Countdown to College
Stay on track: Your stress-free guide for applying to college.
Invest in your future with a student loan from the bank you trust.
Student aid, scholarships and grants don’t always cover the cost. That’s why M&T has loan options for your situation.
No matter where you are in your student loan journey, we are here to offer competitive loan options, educational resources, and guidance when you need it most.
Features included with every loan to pay for school-certified expenses.
Rate Discount Available
Qualify for a .25 percentage point interest rate reduction when you enroll and make monthly payments with auto debit
Borrower or cosigner must enroll in auto debit through M&T Bank's servicer, Sallie Mae to receive a 0.25 percentage point interest rate reduction benefit. This benefit applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month and may be suspended during periods of forbearance or deferment, if available for the loan.
No Origination Fee
No origination fee or prepayment penalty
Although we do not charge a penalty or fee if you prepay your loan, any prepayment will be applied as outlined in your promissory note—first to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal.
Repayment Options
Choose the repayment option that’s best for you
Explore student loans.
Tools and resources.
We're here to help you feel confident about your finances and focus on your future.
M&T MONEY MENTOR
Money Mentor: The following content is provided by EVERFI, Inc, for educational purposes only. The information provided is not intended to provide investment, tax or legal advice and may contain information on products or services not available at M&T Bank and may describe practices or policies not available or applicable to M&T products. All examples are for illustrative purposes only.
Financing Higher Education
Learn what to consider when financing higher education, preparing for graduation, and building a career.
Application Checklist
Before starting, we recommend you (and your cosigner, if applicable) have the following information handy:
- Permanent address
- Social Security numbers
- School information
- Academic period of enrollment
- Requested loan amount
- Financial aid and scholarships you expect to receive
- Employment information
- Financial information
- Two personal contacts (other than your cosigner)
Loan amount cannot exceed the cost of attendance less financial aid received as certified by the school. M&T Bank reserves the right to approve a lower loan amount than the school-certified amount. Miscellaneous personal expenses (such as a laptop) may be included in the cost of attendance for students enrolled at least half time.
STUDENT RESOURCES
Decoding Financial Aid Offers
Six tips you should know before making the big decision.
STUDENT RESOURCES
Using grants and scholarships to pay for college
Grants and scholarships are two types of financial aid that don’t have to be paid back. So be sure to include them in your plan for paying for college.
STUDENT RESOURCES
Paying for College Responsibly
Use the 1-2-3 approach to help your student pay for college whether they’re studying on campus or online.
M&T Student Loans
Further your education.
We’ve partnered with Sallie Mae® to provide superior loan
servicing and expertise on your student loan.
Got questions? We're here to help.
Do I need a cosigner?
Private student loans are credit-based, which means we will check your credit when you submit your application. Applying for an M&T Bank Undergraduate Student Loan with a cosigner may help your chances for approval. A cosigner is someone who shares responsibility with you for paying back the loan and is often a parent, but can be any creditworthy adult who is a U.S. citizen or U.S. permanent resident.
Why should I borrow for the entire school year?
Students can apply just once a year with a single credit check and funds are sent for each term directly to your school. You can cancel future disbursements as needed with no penalty. No additional interest is charged until money is sent to your school, so you can relax, knowing you've got the funds when you need them.
Do I need to be a full-time student to obtain an M&T Student Loan?
You can borrow to cover the costs at a degree-granting institution, even if you're not a full- or half-time student. The loan's flexibility makes it a good choice for many situations:
- Attending school full-time, half-time, or less than half-time
- Winter or Summer classes
- Study abroad
- Professional certification courses
- A U.S. citizen or permanent resident enrolled in a school in a foreign country
- Undergraduate & Graduate Loans: a non-U.S. citizen student, including DACA students, residing in and attending school in the U.S. (with a cosigner who is a U.S. citizen or U.S. permanent resident)
How long does it take to get an M&T Bank Student Loan?
It takes about 15 minutes to apply and get a credit decision. If you’re approved, you choose your undergraduate student loan options, accept your loan disclosure, and the loan is certified by your school. We send (disburse) the funds directly to the school. The process can take as few as 10 business days from application to disbursement.
When do I start paying back my student loan?
With the M&T Bank Undergraduate and Graduate Student Loans, you can select from three repayment options— you can choose to make payments while in school with monthly interest payments or with fixed $25 payments, or you can choose to defer payments until after school. No matter which option you choose, you have at least six months after you leave school (your grace period) before you begin to make principal and interest payments.
With the M&T Bank Parent Loan, borrowers can select from two repayment options — borrowers can choose to make monthly interest payments while the student is enrolled in school for up to 48 months, followed by monthly principal and interest payments for the remaining life of the loan or borrowers can choose to make monthly principal and interest payments while the student is enrolled in school and through the life of the loan.
Interest is charged throughout the life of the loan—beginning with disbursement, during school, through any grace/separation period, and ending when the loan is paid in full. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. Payments may be required during the grace/separation period depending on the repayment option selected. 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. All Advertised APRs assume a $10,000 loan. M&T Bank Undergraduate Student Loan APRs assume a freshman borrower with no other Sallie Mae serviced loans. Graduate School Loan APRs assume a 2-year in-school period.
This repayment example is based on a typical M&T Bank Undergraduate Student Loan made to a freshman borrower who chooses a variable rate and the Fixed Repayment Option for a $10,000 loan, with two disbursements, and a 6.88% variable APR. It works out to 51 payments of $25.00, 119 payments of $136.17 and one payment of $112.58, for a Total Loan Cost of $17,591.81. Variable rates may increase over the life of the loan.
This repayment example is based on a typical Graduate School Loan made 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 11.49% variable APR. It works out to 27 payments of $25.00, 179 payments of $139.96 and one payment of $27.70, for a Total Loan Cost of $25,755.54. Variable rates may increase over the life of the loan.
Rates
Lowest rates shown include the auto debit discount.
As of February 25, 2021
Undergraduate
Variable Rates
1.13% APR
to 11.23% APR
Fixed Rates
4.25% APR
to 12.59% APR
Interest is charged throughout the life of the loan—beginning with disbursement, during school, through any grace/separation period, and ending when the loan is paid in full. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. Payments may be required during the grace/separation period depending on the repayment option selected. 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. All Advertised APRs assume a $10,000 loan. M&T Bank Undergraduate Student Loan APRs assume a freshman borrower with no other Sallie Mae serviced loans. Graduate School Loan APRs assume a 2-year in-school period.
Interest is charged throughout the life of the loan—beginning with disbursement, during school, through any grace/separation period, and ending when the loan is paid in full. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. Payments may be required during the grace/separation period depending on the repayment option selected. 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. All Advertised APRs assume a $10,000 loan. M&T Bank Undergraduate Student Loan APRs assume a freshman borrower with no other Sallie Mae serviced loans. Graduate School Loan APRs assume a 2-year in-school period.
Parent
Variable Rates
3.37% APR
to 12.99% APR
Fixed Rates
5.49% APR
to 13.87% APR
APRs for the Principal and Interest Repayment Option may be higher than APRs for the Interest Repayment Option. 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.
APRs for the Principal and Interest Repayment Option may be higher than APRs for the Interest Repayment Option. 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.
Graduate Student Loan
Variable Rates
2.12% APR
to 11.64% APR
Fixed Rates
4.75% APR
to 12.11% APR
Interest is charged throughout the life of the loan—beginning with disbursement, during school, through any grace/separation period, and ending when the loan is paid in full. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. Payments may be required during the grace/separation period depending on the repayment option selected. 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. All Advertised APRs assume a $10,000 loan. M&T Bank Undergraduate Student Loan APRs assume a freshman borrower with no other Sallie Mae serviced loans. Graduate School Loan APRs assume a 2-year in-school period.
Interest is charged throughout the life of the loan—beginning with disbursement, during school, through any grace/separation period, and ending when the loan is paid in full. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. Payments may be required during the grace/separation period depending on the repayment option selected. 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. All Advertised APRs assume a $10,000 loan. M&T Bank Undergraduate Student Loan APRs assume a freshman borrower with no other Sallie Mae serviced loans. Graduate School Loan APRs assume a 2-year in-school period.
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.
All loans and lines of credit and all terms referenced are subject to credit approval and other conditions. Other terms, conditions, fees and restrictions may apply.
M&T Bank Undergraduate and Graduate loans: This information is for students attending participating degree-granting schools. M&T Bank Undergraduate Student Loan information is for undergraduates only. Graduate Certificate/Continuing Education coursework is not eligible for MBA, Medical, Dental, and Law School Loans. Borrowers must be U.S. citizens or U.S. permanent residents if the school is located outside of the United States. Non-U.S. citizen borrowers who reside in the U.S. are eligible with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident) and are required to provide an unexpired government-issued photo ID to verify identity. Applications are subject to a requested minimum loan amount of $1,000. Current credit and other eligibility criteria apply.
Parent Loan: 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 or have attended a participating school 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.
M&T BANK RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE.
M&T Bank Loans are funded by M&T Bank.
Information advertised valid as of 02/25/2021.
Sallie Mae is a registered trademark of Sallie Mae Bank.
Interest is charged throughout the life of the loan—beginning with disbursement, during school, through any grace/separation period, and ending when the loan is paid in full. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. Payments may be required during the grace/separation period depending on the repayment option selected. 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. All Advertised APRs assume a $10,000 loan. M&T Bank Undergraduate Student Loan APRs assume a freshman borrower with no other Sallie Mae serviced loans. Graduate School Loan APRs assume a 2-year in-school period.
This repayment example is based on a typical M&T Bank Undergraduate Student Loan made to a freshman borrower who chooses a variable rate and the Fixed Repayment Option for a $10,000 loan, with two disbursements, and a 6.88% variable APR. It works out to 51 payments of $25.00, 119 payments of $136.17 and one payment of $112.58, for a Total Loan Cost of $17,591.81. Variable rates may increase over the life of the loan.
This repayment example is based on a typical Graduate School Loan made 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 11.49% variable APR. It works out to 27 payments of $25.00, 179 payments of $139.96 and one payment of $27.70, for a Total Loan Cost of $25,755.54. Variable rates may increase over the life of the loan.
Borrower or cosigner must enroll in auto debit through M&T Bank's servicer, Sallie Mae to receive a 0.25 percentage point interest rate reduction benefit. This 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 be suspended during periods of forbearance or deferment, if available for the loan.
Although we do not charge a penalty or fee if you prepay your loan, any prepayment will be applied as outlined in your promissory note—first to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal.
Money Mentor: The following content is provided by EVERFI, Inc, for educational purposes only. The information provided is not intended to provide investment, tax or legal advice and may contain information on products or services not available at M&T Bank and may describe practices or policies not available or applicable to M&T products. All examples are for illustrative purposes only.
Loan amount cannot exceed the cost of attendance less financial aid received as certified by the school. M&T Bank reserves the right to approve a lower loan amount than the school-certified amount. Miscellaneous personal expenses (such as a laptop) may be included in the cost of attendance for students enrolled at least half time.
APRs for the Principal and Interest Repayment Option may be higher than APRs for the Interest Repayment Option. 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.