Loans for Students
Your Future Education Loan®
The Your Future Education Loan® offers a flexible way to bridge the gap between federal loans and the cost of your education expenses. Get a credit result in about 15 minutes, e-sign, choose your repayment option, and accept your loan terms.Apply Now
Looking to give the gift of education?
Their Future Education LoanTM is for parents, grandparents, or any other creditworthy individuals who want to help their student pay for college.Learn More
Competitive Interest Rates
- Variable interest rates available for undergraduate students from 3.25% APR to 10.22% APR1
- Fixed interest rates available for undergraduate students from 5.74% APR to 11.85% APR1
- Lower rates available for graduate students, including variable interest rates from 3.25% APR to 8.21% APR1, and fixed interest rates from 5.74% APR to 8.56% APR1
Pay Back Now Or Later:
- Deferred Repayment Option - Make no payments during school—or pay as much as you'd like—for maximum flexibility1
- Fixed Repayment Option - Pay just $25 a month2 while in school and receive a rate that is 0.5 percentage point lower than the deferred repayment option1
- Interest Repayment Option - Make monthly interest payments while in school and receive a rate that is 1 percentage point lower than the deferred repayment option1
Enjoy these Features:
- No origination fee. Borrow from $1,000 up to 100% of the school-certified cost of attendance.3
- Get a 0.25 percentage point interest rate reduction when you enroll in and make monthly payments by auto debit.4
- You may apply to release your cosigner from the loan after you graduate, make 12 on-time principal and interest payments and meet certain credit requirements.5
A cosigner may help your chances for approval
Cosigning a loan with a parent or any other creditworthy person can make the investment in college more manageable, allowing you to focus on what’s important while you’re in school - successfully completing your education.
*Encouraging Responsible Borrowing
We encourage students and families to supplement their savings by exploring grants, scholarships, and federal and state student loans, and to consider the anticipated monthly payments on their total student loan debt and their expected future earnings before considering a private education loan.
We recognize how important it is to find the right funds at the right time. That’s why we recommend a simple formula to make financing college as easy as 1-2-3.
- Start with money you won’t have to pay back. Supplement your college savings and income by maximizing scholarships, grants, and work-study.
- Explore federal student loans. Apply by completing the Free Application for Federal Student Aid.
- Consider a responsible private student loan. Fill the gap between your available resources and the cost of college.3
For more information on types of federal student aid, grants, and types of student loans, visit the Federal Student Aid site
Loan Application & Solicitation Disclosures
Your Future Education Loan for Undergraduate Students Loan Application and Solicitation Disclosure[PDF]
Your Future Education Loan for Graduate Students Loan Application and Solicitation Disclosure[PDF]
Their Future Education Loan Application and Solicitation Disclosure[PDF]
Family Line of Credit
Offers available funds for unexpected expenses that occur while your student is in college.
- Easy Access to Funds that Can Be Used Year After Year
As payments are made, the amount available on your credit line increases, up to your credit limit6.
- No Account Opening, Transaction, or Cash Advance Fees
Late payment and returned payment fees do apply.
- Flexible Repayment Option for Small- and Medium-Sized Expenses
Installment payment feature on advances $1,000 or greater7.
- Each cash advance of $1,000 or greater has equal monthly payments calculated over 24 months, making it easier to budget each month7 (not available on lines of less than $1,000).
- Each cash advance of less than $1,000 is part of a revolving balance with a monthly minimum payment.
This information is for borrowers attending degree-granting institutions only. You must be attending or have attended a participating school located in the U.S. during an eligible prior enrollment period. You must be a U.S. citizen or a permanent resident or a Non-U.S. citizen borrower with a creditworthy cosigner (who must be a U.S. citizen or permanent resident) and required U.S. Citizenship and Immigration Service (USCIS) documentation. U.S. citizens and permanent residents enrolled in eligible study abroad programs or who are attending or have attended schools located outside the U.S. are also eligible. Applications are subject to a requested minimum loan amount of $1,000. Current credit and other eligibility criteria apply.
1 Interest rates for Fixed and Deferred Repayment Options are higher than interest rates for the Interest Repayment Option. You’re charged interest starting at disbursement, while in school and during your six-month separation or grace period. When you enter principal and interest repayment, Unpaid Interest will be added to your loan’s Current Principal. Variable rates may increase over the life of the loan. Advertised APRs assume a $10,000 loan to a freshman or first-year graduate, as applicable, with no other Sallie Mae loans. Graduate student pricing for this loan is limited to students enrolling in a Masters/Doctorate level degree program. Graduate Certificate/Continuing Education course work is not eligible.
2 This repayment example is based on a typical loan to a borrower who chooses a variable rate and the Fixed Repayment Option for a $10,000 loan, with two disbursements, and a 8.11% variable APR. It works out to 51 payments of $25.00, 119 payments of $151.63 and one payment of $117.89, for a Total Loan Cost of $19,436.86. Variable rates may increase over the life of the loan. This repayment example is based on a typical loan to a first-year graduate borrower who chooses a variable rate and the Fixed Repayment Option for a $10,000 loan, with two disbursements, and a 7.12% variable APR. It works out to 27 payments of $25.00, 59 payments of $216.41 and one payment of $200.56, for a Total Loan Cost of $13,643.75. Variable rates may increase over the life of the loan.
3 Commerce Bank reserves the right to approve a lower loan amount than the school-certified amount.
4 Borrower or cosigner must enroll in auto debit through Sallie Mae. The rate reduction benefit applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month, and may therefore be suspended during a forbearance or deferment period.
5 Only the borrower may apply for cosigner release. Borrowers who meet the age of majority in their state may apply for cosigner release by providing proof of graduation (or completion of certification program), income, and U.S. citizenship or permanent residency (if your status has changed since you applied). In the last 12 months, the borrower must be current on all Sallie Mae serviced loans (including no hardship forbearances or modified repayment programs) and have paid ahead or made 12 on-time principal and interest payments on each loan requested for release. When the cosigner release application is processed, the borrower must demonstrate the ability to assume full responsibility of the loan(s) individually, and pass a credit review that demonstrates a satisfactory credit history including but not limited to no: open bankruptcy, open foreclosure, student loan(s) in default or 90 day delinquencies in the last 24 months. Requirements are subject to change.
Information advertised valid as of 6/26/2017.
COMMERCE BANK RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE.
Your Future Education Loans are funded by Commerce Bank.
Your Future Education Loan is a service mark or registered service mark of Sallie Mae Bank or its subsidiaries. Other logos are trademarks or service marks of their respective owners.
Family Line of Credit Disclosures:6 $500 minimum credit limit; up to $15,000 upon review of your creditworthiness.
7 Not available on lines of less than $1,000. Any Cash Advance of $1,000 or more (an "Installment Draw") has a required minimum monthly payment ("Minimum Installment Draw Payment"). The Minimum Installment Draw Payment is calculated over 24 months at the interest rate in effect at the time of the Installment Draw.
The Minimum Installment Draw Payment remains the same for the first 23 months. The applicable periodic interest rate is a variable rate. Your final payment may vary and will be for all outstanding principal and all accrued interest not yet paid.
Cash Advances of less than $1,000 do not have a required installment repayment amount calculated over a term of 24 months. These cash advances are part of a Revolving Balance, which is repaid in accordance with monthly minimum payment requirements described in the Family Line of Credit Agreement.
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