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Competitive interest rates

3 repayment options

No origination fees

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

Learn more

 
 

Applying is easy—it only takes about 15 minutes to apply and get a credit result.

Get Started 

We also offer fixed interest rates from 5.74% APR – 11.85% APR.1 Learn more


Choose from 3 repayment options1

Deferred repayment

Defer payments until six months after school, or pay as much as you want while in school, to enjoy maximum flexibility.

Fixed repayment

Pay just $25 a month2 while in school and for six months after school.

Interest repayment

Pay interest while in school and for six months after school.

You'll choose your repayment option during the application process.

 
 

 
 

Encouraging Responsible Borrowing

Sallie Mae has helped more than 30 million Americans pay for college since 1972. We encourage students and families to supplement their savings by exploring grants, scholarships, federal and state student loans, and to consider the anticipated monthly payments on their total student loan debt and their expected future earnings before considering a private education loan.

This information is for borrowers attending degree-granting institutions only. You must attend a participating school or have attended one in an eligible prior enrollment period. You must be a U.S. citizen or a permanent resident or a Non-U.S. citizen borrower who is attending or has attended a school located in the U.S. applying with a creditworthy cosigner (who must be a U.S. citizen or permanent resident) and required U.S. Citizenship and Immigration Service (USCIS) documentation. U.S. citizens and permanent residents enrolled in eligible study abroad programs or who are attending or have attended schools located outside the U.S. are also eligible. Applications are subject to a requested minimum loan amount of $1,000. Current credit criteria and other eligibility criteria apply.

1 Interest rates for the Fixed and Deferred Repayment Options are higher than for loans with the Interest Repayment Option. Variable rates may increase after consummation. Interest is charged while you are in school and during the 6-month separation period. Any interest that remains unpaid when you enter full repayment will be added to your loan balance.

2 This informational repayment example uses typical loan terms available to a freshman borrower who elects the fixed repayment option and has a $10,000.00 loan with two disbursements and a 7.21% variable APR: 51 payments of $25, 119 payments of $140.28 and one payment of $114.17, for a total paid of $18,082.49. Variable rates may increase after consummation.

3 Primary borrower must enroll in Upromise to be eligible to earn a reward into his or her active Upromise account of 2% of the scheduled loan payment amount for each on-time payment during the in-school and separation periods. Loan payments must remain current to be eligible for the reward. The Smart Reward Benefit and Upromise membership are subject to the terms and conditions of the Upromise service, as may be amended from time to time. Terms and conditions apply to the Upromise service. Participating companies, contribution levels and terms and conditions are subject to change at any time without notice. Go to Upromise.com to learn more. Upromise accounts are not FDIC insured, carry no bank guarantee and may lose value.

4 Either the borrower or cosigner (not both) must enroll in auto debit through Sallie Mae. The rate reduction benefit applies only during active repayment for as long as the borrower's monthly payment amount is successfully deducted from the designated bank account and is suspended during forbearances and certain deferments.

5 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. Requested amounts exceeding $99,999 may require multiple loans.

6 Borrowers and cosigners may receive their FICO® Score quarterly after the first disbursement of their student loan. FICO® Scores are delivered only to borrowers and cosigners who have an available score, are based on data from TransUnion, and may be different from other credit scores. This benefit is not available to Vermont residents and may change or end in the future. FICO® is a registered trademark of the Fair Isaac Corporation in the United States and other countries.

7 The release of a cosigner is at the sole discretion of Sallie Mae. Only the borrower may apply for cosigner release. The borrower must provide proof of graduation or successful completion of certification program, not be delinquent and have made 12 consecutive on-time payments of principal and interest immediately before applying, provide proof of income, pass a credit review that demonstrates a satisfactory credit history and the ability to assume full responsibility of the loan(s) individually, have no student loan(s) in default, must not be reported as 90+ days delinquent in the past 24 months, must not be in hardship forbearance and/or in a modified repayment program, be a U.S. citizen or permanent resident, and meet the age of majority in their state. Requirements are as of October 13, 2014, and are subject to change.

Information advertised valid as of 6/25/2015.

WE RESERVE THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE. CHECK SALLIEMAE.COM FOR THE MOST UP-TO-DATE PRODUCT INFORMATION.

Sallie Mae, Smart Option Student Loan, Smart Reward, and the Sallie Mae logo are service marks or registered service marks of Sallie Mae Bank or its subsidiaries.

Upromise is a registered service mark of Upromise, Inc.

Smart Option Student Loans are made by Sallie Mae Bank or a lender partner.