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Variable rates:

1.13% APR

to 11.23% APR

Fixed rates:

4.25% APR

to 12.59% APR

Lowest rates shown include the auto debit discount. Only the most creditworthy applicants who choose the interest repayment option may receive the lowest rate.

If federal loans, grants, and scholarships don't cover all of your college costs, our undergraduate student loan can help

Get the money you need to cover tuition, fees, books, housing, meals, travel, and technology, whether you’re studying online or in school.

Repayment options that can lower loan costs

You can choose to defer payments until you’ve left school, or make monthly payments while you’re in school to reduce your overall loan costs.

  • Make a $25 in-school monthly payment—freshman students may save 12% on loan costs
  • Make a monthly payment on your loan’s interest—freshman students may save 23% on loan costs

Explore options to help your student

You can choose to cosign a Sallie Mae® Undergraduate Smart Option Student Loan, or take out a Sallie Mae Parent Loan in your name. These are separate loans with different features and interest rates, so be sure to compare the loans.

For degree-granting institutions

Apply online today—it’s fast and easy.

Fill out some basic information and find out how much you qualify for.

Get started

Borrow responsibly
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.

This information is for undergraduate students attending participating degree-granting schools. Borrowers must be U.S. citizens or U.S. permanent residents if the school is located outside of the United States. Non-U.S. citizen borrowers who reside in the U.S. are eligible with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident) and are required to provide an unexpired government-issued photo ID to verify identity. Applications are subject to a requested minimum loan amount of $1,000. Current credit and other eligibility criteria apply.

Loan amount cannot exceed the cost of attendance less financial aid received as certified by the school. Sallie Mae reserves the right to approve a lower loan amount than the school-certified amount. Miscellaneous personal expenses (such as a laptop) may be included in the cost of attendance for students enrolled at least half time.

Although we do not charge a penalty or fee if you prepay your loan, any prepayment will be applied as outlined in your promissory note—first to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal.

Interest is charged throughout the life of the loan—beginning with disbursement, during school, through any grace/separation period, and ending when the loan is paid in full. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. Payments may be required during the grace/separation period depending on the repayment option selected. Variable rates may increase over the life of the loan. Advertised variable rates reflect the starting range of rates and may vary outside of that range over the life of the loan. Advertised APRs assume a $10,000 loan to a freshman with no other Sallie Mae loans. Borrower or cosigner must enroll in auto debit through Sallie Mae to receive a 0.25 percentage point interest rate reduction benefit. This benefit applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month and may be suspended during periods of forbearance or deferment, if available for the loan.

 This repayment example is based on a typical Smart Option Student Loan made to a freshman borrower who chooses a variable rate and the Fixed Repayment Option for a $10,000 loan, with two disbursements, and a 6.88% variable APR. It works out to 51 payments of $25.00, 119 payments of $136.17 and one payment of $112.58, for a Total Loan Cost of $17,591.81. Variable rates may increase over the life of the loan.

Savings comparison assumes a freshman student with no other Sallie Mae loans receives a $10,000 Smart Option Student Loan with the most common variable rate as of August 2020.

Information advertised valid as of 2/25/2021.


Smart Option Student loans are made by Sallie Mae Bank.