LAWLOANS Private Loan

(for loans disbursed June 1, 2006–May 31, 2007)

LAWLOANS Private Loan benefits

• Over 80% approval rate.
• Affordable interest rates and fees.
• 0% disbursement fees on the Private Loan.*
• Online credit pre-approval.
• International students eligible with a U.S. citizen or non-citizen permanent resident cosigner.
• Cosigner release after the first 24 payments of principal and interest are made on time (not applicable for foreign borrowers).
• Extended repayment: up to 25 years depending on loan balance.

Eligible students

• Are currently enrolled at least half-time at an ABA-accredited law school.
• Are U.S. citizens or non-citizen permanent residents, or international students borrowing with a creditworthy U.S. citizen or non-citizen permanent resident cosigner. (Depending on the school and the student's credit history, you may be required to apply with a cosigner.)

Loan terms

Loan limits

• Annual minimum: $500
• Annual maximum: Cost of education minus other aid received
• Lifetime: None with a cosigner; $150,000 without a cosigner (includes all student loan debt).

Your school must certify the loan amount requested.

Rates and fees

LAWLOANS Private Loan interest rates and fees are tiered, based on your credit, and vary depending on the school you attend. If you and your cosigner are credit approved, your rates and fees will be based on the best credit rating of the two applicants.

Repayment terms

Repayment on the LAWLOANS Stafford Loan for full-time and half-time student borrowers begins six months after graduation and nine months after graduation on the LAWLOANS Private Loan.

If the borrower drops below half-time status, repayment begins six months after the date the borrower drops below half-time status for the LAWLOANS Stafford Loan and nine months for the LAWLOANS Private Loan.

Choosing a repayment plan

When you start making payments on a new student loan, you're automatically signed up for standard repayment. But you can choose other payment options.

See which repayment option best meets your needs.

• Standard repayment: Principal and interest payments are due each month throughout the loan repayment term.
• Graduated repayment: Payments are lower at the beginning of repayment and step up at specified periods and in specified amounts over the term of the loan.
• Income-sensitive repayment: Monthly payments are based on a percentage of the borrower's monthly income for Stafford, PLUS, and SMART LOAN^® (federal consolidation) borrowers.
• Extended repayment: Eligible borrowers receive payment relief through a lengthened repayment term of up to 25 years.
• Serialization: Sallie Mae purchases a borrower's loans held by other Federal Family Education Loan Program (FFELP) lenders or institutions and services them in one account with the borrower's other Sallie Mae-owned loans. Borrowers make one monthly payment and retain the original terms and interest rates on their loans.