The annual maximum is the cost of attendance minus other aid received. Interest and Fees Interest rates will vary depending on enrollment status and on the Prime Rate.
Interest begins accruing on the day the funds are disbursed.
The accrued interest is capitalized following the grace period when the repayment period begins. There are no origination fees for ALP loans. You have up to 20 years to repay the loan. The latter option offers lower payments in the first three years. Sallie Mae also offers borrower benefits that can reward you for consistent on-time payments and lower payments if you repay electronically.