NEWARK, DE — Sallie Mae has introduced a new private parent loan, expanding its education financing portfolio as families weigh alternatives to federal borrowing programs amid changes in the student loan landscape.
The Sallie Mae Parent Loan allows credit-qualified parents, guardians and other individuals to borrow for undergraduate and graduate education, with financing available for up to the school’s certified cost of attendance.
The lender is positioning the product as an alternative to the federal Parent PLUS program, highlighting the absence of origination fees and the availability of fixed and variable interest rates. Federal Parent PLUS loans assess an upfront origination fee in addition to interest…