount or postpone payments altogether. You must request a deferment or forbearance from your lender; and you should continue making payments until you receive notice that your request has been processed. Interest accrues on all loans during forbearance.
* Postponing payments may affect eligibility for repayment benefits.
Close Private Consolidation Loan Details
Private Consolidation Loan
Benefits of Borrowing a Private Consolidation Loan
- Simplifies repayment by combining existing private educational loans into one NEW loan!
- Easy online pre-approval and application at www.salliemae.com/privateconsolidation
- Dedicated, specially-trained call center staff located at (866) 380-5005
- Generous loan limits up to $275,000 without a cosigner and no limit with a cosigner
- No cosigner requirement
- Repayment terms up to 30 years depending on the amount borrowed
- 12-month interest-only repayment option to keep payments affordable at the start.
Borrower Eligibility
- Creditworthy individual with outstanding private educational loans* whom he/she is the primary borrower on
- Borrower or student (for whom the current loans being consolidated were made) must have completed his/her post-secondary course of study (or will do so within the next 30 days)
- Borrower and cosigner (if applicable)must be a US citizen or eligible permanent resident with a valid US Social Security number
- Borrower and cosigner (if applicable) have reached the age of majority in their state of residence
*Nellie Mae can consolidate your Title IV Loans (from either the Federal Family Education Loan Program and/or Direct Loan Program) separately into a new Federal Consolidation Loan and service both your Federal Consolidation Loan and Private Consolidation Loan as subaccounts under one account. This would provide the convenience of a single monthly bill but preserve your federal benefits and, in most cases, reduce your costs.
Eligible Loans
- Any private educational loan used for educational expenses
- Nellie Mae's R&R EXCEL and B&B EXCEL Loans are not eligible for consolidation
Loan Rates and Terms
Loan Amount
- $5000 up to $275,000 with a cosigner; no limit with a co-signer
Interest Rate Options
| Borrower Credit | Interest Rate | Disbursement Fee |
|---|---|---|
| Excellent | Prime + 0% | 2% |
| Good | Prime + 1% | 4% |
| Fair | Prime + 5% | 5% |
| Borrower Credit | Interest Rate | Disbursement Fee |
|---|---|---|
| Excellent | Prime + 0.5% | 2% |
| Good | Prime + 2% | 4% |
| Fair | Prime + 6% | 5% |
Annual Percentage Rate**
- 8.02% to 14.63%
Repayment Options
- Pay principal and interest immediately
- Pay interest for 12 months, then principal and interest for the remainder of the repayment period
- Up to 30 years to repay based on loan balance
**The annual percentage rate (APR) varies based on the interest rate, fees, and number of years in repayment. If the Prime Rate changes, the interest rate and APR will change. The APR example of 8.02% assumes a constant interest rate of 7.75%***, $25,000 loan balance, 2% disbursement fee, and immediate payments of principal and interest for 20 years. The 14.63% APR assumes a constant interest rate of 13.75%***, $25,000 loan balance, 5% disbursement fee, interest payments for 12 months followed by principal and interest payments for the remainder of the 20-year repayment period.
***Prime Rate as of April 2006 is 7.75%.
