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Private Student Loans

The smart way to pay for college

Attending college is an investment in the future, but there are plenty of expenses involved, and not everything is covered by scholarships or federal loans. Sallie Mae® higher education loans are designed for the needs of undergraduates and graduate students.

  • Competitive interest rates
  • Multiple repayment options
  • No origination fees; no prepayment penalty1


Student loans from Salem Five in partnership with Sallie Mae® could help, find out which loan is right for you:

Apply

Helpful Calculators


  • Wondering if you're saving enough for college?     Our Planned vs. Required College Savings Calculator helps you compare what you’ve saved, or plan to save, against what you’ll likely need. Just enter your current savings, monthly contributions, and estimated college costs, and the calculator will show you if you're on track or need to adjust your plan.

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    Learn more about Salem Five's Open Savings Account



  • Saving for something big?     Whether it’s a wedding, vacation, a new car, or a down payment on a home, our Savings Goal Calculator helps you figure out how much to set aside each month. Just enter your goal amount, timeline, and savings information, and the calculator will show you what it takes to reach your target.

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    Get Started with a Salem Five Savings Account



  • Planning for a rainy day?     Whether you're building an emergency fund or just want a financial cushion for life's unexpected moments, our Rainy Day Savings Goal Calculator can help. Simply enter how much you'd like to save, your timeline, and current savings details. The calculator will show you how much to set aside each month to reach your goal with confidence.

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    Get Started with a Salem Five Savings Account


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Inflation has made its impact in the past couple of months. If you've noticed an increased cost of goods and services, that's due to inflation. While inflation is natural ...

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The True Cost of a College Education

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Borrow responsibly
We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Students and families should evaluate all anticipated monthly loan payments, and how much the student expects to earn in the future, before considering a private student loan.

These loans are made by Sallie Mae Bank or a lender partner. Salem Five is not the creditor for these loans and is  compensated by Sallie Mae for the referral of loan customers. Click here for additional eligibility information about each product.

Applications are subject to a requested minimum loan amount of $1,000. Current credit and other eligibility criteria apply.

Loans for Undergraduate & Career Training Students are not intended for graduate students and are subject to credit approval, identity verification, signed loan documents, and school certification. Student must attend a participating school. Student or cosigner must meet the age of majority in their state of residence. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend school in the U.S., apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident), and provide an unexpired government-issued photo ID. Requested loan amount must be at least $1,000.

Graduate School Loan and Graduate School Loan for Health Professions are for graduate students at participating degree-granting schools and are subject to credit approval, identity verification, signed loan documents, and school certification. Student or cosigner must meet the age of majority in their state of residence. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend school in the U.S., apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident), and provide an unexpired government-issued photo ID. Requested loan amount must be at least $1,000.

1 Although we do not charge a penalty or fee if you prepay your loan, any prepayment will be applied as outlined in your promissory note—first to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal.

SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE.


© 2024 Sallie Mae Bank. All rights reserved. Sallie Mae, the Sallie Mae logo, and other Sallie Mae names and logos
are service marks or registered service marks of Sallie Mae Bank. All other names and logos used are the
trademarks or service marks of their respective owners. SLM Corporation and its subsidiaries, including Sallie Mae
Bank, are not sponsored by or agencies of the United States of America.