Navigating the college process can be intimidating.

Applying for student loans shouldn’t be. M&T is here to help make the process easy, so you can focus on what matters most. 

M&T has undergraduate student loan options for your degree.

Whether you’re just starting your research or ready to apply, empowering you to find the right loan for your bachelor’s, associate’s or certificates at a degree-granting school is important.

Our Student Resources & Interactive Guides can help get you started on the right path. Once you’re ready to apply, you’ll choose from competitive fixed and variable rates and several repayment options that allow you to borrow from $1,000 up to 100% of your school-certified expenses.

 

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:

1.13% APR – 11.23% APR

FIXED RATES:

3.50% APR – 12.60% 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.

Interest is charged starting when funds are sent to the school. 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 starting when funds are sent to the school. 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.
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 3 repayment options.

Choose one of the following repayment options as part of the application process. 

  1. Defer payments until you leave school.
  2. Pay monthly interest while in school.
  3. Pay $25 per month while in school. 
Interest is charged starting when funds are sent to the school. 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.
Examples of typical transactions for a $10,000 M&T Bank Undergraduate Student Loan with the most common variable rate, fixed repayment option, 6-month separation period, and two disbursements: For a borrower with no prior loans, it works out to a 6.88% APR, 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. For a borrower with $20,000 in prior loans and a 2-year in-school period, it works out to a 7.06% APR, 27 payments of $25.00, 179 payments of $98.17 and one payment of $66.85 for a total loan cost of $18,314.28.

Loans are subject to a $50 minimum principal and interest payment. This minimum payment requirement may result in principal and interest repayment term of less than 10 years. Variable rates may increase over the life of the loan. 

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 

10-15 years of principal and interest repayments.

Examples of typical transactions for a $10,000 M&T Bank Undergraduate Student Loan with the most common variable rate, fixed repayment option, 6-month separation period, and two disbursements: For a borrower with no prior loans, it works out to a 6.88% APR, 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. For a borrower with $20,000 in prior loans and a 2-year in-school period, it works out to a 7.06% APR, 27 payments of $25.00, 179 payments of $98.17 and one payment of $66.85 for a total loan cost of $18,314.28.

Loans are subject to a $50 minimum principal and interest payment. This minimum payment requirement may result in principal and interest repayment term of less than 10 years. Variable rates may increase over the life of the loan. 

Apply to release your cosigner

Apply to release your cosigner after you graduate. Make 12 on-time principal and interest payments and meet certain credit requirements. Releasing a co-signer could improve their debt-to-income ratio and credit to qualify for other needs.

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: bankruptcy, foreclosure, student loan(s) in default, or 90 -day delinquencies in the last 24 months. Requirements are subject to change.

Set yourself up for success

Receive free access to 4 months of textbook solutions and expert Q&A with Chegg Study®, PLUS 4 months of writing help with Chegg Writing®, AND 4 months of custom equation solutions with Chegg Math Solver.®

 

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 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
  • 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.
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Financial Education Center

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. 

Learn what to consider when financing higher education, preparing for graduation, and beginning a career. 

M&T SECURED CREDIT CARD

Your financial future is important.

That’s why we created our Secured Credit Card to help establish or improve your credit.

Learn More

When 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.
This loan is for undergraduate students at participating degree-granting schools. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend a participating school in the U.S., apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident) and 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.
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  9/27/2021.
Sallie Mae is a registered trademark of Sallie Mae Bank.
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.
Interest is charged starting when funds are sent to the school. 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.
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.
Examples of typical transactions for a $10,000 M&T Bank Undergraduate Student Loan with the most common variable rate, fixed repayment option, 6-month separation period, and two disbursements: For a borrower with no prior loans, it works out to a 6.88% APR, 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. For a borrower with $20,000 in prior loans and a 2-year in-school period, it works out to a 7.06% APR, 27 payments of $25.00, 179 payments of $98.17 and one payment of $66.85 for a total loan cost of $18,314.28.

Loans are subject to a $50 minimum principal and interest payment. This minimum payment requirement may result in principal and interest repayment term of less than 10 years. Variable rates may increase over the life of the loan. 
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: bankruptcy, foreclosure, student loan(s) in default, or 90 -day delinquencies in the last 24 months. Requirements are subject to change.
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.
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.