For Degree-Granting Institutions For Degree-Granting Institutions
The Sallie Mae® Smart Option Student Loan®
Your loan. Your choice.
With the Smart Option Student Loan, you can design a loan that works for you. A choice of three repayment options, variable or fixed interest rates, and a suite of other choices let you customize your borrowing experience.
The Smart Option Student Loan offers these benefits:
- Competitive variable interest rates and no origination fees1 - Get variable interest rates that range from 2.25% APR to 9.37% APR.
- Rewards for paying on time3 - Get a Smart Reward® in your Upromise® account of 2% of your scheduled monthly payments that are made on time while in school with the Interest and Fixed Repayment Options.
- Lower your interest rate4 - Receive a 0.25 percentage point interest rate reduction while enrolled to make scheduled monthly payments by automatic debit.
- Get the money you need - Borrow up to 100% of your school-certified cost of attendance.5
Quarterly FICO® Credit Scores are now available online for free
You can now view your quarterly FICO® Score by logging into your Sallie Mae® account. You'll also receive access to the key factor(s) affecting your score and educational content to help you understand why viewing your FICO® Score is important. This free benefit is available to both borrowers and cosigners.6
Apply with a cosigner
If a parent or other creditworthy individual cosigns the loan with you, it may help lower your interest rate - and give you a better chance of approval.
Cosigner release available
After graduation a borrower may apply for their cosigner to be released from the loan once they have made 12 consecutive, on-time principal and interest payments and meet certain credit requirements.7
Applying is easy—it only takes about 15 minutes to apply and get a credit result.
We also offer fixed interest rates from 5.74% APR – 11.85% APR.1 Learn more
Choose from 3 repayment options1
Defer payments until six months after school, or pay as much as you want while in school, to enjoy maximum flexibility.
Pay just $25 a month2 while in school and for six months after school.
Pay interest while in school and for six months after school.
You'll choose your repayment option during the application process.