For Customers Attending Degree-Granting Institutions For Customers Attending Degree-Granting Institutions
The Smart Option Student Loan for Regions Bank customers is a great way to help you pay for college expenses not covered by scholarships and federal loans. Get Started.
The Smart Option Student Loan offers these benefits:
- A choice of competitive rates for undergraduate students1
Variable interest rates from 2.25% APR to 9.37% APR. We also offer fixed interest rates from 5.74% APR to 11.85% APR.
- Choose the in-school repayment option that’s best for you1
Deferred Repayment, Fixed Repayment, or Interest Repayment.
- Rewards for paying on time2
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 rate3
Receive a 0.25 percentage point interest rate reduction while enrolled for making scheduled monthly payments by automatic debit.
- Get the money you need4
Borrow up to 100% of your school-certified cost of attendance (minimum $1,000).
Applying online is easy—it only takes about 15 minutes to apply and get a credit result.
You'll choose your repayment option during the application process.
Encouraging Responsible Borrowing. Together we can do this.
The student loan process can be overwhelming. That’s why Regions is proud to offer the Smart Option Student Loan for Regions Bank customers. The loan is a great way to pay for college expenses at a degree-granting institution, not covered by scholarships and federal loans. Regions and Sallie Mae 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.
Apply with a cosigner
If a parent or other creditworthy individual cosigns the loan with you, it may 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.
Rates for graduate students6
Variable interest rates from 2.25% APR to 7.27% APR. Fixed interest rates from 5.74% APR to 8.56% APR.
Graduated Repayment Period
The Smart Option Student Loan is the only nationwide private student loan offering a Graduated Repayment Period feature7, providing budget flexibility for graduating students. Students who graduate and maintain their Sallie Mae loans in good standing can request to make 12 interest-only payments instead of full principal and interest payments after their separation period.8