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 get a loan that works for you. It offers three repayment options, variable or fixed interest rates, and a suite of other choices, so you can 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 2.62% APR to 9.69% APR.
- Lower your interest rate2 - 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 the school-certified cost of attendance.3
Quarterly FICO® Credit Scores are available online for free
You can 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.4
Apply with a cosigner
If a parent or other creditworthy individual cosigns the loan, it may help give you a better chance of approval.
Cosigner release available
You may apply to release your cosigner from the loan after you graduate, make 12 on-time principal and interest payments and meet certain credit requirements.5
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, for maximum flexibility.
Fixed Repayment Option
Pay just $25 a month6 while in school and for six months after school.
Interest Repayment Option
Make monthly interest payments while in school and for six months after school.
You'll choose your repayment option during the application process.
Available to U.S. citizens and non-U.S. citizens
Non-U.S. citizen students, including DACA students, are eligible to apply with a creditworthy cosigner who is a U.S. citizen or permanent resident with required U.S. Citizenship and Immigration Service (USCIS) documentation.