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
Deferred Repayment Option
Defer payments until six months after school, or pay as much as you want while in school, to enjoy maximum flexibility.
Fixed Repayment Option
Pay just $25 a month2 while in school and for six months after school.
Interest Repayment Option
Pay interest while in school and for six months after school.
You'll choose your repayment option during the application process.