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 3.25% APR to 10.22% 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 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.
- Study StarterSM
Choose up to 120 free tutoring minutes with Chegg TutorsTM or free access to Chegg Study®.4
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.
We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Students and families should evaluate all anticipated monthly loan payments, and how much the student expects to earn in the future, before considering a private student 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 3.25% APR to 8.21% APR. Fixed interest rates from 5.74% APR to 8.56% APR.
Graduated Repayment Period
The Smart Option Student Loan is the first nationwide private student loan offering a Graduated Repayment Period feature6, providing budget flexibility after you finish school. Students who maintain their Sallie Mae loans in good standing can request to make 12 monthly interest-only payments instead of full principal and interest payments after they finish school.7