The Smart Option Student Loan® is an ideal solution if you have a gap when it comes to funding your education. Request the total cost of attendance, less other financial aid received — or as little as $1,000.1
With the Smart Option Student Loan, you can graduate with less debt and pay off your student loan faster.2,3 On average you can save hundreds, even thousands of dollars in repayment compared to a 15-year traditional private student loan where payments are deferred during school.2, 3
The Smart Option Student Loan lets you:
- Graduate owing less money compared with traditional private student loans2,3
- Pay off your loan faster than a traditional private student loan2,3
- Build credit by making on-time payments
The Residency and Relocation Loan can help you cover the costs incurred during your final year of dental school, e.g., residency interviews, relocation, or board examination expenses.
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1 Borrow as much as you need to pay for your education, up to the cost of attendance as certified by your school and confirmed by Sallie Mae, less other financial aid received. Sallie Mae reserves the right to approve a lower loan amount than what the school has certified.
2 The savings example uses approximated numbers, is for informational purposes only and is an example of loan terms available through the Smart Option Student Loan. Savings is based on the following assumptions: A Smart Option Student Loan made to a freshman borrower attending a degree-granting institution with a $10,000 loan with two disbursements and a 9.72% APR [Interest rate set at LIBOR + 9.375% (LIBOR of 0.375% as of 5/25/2010) and no origination or disbursement fee]. APR may increase after consummation. Repayment consists of 51 interest payments ranging from $40.63 to $81.25 per month (in-school period of 45 months plus separation period of 6 months), followed by 83 principal and interest payments of $165.80 per month and 1 payment of $134.84 for total payments of $17,878 (finance charge of $7,878). Compare against a traditional private student loan for $10,000 where payments are deferred during school and grace periods, an estimated APR of 9.11% and repayment consisting of 179 principal and interest payments of $148.81 per month and 1 payment of $57.43 (following a 45-month in-school period and 6-month grace period, after which accrued interest is capitalized) for total payments of $26,694 (finance charge of $16,694).
3 $25/month fixed payment repayment option is available for new loan applications initiated on or after June 28, 2010, and is subject to change. The savings example uses approximated numbers, is for informational purposes only and is an example of loan terms available through the Smart Option Student Loan. Savings is based on the following assumptions: A Smart Option Student Loan made to a freshman borrower attending a degree-granting institution with a $10,000 loan with two disbursements and a 10.05% APR [Interest rate of LIBOR + 10.375% (LIBOR of 0. 375% as of 5/25/2010) and no disbursement or origination fee]. APR may increase after consummation. Repayment consists of 51 fixed $25/month payments (in-school period of 45 months plus separation period of 6 months), followed by 119 principal and interest payments of $179.79 per month and 1 payment of $115.65 for total payments of $22,786 (finance charge of $12,786). Compare against a traditional private student loan for $10,000 where payments are deferred during school and grace periods, an estimated APR of 9.97% and repayment consisting of 179 principal and interest payments of $162.11 per month and 1 payment of $41.83 (following a 45-month in-school period and 6-month grace period, after which accrued interest is capitalized) for total payments of $29,060 (finance charge of $19,060).