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Their Future Education Loan

Their Future Education LoanSM

Parents, grandparents, and any other creditworthy individuals (including family members and guardians) can help the student in their life pay for college. It's a smart and simple way to give your student the future they deserve. This loan, in your name, lets you enjoy a choice of repayment options, and the interest paid may be tax deductible.1
Fast credit results (in about 15 minutes), multiple repayment options, and the convenience of E-sign.
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Fixed interest rates from 5.74% APR to 12.87% APR
Choose from Variable and Fixed Rates:
  • Variable interest rates start from 5.87% APR to 12.24% APR2
  • Fixed interest rates range from 5.74% APR to 12.87% APR2
  • Lower your interest rate by making monthly payments by automatic debit3

Choose how you want to pay back the loan
  • Interest Repayment Option - Make monthly interest payments while your student is enrolled in school for up to 48 months, followed by 10 years of monthly principal and interest payments2,4
  • Principal and Interest Repayment Option - Make monthly principal and interest payments for 10 years, including while your student is enrolled in school2,4

Savings and Flexibility for You:
  • No origination fee or prepayment penalty5
  • Borrow up to 100% of the school-certified cost of attendance6
  • Use for both undergraduate and graduate college expenses
  • Receive your FICO® Score online every quarter7

The proceeds of the loan will be disbursed directly to the school on behalf of the student. Refunds will be handled within your school’s current process, and in some cases, your school may refund loan funds directly to the student. If that occurs, the borrower and cosigner (if applicable) would still be responsible for repaying the loan to the servicer, Sallie Mae.

Their Future Education Loan compared to Parent Plus Loan
  Their Future Education Loan Federal Direct Parent PLUS Loan8
Origination Fees None 4.248% Origination Fee
Eligible Borrower(s) Any individual other than the student

Must be a U.S. Citizen or U.S. Permanent Resident
Biological, or adoptive parents, or in some cases, stepparents

Must be a U.S. Citizen or eligible noncitizen. See for more information.
Student Status No dependency requirement

Can be enrolled full-time, half-time, or less than half-time

Can be U.S. Citizen, U.S. Permanent Resident
Must be considered dependent
Must be enrolled at least half-time.

Must be a U.S. citizen or eligible noncitizen. See for more information.

Rate Types Available Fixed & Variable Fixed
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It’s a good idea for you and your student to explore a wide variety of financing resources. Here’s a simple formula to make financing college as easy as 1-2-3.

1. Start with money you won’t have to pay back. Supplement your college savings and income by maximizing scholarships, grants, and work-study.

2. Explore federal student loans. Apply by completing the Free Application for Federal Student Aid (FAFSA).

3. Only after looking into the options above should you consider a responsible private student loan to fill the gap between your available resources and the cost of college. 

For more information on types of federal student aid, grants, and types of student loans, visit the Federal Student Aid site.

Their Future Education Loan Application and Solicitation Disclosure[PDF]

Borrow responsibly:
We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Students and families should evaluate all anticipated monthly loan payments, and how much the student expects to earn in the future, before considering a private student loan.

Have questions?

Contact us by calling (855) 342-2006 or by email at


This information is for borrowers with students attending degree-granting institutions only. The student is not eligible to be a borrower or cosigner and must be attending a participating school or have attended one during an eligible prior enrollment period, or be enrolled in an eligible study abroad program. The borrower, cosigner and student must be U.S. citizens or permanent residents. The school may refund loan funds directly to the student, and if that occurs, borrower and cosigner (if applicable) would still be responsible for repaying that amount to Sallie Mae. Applications are subject to a requested minimum loan amount of $1,000. Current credit and other eligibility criteria apply.

Explore federal loans and compare to ensure you understand the terms and features. Their Future Education Loans that have variable rates can go up over the life of the loan. Federal student loans are required by law to provide a range of flexible repayment options, including, but not limited to, income-based repayment and income-contingent repayment plans, and loan forgiveness and deferment benefits, which other student loans are not required to provide. Federal loans generally have origination fees, but are available to students regardless of income.

1 This information is not meant to provide tax advice. Consult with a tax adviser for education tax credit and deduction eligibility. For more information, see IRS Publication 970. 

2 APRs for the Principal and Interest Repayment Option are higher than APRs for the Interest Repayment Option. Variable rates may increase over the life of the loan.Advertised variable rates reflect the starting range of rates and may vary outside of that range over the life of the loan. APRs assume a $10,000 loan to a person borrowing for a freshman student.

3 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. 

4 This repayment example is based on a typical loan to a borrower (on behalf of a student) who chooses a variable rate and the Interest Repayment Option for a $10,000 loan, with two disbursements, and a 9.11% variable APR. It works out to 4 payments of $38.02, 44 payments of $76.04, 119 payments of $127.83 and one payment of $94.05, for a Total Loan Cost of $18,803.66. Variable rates may increase over the life of the loan.

5 Although we do not charge you a penalty or fee if you prepay your loan, any prepayment will be applied as provided in your promissory note: First to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal. 

6 Commerce Bank reserves the right to approve a lower loan amount than the school-certified amount. 

7 Borrowers and cosigners who have an available FICO® Score and a Sallie Mae serviced loan with a current balance greater than $0, may receive their score quarterly after the first disbursement of their loan. The FICO® Score provided to you is the FICO® Score 8 based on TransUnion data, and is the same score that Sallie Mae uses, along with other information, to manage your account. FICO® Scores and associated educational content are provided solely for your own non-commercial personal review, use and benefit. This benefit may change or end in the future. FICO® is a registered trademark of the Fair Isaac Corporation in the United States and other countries. 

8 Rates, fees and availability of federal loan products are subject to change by the Federal Government. Check for the most up-to-date information about federal loan products.

Information advertised valid as of 10/25/2018.

Their Future Education Loans are funded by Commerce Bank.
Their Future Education Loan and Sallie Mae are service marks or registered service marks of Sallie Mae Bank.