Financial Education Center
M&T’s digital financial education center can help you & your student learn what to consider when financing higher education.
Set your student up for success.
Whether you're a parent or an individual helping pave the way, M&T can help you understand what student loan options are available for you.
Paving the way for your student's future doesn't have to sacrifice yours.
Help your student manage up to 100% of their school-certified expenses while they're working towards their bachelor's, associate's, or certificates at a degree-granting school.
M&T parent loans are available with competitive rates and convenient repayment options to fit your situation.
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.
VARIABLE RATES:
3.37% APR - 12.99% APR
FIXED RATES:
5.49% APR - 13.87% APR
Lowest rates include an auto debit discount. Fixed rates will remain constant while variable rates will fluctuate with the market over the life of the loan.
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 with a 4-year in-school period.
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 with a 4-year in-school period.
The 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benefit applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment, if available for the loan.
Choose from 2 repayment options.
Choose one of the following repayment options as part of the application process.
1. Pay only interest while your student is in school for up to 48 months - then make principal and interest payments for the remaining life of the loan.
2. Pay principal and interst payments while your student is in school and after school.
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 with a 4-year in-school period.
Details and Features
Rate discount available
Get a 0.25 percentage point interest rate reduction when you enroll and make monthly payments by auto debit.
The 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. It may be suspended during forbearance or deferment, if available for the loan.
Loan term
Principal and interest payments up to 10 years.
This repayment example is based on a typical Parent Loan made to a borrower (on behalf of a freshman student) who chooses a variable rate and the Principal and Interest Repayment Option for a $10,000 loan, with two disbursements, and a 12.99% variable APR. It works out to 4 payments of $75.05, 115 payments of $151.38 and one payment of $80.65, for a Total Loan Cost of $17,789.55. Variable rates may increase over the life of 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.
Set your student up for success
Give your student free access to 4 months of Textbook Solutions and Expert Q&A with Chegg Study®, one 60 minute session of live chat tutoring with Chegg Tutors®, and 4 months of proofreading and citation help with EasyBib® Plus.
This promotional benefit is provided at no cost to borrowers with new loans that disburse between May 1, 2021 and April 30, 2022. Borrowers are not eligible to activate the benefit until July 1, 2021. Borrowers who reside in, attend school in, or borrow for a student attending school in Maine are not eligible for this benefit. Chegg Study® offers expert Q&A where students can submit up to 20 questions per month. No cash value. Terms and Conditions apply. Please visit http://www.chegg.com/legal/smtermsandconditions for complete details. This offer expires one year after issuance.
Got questions? We're here to help.
Application Checklist
Before starting, we recommend you (and your student) 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.
PARENT RESOURCES
Decoding Financial Aid Offers
Six tips you should know before making the big decision.
PARENT 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.
PARENT RESOURCES
Understanding Gap Financing Options - Parent & Student Loans
Many families consider financing their student’s education with a Federal Parent PLUS Loan or a private education loan. Our comparison chart will help you understand the features and benefits of each.
M&T CHOICEQUITY
Unlock your home’s equity to help pay for school expenses.
When student loans aren’t enough, you can apply for an M&T CHOICEquity Account to help your college student pay for school. With the flexibility to choose how and when you use the funds, you can use this line of credit to make tuition payments, purchase a car, buy books and other school supplies.
Learn MoreWhen applying for an M&T Student Loan, you’ll be transferred to our servicing provider, Sallie Mae®.
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.
Parent Loan: This loan must be used to pay for eligible student expenses at participating degree-granting schools. The student cannot be a borrower or cosigner and is not responsible for repaying the loan. The borrower, cosigner, and student must be U.S. citizens or U.S. permanent residents. If the school issues a refund directly to the student, the borrower and cosigner (if applicable) are still responsible for repaying that amount. Applications are subject to a requested minimum loan amount of $1,000. Current credit and other eligibility criteria apply.
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.
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 05/01/2021.
Sallie Mae is a registered trademark of Sallie Mae Bank.
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.