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Competitive
interest rates

3 Repayment
options

No origination
fee

For Degree-Granting Institutions For Degree-Granting Institutions

 

With college costs growing fast, it's time to borrow smarter. Get Started.

The Smart Option Student Loan offers these benefits:

  • A choice of competitive rates for undergraduate students1
    Competitive, variable interest rates from 2.62% APR to 9.69% APR. We also offer fixed interest rates from 5.74% APR to 11.85% APR.
  • Lower your interest rate2
    Receive a 0.25 percentage point interest rate reduction while enrolled for making scheduled monthly payments by automatic debit.
  • Get the money you need3
    Borrow up to 100% of the school-certified cost of attendance.
  • Choose the repayment option that's best for you1
    Deferred Repayment Option, Fixed Repayment Option, or Interest Repayment Option.

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

We encourage students and families to supplement their savings by exploring grants, scholarships, and 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 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.


Lower rates for graduate students1

Variable interest rates from 2.62% APR to 7.62% 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 feature5, 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.6

 
 

This information is for borrowers attending degree-granting institutions only. You must be attending or have attended a participating school located in the U.S. during an eligible prior enrollment period. You must be a U.S. citizen or a permanent resident or a Non-U.S. citizen borrower with a creditworthy cosigner (who must be a U.S. citizen or permanent resident) and required U.S. Citizenship and Immigration Service (USCIS) documentation. U.S. citizens and permanent residents enrolled in eligible study abroad programs or who are attending or have attended schools located outside the U.S. are also eligible. Applications are subject to a requested minimum loan amount of $1,000. Current credit and other eligibility criteria apply.

Smart Option Student Loans are made by Sallie Mae Bank or a lender partner. The Sallie Mae partner referenced is not the creditor for these loans and is compensated by Sallie Mae for the referral of Smart Option Student Loan customers.

1 Interest rates for Fixed and Deferred Repayment Options are higher than interest rates for the Interest Repayment Option. You’re charged interest starting at disbursement, while in school and during your six-month separation or grace period. When you enter principal and interest repayment, Unpaid Interest will be added to your loan’s Current Principal. Variable rates may increase over the life of the loan. Advertised APRs assume a $10,000 loan to a freshman or first-year graduate, as applicable, with no other Sallie Mae loans. Graduate student pricing for this loan is limited to students enrolling in a Masters/Doctorate level degree program. Graduate Certificate/Continuing Education course work is not eligible.

2 Either the borrower or cosigner (not both) must enroll in auto debit through Sallie Mae. The rate reduction benefit applies only during active repayment for as long as the Current Amount Due is successfully deducted from the designated bank account each month and is suspended during forbearances and certain deferments.

3 Sallie Mae reserves the right to approve a lower loan amount than the school certified amount.

4 Only the borrower may apply for cosigner release. Borrowers who meet the age of majority in their state may apply for cosigner release by providing proof of graduation (or completion of certification program), income, and U.S. citizenship or permanent residency (if your status has changed since you applied). In the last 12 months, the borrower must be current on all Sallie Mae serviced loans (including no hardship forbearances or modified repayment programs) and have paid ahead or made 12 on-time principal and interest payments on each loan requested for release. When the cosigner release application is processed, the borrower must demonstrate the ability to assume full responsibility of the loan(s) individually, and pass a credit review that demonstrates a satisfactory credit history including but not limited to no: open bankruptcy, open foreclosure, student loan(s) in default or 90 day delinquencies in the last 24 months. Requirements are subject to change.

5 Based on a July 15, 2016 review of competitors' loan programs and repayment features.

6 Available for loans made to students attending a degree-granting institution. Graduated Repayment Period (GRP) allows interest-only payments for the initial 12-month period of repayment when the loan would normally begin requiring full principal and interest payments (which typically begins six months after graduation) or during the 12-month period after GRP request is granted, whichever is later. At the time of GRP request, the loan must be current and the borrower must have graduated with no interruption in enrollment and not be more than 30 days delinquent on any student loan. The borrower may request GRP only during the two billing periods immediately preceding and the two billing periods immediately after the loan would normally begin requiring full principal and interest payments. GRP does not extend the loan term. If approved for GRP, the Current Amount Due that is required to be paid each month after the GRP will be higher than it otherwise would have been without GRP, and the Total Loan Cost will increase.

WE RESERVE THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE.

Information advertised valid as of .