The Sallie Mae Smart Option Student Loan

Undergraduate loan rates

Fixed rates

2.89%

to 17.49% APR^{footnote 1}

Fixed means your interest rate never changes.

If you want a predictable monthly payment, this is the way to go.

Lowest rates shown include the auto debit discount. Only the most creditworthy applicants who choose the interest repayment option may receive the lowest rate.

Variable rates

4.12%

to 16.75% APR^{footnote 1}

Variable interest rates go up or down as the market changes.

This means your monthly payments may also change—they might be higher if interest rates rise and lower if they fall.

Lowest rates shown include the auto debit discount. Only the most creditworthy applicants who choose the interest repayment option may receive the lowest rate.

Benefits you won't want to miss

No origination fees

There’s no fee to process a loan or if you pay it off early.^{footnote 2}

3 repayment options

Go for what works best for your budget.

Consider a cosigner

Students with cosigners were 5x more likely to be approved last year.^{footnote 3}

Save money

Get a 0.25 percentage point discount with auto debit.^{footnote 4}

100%

Up to 100% coverage

of school-certified costs^{footnote 5}—and you only need to apply once to get set for the whole year.

91%

Of undergrad loans were cosigned

last year.^{footnote 6} A cosigner can be a guardian, relative, or friend.

The entire process, from applying through disbursement through repayment, was very simple and efficient.

Ellington T.

Virginia

Apply in
minutes

1. Tell us some basics

2. Choose your loan options

3. Sign and accept

Apply now

Let’s make sure you’re ready

You’ll need a few things to apply like address, Social Security number (if you have one), and details about your school.

FAQs

Questions? We’re here to help.

What is my school's cost of attendance?

You can estimate how much a whole year of school will cost using your school’s cost of attendance (COA), usually found on your financial aid offer or the school’s website.

The cost of attendance usually includes expenses like tuition, fees, books, meals, and transportation. Depending on the type of loan, your school may certify your loan amount. This means that your school confirms the loan amount to make sure you don’t borrow more than the cost of attendance.

Do I need a cosigner?

What’s the difference between a fixed and variable interest rate?

Fixed interest rate 
The rate never changes, so you’ll have a predictable monthly payment amount.   

Variable interest rate 
The rate can go up or down as market conditions change. This means your student loan payments may also change—you might have lower payment amounts if interest rates fall and higher payments if interest rates rise.

What’s the difference between federal and private student loans?

Federal loans are provided by the government, while you take out a private loan from a bank like Sallie Mae, or a credit union. There are also differences in interest rates, repayment options, and other features.

When you apply for a private loan, the lender must check your credit, including your borrowing/repayment history, to decide if you qualify for a loan. Many federal loans don’t require a credit check

footnote Borrow responsibly
We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Evaluate all anticipated monthly loan payments, and how much the student expects to earn in the future, before considering a private student loan.

footnote Loans for Undergraduate & Career Training Students are not intended for graduate students and are subject to credit approval, identity verification, signed loan documents, and school certification. Student must attend a participating school. Student or cosigner must meet the age of majority in their state of residence. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend school in the U.S., and apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident). Requested loan amount must be at least $1,000.

footnote 1. Advertised APRs for undergraduate students assume a $10,000 loan with a 4-year in-school period, a 6-month grace, and the longest loan term offered. Interest rates for variable rate loans may increase or decrease over the life of the loan based on changes to the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent. Advertised variable rates are the starting range of rates and may vary outside of that range over the life of the loan. Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. To receive a 0.25 percentage point interest rate discount, the borrower or cosigner must enroll in auto debit through Sallie Mae. The discount applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment.

footnote 2. Although we do not charge you a penalty or fee if you prepay your loan, any prepayment will be applied as provided in your promissory note — first to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal.

footnote 3. Based on a comparison of the percentage of students who were approved with a cosigner to the percentage of students who were approved without a cosigner from October 1, 2023 to September 30, 2024.

footnote 4. The borrower or cosigner must enroll in auto debit through Sallie Mae to receive a 0.25 percentage point interest rate reduction benefit. This benefit applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment.

footnote 5. For applications submitted directly to Sallie Mae, loan amount cannot exceed the cost of attendance less financial aid received, as certified by the school. Applications submitted to Sallie Mae through a partner website will be subject to a lower maximum loan request amount. Miscellaneous personal expenses (such as a laptop) may be included in the cost of attendance for students enrolled at least half-time.

footnote 6. Based on the percentage of approved undergraduate loans that were cosigned from October 1, 2023 to September 30, 2024.

footnote Information advertised valid as of 11/25/2025.

footnote SALLIE MAE RESERVES 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.

footnote Sallie Mae loans are made by Sallie Mae Bank.

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