APPLY WITH A COSIGNER

If a parent or other creditworthy individual cosigns the loan with you, it can lower your interest rate—and give you a better chance of approval.

RELEASE YOUR COSIGNER

Apply to release your cosigner once you graduate and make 12 consecutive on-time principal and interest payments.


Rates for graduate students

Variable interest rates from % APR to % APR. Fixed interest rates from % APR and % APR.

Graduated Repayment Period

The Smart Option Student Loan is the only nationwide private student loan offering a Graduated Repayment Period feature, 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.

 
 
Now you can pay for college the smart way - The Smart Option Student Loan for Regions Bank customers

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
    Low, 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 need8
    Borrow up to 100% of your school-certified education costs (minimum $1,000).

APPLYING ONLINE IS EASY—IT ONLY TAKES ABOUT 15 MINUTES TO APPLY AND GET A CREDIT RESULT.

Get Started  

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

Encouraging Responsible Borrowing. Together we can do this.

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.

FOR CUSTOMERS ATTENDING DEGREE-GRANTING INSTITUTIONS

 
 

This information is for borrowers attending degree-granting institutions only. Credit criteria and eligibility requirements apply.

Regions is not the creditor for these loans and is compensated by Sallie Mae for the referral of Smart Option Student Loan customers.

You must attend an eligible school and be enrolled in an eligible program. U.S. citizens enrolled in eligible study abroad programs or studying at medical schools outside the United States are also eligible. International students are eligible with a creditworthy cosigner (who must be a U.S. citizen or permanent resident) and appropriate U.S. Citizenship and Immigration Service documentation. You must meet current credit and other eligibility criteria.

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 Primary borrower can 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.

3 The rate reduction benefit applies only if the recurring payment is successfully deducted from the designated account and is suspended during forbearances and certain deferments. For multi-party loans, only one party may enroll in auto debit.

4 Only the borrower may apply for cosigner release. The borrower must provide proof of successful completion of school, be a U.S. citizen or permanent resident, be current and have made 12 consecutive on-time payments of principal and interest immediately before applying, and pass a credit check including income verification when the release request is processed.

5 Interest rates for the Fixed and Deferred Repayment Options are higher than for loans with the Interest Repayment Option. Graduate student pricing on the Smart Option Student Loan is limited to students enrolling in a Masters/Doctorate level degree program. Graduate Certificate/Continuing Education course work is not eligible for graduate student pricing. 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.

6 Based on an 1/23/14 review of competitors loan programs and repayment features.

7 Available for loans that first disburse on or after July 1, 2013 to finance academic periods that begin on or after July 1, 2013 at a degree-granting institution. Graduated Repayment Period (GRP) requires interest payments for the initial 12 month period of repayment when you would normally begin making full principal and interest payments (which typically begins six months after graduation) or during the 12 month period after your request is granted, whichever is later. At the time you request GRP, you must have graduated with no interruption in enrollment, be current on payments, and not be more than 30 days late on payments on any student loan. You may request GRP only during the two billing cycles immediately preceding and the two billing cycles immediately after your loan would normally begin requiring full principal and interest payments. GRP does not extend the term of the loan. If you are approved for GRP, your principal and interest payments will be higher than if GRP did not apply, and your total loan cost will increase.

8 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.

SALLIE MAE BANK RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE.

Information advertised valid as of 3/25/2014.

Smart Option Student Loans are made by Sallie Mae Bank® or a lender partner (not Regions Bank).

The Sallie Mae logo, Sallie Mae, Sallie Mae Bank, Smart Option Student Loan and Smart Reward are registered service marks of Sallie Mae, Inc. Upromise is a registered service mark of Upromise, Inc. Other logos are trademarks or service marks of their respective owners.

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