Tuition Answer Loan

The Tuition Answer^® Loan is a practical, private student loan that allows creditworthy parents, working adults, undergradute and graduate students, or those with a creditworthy cosigner to borrow from $1,500 up to the calculated cost of attendance or maximum $40,000 per year to cover any qualified higher education expense.

The Tuition Answer Loan is a great way to bridge your education financing gap after federal student loans and traditional financial aid have been considered.

WHAT DO YOU GET WITH A TUITION ANSWER LOAN?

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  The money you need, when you need it.
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  Up to the calculated cost of attendance or $40,000 maximum, whichever is less*, a year for any qualified college-related expenses — tuition, room and board, books, computers, study abroad, and more.
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  Interest may be tax-deductible for qualified taxpayers.
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  No application deadlines.
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  No collateral needed.
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  No pre-payment penalty.
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  Your choice of flexible repayment options - including deferred payments while the student is in school.
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  Loan check is mailed directly to you, not the school.
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  Combined billing with all your other Student Loan Funding^SM and Sallie Mae^® loans.
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  A 0.50 percentage point interest rate reduction after first 24 on-time payments are made.**

WHO IS ELIGIBLE TO BORROW A TUITION ANSWER LOAN?

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  Working students, parents or other creditworthy individuals with good credit and a source of income. A cosigner is required if the applicant does not meet the credit requirements.
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  Applicants and any cosigner who is a U.S. Citizen or eligible permanent resident.
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  Applicants who can provide proof that the student is enrolled (full or half time) at an eligible higher education institution, graduate, trade or technical school.

*If you choose to borrow only through Tuition Answer to pay for your education expenses. If you will be using Tuition Answer in addition to other student loan programs, the total of all your loan proceeds may not exceed the calculated cost of attendance at your school Maximum loan amount and loan availability varies by school. Tuition Answer Loan proceeds are solely to pay for a student's qualified higher education expenses, as described in Section 221 (d)(2) of the Internal Revenue Code of 1986, 26 U.S.C. Section 221 (d)(2), at an eligible educational institution. The expenses considered "qualified higher education expenses" may vary from school to school and may affect a student's ability to qualify for a school's financial aid program. Students seeking federal financial assistance should seek that assistance first, and then use the Tuition Answer Loan, and any other private loan proceeds, for any remaining financial need gap and, if necessary, to finance their expected family contribution (EFC).

**Terms and conditions apply. To qualify for the 0.50 percentage point interest rate reduction, the borrower must sign up on Manage Your Loans within 60 days of the first payment due date, to receive account information by email and make the first 24 payments by the due dates as initially scheduled. The 0.50 percentage point interest rate reduction continues during active repayment for as long as the borrower continues to pay as scheduled. Borrowers may take advantage of one of the following opportunities: (1) A borrower who has earned the benefit and makes a late payment can re-earn this interest rate reduction once by making 24 consecutive payments by the due dates as initially scheduled. (2) A borrower who fails to earn the interest rate reduction because of a late payment can re-qualify to earn the benefit once by making 24 consecutive payments and then earn the benefit by satisfying the original, remaining on-time payment requirements. Additional terms and conditions apply. Borrower benefits are effective for loans owned and serviced by Sallie Mae and first disbursed July 1, 2007–June 30, 2008.

Sallie Mae reserves the right to modify or discontinue loan programs at any time without notice.

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