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.
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:
4.25% APR – 12.59% 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 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.
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.
Choose from 3 repayment options.
Choose one of the following repayment options as part of the application process.
- Defer payments until you leave school.
- Pay monthly interest while in school.
- Pay $25 per month while in school.
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.
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.
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.
Loan term
5-15 years of principal and interest repayments.
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.
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
Get 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 first disburse prior to April 30, 2021. Borrowers who reside in, attend school in, or borrow for a student attending school in Maine are not eligible for this benefit. Chegg Tutors offers One Free session of up to 60 minutes. A session will be considered redeemed if it has a minimum duration of thirty (30) minutes. Any minutes not used within the same session will expire upon conclusion of the session. No cash value. Terms and Conditions apply. Please visit chegg.com/studystarter/termsandconditions 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.
STUDENT RESOURCES
Countdown to College
Stay on track: Your stress-free guide for applying to college.
STUDENT RESOURCES
Decoding Financial Aid Offers
Six tips you should know before making the big decision.
STUDENT RESOURCES
Understanding 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.
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.
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 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.
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.
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.
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 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.
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.
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.
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 first disburse prior to April 30, 2021. Borrowers who reside in, attend school in, or borrow for a student attending school in Maine are not eligible for this benefit. Chegg Tutors offers One Free session of up to 60 minutes. A session will be considered redeemed if it has a minimum duration of thirty (30) minutes. Any minutes not used within the same session will expire upon conclusion of the session. No cash value. Terms and Conditions apply. Please visit chegg.com/studystarter/termsandconditions 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.