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 2.25% APR to 9.37% APR. We also offer fixed interest rates from 5.74% APR to 11.85% APR.
- Rewards for paying on time2
Get a Smart Reward® in your Upromise® account of 2% of your scheduled monthly in-school 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.
- Choose the repayment option that's best for you1
Deferred Repayment, Fixed Repayment, or Interest Repayment.
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
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.
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.
Lower rates for graduate students1
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 feature6, 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.7