Yes, Sallie Mae offers a private "Parent Loan" designed specifically for parents, family members, or other creditworthy individuals to borrow on behalf of a student. This loan covers up to 100% of the school-certified cost of attendance, featuring fixed or variable rates, no origination fees, and multiple repayment options.
The interest rate for parent PLUS loans disbursed (sent out) between July 1, 2025, and June 30, 2026, is 8.94%—this rate is fixed for the life of the loan. There's also a 4.228% fee for loans disbursed on or after October 1, 2020.
Sallie Mae offers a variety of private loan options, including undergraduate student loans, graduate student loans and career training loans. Sallie Mae student loans can cover up to 100 percent of your education costs, while federal loans come with borrowing caps that might not cover all your expenses.
Credit requirements: Sallie Mae doesn't disclose a minimum credit score for approval but reports an average approval, but private lenders generally look for a minimum FICO credit score of 670.
But they usually look at credit history, credit score, income, debt-to-income ratio, and enrollment status. One of the most common reasons is not meeting the lender's FICO®Credit Score requirements. Your FICO® Credit Score is a three-digit number that helps lenders decide if you're likely to repay a loan.
The "7-year rule" for student loans generally refers to when negative marks, like defaults, are removed from your credit report (around 7 years after the first missed payment or default date for federal loans, 7.5 years for private loans), but the debt itself doesn't disappear and must be paid off; it's also a benchmark in bankruptcy proceedings where federal loans can become dischargeable after 7 years from when payments were due, though proving "undue hardship" is required and difficult.
The #1 most common FAFSA mistake is leaving fields blank, followed closely by name/Social Security Number mismatches, but other major errors include incorrect marital/parental info, not reading questions carefully (especially "you" vs. "parent"), and filing late or not at all. You must complete all questions, entering '0' or 'N/A' if applicable, use exact legal names, and ensure accurate SSNs to avoid delays or rejections, with many sources highlighting the importance of filing on time for maximum aid.
Provide proof of income. Be current on all loans serviced by Sallie Mae at the time of application review and have not been 30 or more days past due within the last 12 months.
However, Parent PLUS Loans will be capped at $20,000 per student per year and a $65,000 lifetime limit beginning July 1, 2026. Parents who borrowed before that date can continue borrowing under the current limits for up to three additional years or until their student completes their program. Good news.
A $20,000 loan over 5 years (60 months) costs roughly $2,600 to over $7,000 in interest, with monthly payments varying significantly by Annual Percentage Rate (APR), such as around $377 at 5% APR or $445 at 12% APR, meaning total repayment could range from approximately $22,600 to over $26,700.
Parent PLUS Loans offer fixed interest rates and federal protections, while Sallie Mae may offer lower rates (depending on credit) but lacks income-driven repayment and forgiveness options.
The 2-2-2 credit rule is a guideline for building strong credit, suggesting you should have two active credit accounts (like cards or loans) for at least two years, with consistent on-time payments for those two years, often with a minimum credit limit of $2,000 per account, to demonstrate financial responsibility to lenders, especially for mortgages. It's a benchmark to show you can handle credit well over time, reducing lender risk and improving approval odds for major loans.
Sallie Mae provides flexible repayment options, no origination fees, and borrower perks, though its rates can be higher without a co-signer, and it offers fewer protections compared to federal loans.
The easiest student loan to get is a federal Direct Subsidized or Unsubsidized Loan, especially for undergraduates, because they don't require a credit check and are based on financial need, accessed by filling out the FAFSA, with funds awarded on a first-come, first-served basis. These are superior to private loans which rely on credit history and often need a cosigner for approval or better rates, making federal loans the most accessible pathway to funding college.
Plan 2 refers to a student loan taken out from September 2012 onwards, in England or Wales. Older loans (from England or Wales) and loans taken out in Northern Ireland, are called plan 1 loans.
When you (and your cosigner, if you have one) pass the credit review, you'll be notified that you're approved. It can take as few as 15 minutes to find out whether you've met their credit requirements. If the lender needs more information, the approval can take a few business days.