Sallie Mae Online Loan Tools

Financial College Cost Forecaster
You can plan for college expenses using the 1998-1999 College Board average costs as a guideline also figures out anticipated transportation and personal expenses. 

Savings College Cost Calculator 
Here are two calculators to help you determine how much you might want to save, depending on how many years you have until you'll need to pay college costs and how much savings you expect to need. (Check with your financial institution if you're not sure what interest rate to use.) 

Expected Family Contribution (EFC) Calculator
Determine student's or parents' assets according to the federal formula and have the results carry over into the EFC calculator. 

Estimating borrowing needs
Estimate your annual cost of attending college and your Expected Family Contribution, you can also estimate how much you may need to borrow. 

Monthly budget calculator/worksheet
Managing your repayment obligations is critical to establishing and maintaining a sound credit history. That's why it's important to set up a budget and adhere to it. 

Repayment Calculator
Use this to budget your repayment loans and find out your interest.

Federal Family Education Loan Program (FFEL)
The Higher Education Amendments of 1992 renamed the Guaranteed Student Loan Program the Federal Family Education Loan Program. Individual program names have been changed to the Federal Stafford Loan (formerly Guaranteed Student Loan), Federal Supplemental Loan for Students (SLS), and Federal Plus Loans. These programs make long-term loans available to students attending institutions of higher education. The intent of the FFEL Program is to help students and parents pay for college costs.

Federal Stafford Loans - Subsidized and Unsubsidized
These low interest loans are made by a lender such as a bank, credit union, or savings and loan association. The loans are insured by a guarantee agency and reinsured by the federal government. Students must repay loans. If you have a "subsidized Stafford Loan," the
government pays the interest while you are in school or in deferment and therefore subsidizes or supports the loan. If you have an "unsubsidized Stafford Loan," you are responsible for the
interest during in-school and deferment periods. After you graduate, leave school, or drop below half-time, you have six months before you begin repayment. This is referred to as the GRACE PERIOD.

Federal PLUS Loans
Federal Plus Loans are for parents who borrow to help pay for their son/daughter's educational expenses. A parent may not borrow more than the cost of education minus any other financial aid received by the student. Federal Plus Loan borrowers must make their first payments within 60 days of the final loan disbursement. There is no GRACE PERIOD for these loans.