NEWARK, DE — Sallie Mae (Nasdaq: SLM) has expanded eligibility and financing options for graduate and law school borrowers as uncertainty around federal student loan programs drives demand for private education financing alternatives.
The company announced enhancements to its Graduate Loan and Law School Loan programs aimed at increasing access to funding for students pursuing master’s, doctoral and professional degrees.
The loans can cover up to 100% of school-certified attendance costs, including tuition, fees and living expenses, while offering no origination fees and multiple repayment structures.
The move follows recent updates to Sallie Mae’s medical and dental school lending products.
Patrick Freeman, senior vice president at Sallie Mae, pointed to changes in federal student loan programs as a factor increasing the need for private financing options among graduate students.
“We’ve long been a trusted name in responsible student financing, and we’re well prepared to support more students with options to help them confidently access and complete their graduate education programs,” Freeman said.
The graduate loan product includes a six-month grace period after graduation and permits up to 48 months of deferment for qualifying internships, residencies or fellowships.
The law school loan includes a nine-month grace period and allows deferment for qualifying clerkships and internships. Eligible borrowers may also apply for Sallie Mae’s Bar Study Loan to cover exam preparation costs.
Borrowers can prequalify for loans without affecting credit scores and may qualify for cosigner release after meeting payment and graduation requirements.
Sallie Mae also highlighted related student support and scholarship programs, including graduate scholarship awards and scholarship search tools offered through its Sallie platform.
Private student lenders have increasingly expanded graduate and professional school financing offerings as higher education costs continue rising and policymakers debate changes to federal lending and repayment programs.
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