Repaying your student loans
Sallie Mae is committed to giving you the information and tools you need to understand and evaluate your student loan payment options. We can help you find an option that fits your budget, simplifies payment, and minimizes your total interest cost.
Before you choose a repayment plan
- Understand the repayment options available to you. Sallie Mae offers standard, graduated, income-sensitive, income-based and extended repayment plans on federal student loans.
- Realize that combined billing is available for Sallie Mae-serviced loans.*
- Compare your repayment options. Estimate your monthly student loan payments for eligible Sallie Mae loans with our Loan Repayment Calculator. Or, if your loans are in repayment, you can view repayment plans that may be available for your loans at Manage Your Loans
- Know that you can prepay your loans in part or in full at any time without penalty. This will lower the overall cost of your loan.
- Realize the importance of paying back your student loans.
- Understand that choosing a plan with lower payments may result in higher costs over the life of the loan.
Lower monthly payments
Payment amount reduction may be available for those who qualify. Federal student loan repayment plans offering lower monthly payment amounts than the standard repayment plan are:
- Extended repayment
- Graduated repayment
- Income-sensitive repayment
- Income-driven repayment (e.g., income-based, Pay As You Earn, income-contingent)
Lowest overall loan cost
Make level monthly payments of principal and interest to help control interest costs.
Postpone your payments
Private student loans
Eligibility for Sallie Mae private student loan repayment plans may vary by loan type, loan balance, and disbursement date.
The Sallie Mae Smart Option Student LoanSM first disbursed June 1, 2009 and later requires monthly interest-only payments during the in-school and separation periods. Check the terms of your loan’s specific Promissory Note and log in to Manage Your Loans to see if your loan status shows repayment. If so, and you are enrolled in school, then you are not eligible for other repayment options at this time.
Private student loans first disbursed before June 1, 2009, may be eligible for graduated repayment to lower the initial monthly loan payments.
*Combined billing is available for eligible student loans that are serviced by Sallie Mae. Some restrictions may apply.