Paying for College Responsibly
Listen to our 1-2-3 approach to help you make more informed, responsible financial decisions for how to pay for 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
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benefit applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month.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.
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.
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.
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
Countdown to College
Stay on track: Your stress-free guide for applying to college.
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.
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. All advertised variable rates reflect the starting range of rates and may vary outside of that range over the life of the loan. Advertised APRs assume a $10,000 loan. M&T Bank Undergraduate Student Loan APRs assume a borrower who attends school for 4 years and has no prior Sallie Mae serviced loans. Graduate School Loan APRs assume a 2-year in-school period.
Examples of typical costs for a $10,000 M & T Bank Undergraduate Student Loan with the most common fixed rate, fixed repayment option, 6-month separation period, and two disbursements: For a borrower with no prior loans and a 4-year in-school period, it works out to a 9.63% fixed APR, 51 payments of $25.00, 119 payments of $172.95 and one payment of $121.42, for a Total Loan Cost of $21,977.47. For a borrower with $20,000 in prior loans and a 2-year in-school period, it works out to a 10.07% fixed APR, 27 payments of $25.00, 179 payments of $125.36 and one payment of $49.52 for a total loan cost of $23,163.96. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 10 years.
Example of a typical transaction for a $10,000 Graduate School Loan with the most common fixed rate, Fixed Repayment Option, and two disbursements. For borrowers with a 27-month in-school and separation period, it works out to 12.78% fixed APR, 27 payments of $25.00, 178 payments of $154.24 and one payment of $152.19, for a total loan cost of $28,281.91. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 15 years.
Example of a typical transaction for a $10,000 Graduate School Loan with the most common fixed rate, Fixed Repayment Option, and two disbursements. For borrowers with a 27-month in-school and separation period, it works out to 12.78% fixed APR, 27 payments of $25.00, 178 payments of $154.24 and one payment of $152.19, for a total loan cost of $28,281.91. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 15 years.
Rates
Lowest rates shown include the auto debit discount.
As of June 27, 2022
Undergraduate
Variable Rates
2.00% APR
to 12.35% APR
Fixed Rates
3.75% APR
to 13.72% APR
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. All advertised variable rates reflect the starting range of rates and may vary outside of that range over the life of the loan. Advertised APRs assume a $10,000 loan. M&T Bank Undergraduate Student Loan APRs assume a borrower who attends school for 4 years and has no prior 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. All advertised variable rates reflect the starting range of rates and may vary outside of that range over the life of the loan. Advertised APRs assume a $10,000 loan. M&T Bank Undergraduate Student Loan APRs assume a borrower who attends school for 4 years and has no prior Sallie Mae serviced loans. Graduate School Loan APRs assume a 2-year in-school period.
Graduate Student Loan
Variable Rates
2.50% APR
to 12.22% APR
Fixed Rates
4.25% APR
to 12.92% APR
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. All advertised variable rates reflect the starting range of rates and may vary outside of that range over the life of the loan. Advertised APRs assume a $10,000 loan. M&T Bank Undergraduate Student Loan APRs assume a borrower who attends school for 4 years and has no prior 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. All advertised variable rates reflect the starting range of rates and may vary outside of that range over the life of the loan. Advertised APRs assume a $10,000 loan. M&T Bank Undergraduate Student Loan APRs assume a borrower who attends school for 4 years and has no prior Sallie Mae serviced loans. Graduate School Loan APRs assume a 2-year in-school period.
Disclosures:
- 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 RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE.
- 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 Loans are funded by M&T Bank.
- Information advertised valid as of 05/01/2021.
- 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.
- 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.
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 loans are subject to credit approval, identity verification, signed loan documents, and school certification. M&T Bank Undergraduate Student Loans are for students at participating schools and are not intended for students pursuing a graduate degree. Graduate student loans are available for students at participating degree-granting graduate schools. Graduate Certificate/Continuing Education coursework is not eligible for MBA, Medical, Dental, and Law School Loans. Student or cosigner must meet the age of majority in their state of residence. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend 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. Requested loan amount must be at least $1,000.
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 June 27, 2022.
Sallie Mae is a registered trademark of Sallie Mae Bank.
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. All advertised variable rates reflect the starting range of rates and may vary outside of that range over the life of the loan. Advertised APRs assume a $10,000 loan. M&T Bank Undergraduate Student Loan APRs assume a borrower who attends school for 4 years and has no prior Sallie Mae serviced loans. Graduate School Loan APRs assume a 2-year in-school period.
Examples of typical costs for a $10,000 M & T Bank Undergraduate Student Loan with the most common fixed rate, fixed repayment option, 6-month separation period, and two disbursements: For a borrower with no prior loans and a 4-year in-school period, it works out to a 9.63% fixed APR, 51 payments of $25.00, 119 payments of $172.95 and one payment of $121.42, for a Total Loan Cost of $21,977.47. For a borrower with $20,000 in prior loans and a 2-year in-school period, it works out to a 10.07% fixed APR, 27 payments of $25.00, 179 payments of $125.36 and one payment of $49.52 for a total loan cost of $23,163.96. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 10 years.
Example of a typical transaction for a $10,000 Graduate School Loan with the most common fixed rate, Fixed Repayment Option, and two disbursements. For borrowers with a 27-month in-school and separation period, it works out to 12.78% fixed APR, 27 payments of $25.00, 178 payments of $154.24 and one payment of $152.19, for a total loan cost of $28,281.91. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 15 years.
Example of a typical transaction for a $10,000 Graduate School Loan with the most common fixed rate, Fixed Repayment Option, and two disbursements. For borrowers with a 27-month in-school and separation period, it works out to 12.78% fixed APR, 27 payments of $25.00, 178 payments of $154.24 and one payment of $152.19, for a total loan cost of $28,281.91. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 15 years.
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.
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.