No origination fee or early repayment penalty2
Choice of variable or fixed interest rate
Multiple repayment options
Variable rates:
2.00% APR
to 12.35% APR3
Fixed rates:
3.75% APR
to 13.72% APR3
Lowest rates shown include the auto debit discount.3 Only the most creditworthy applicants who choose the interest repayment option may receive the lowest rate.
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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 payment4

Freshman students may save 6% on loan costs5

Make a monthly payment on your loan’s interest

Freshman students may save 12% on loan costs5

Parents, you can help your student by cosigning a loan

If you cosign your student’s undergraduate student loan application, their chances of being approved may increase! A cosigner is usually a parent, but can be any adult with good credit.

Apply online—it's fast and easy.

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

For degree-granting institutions

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.

Sallie Mae loans are subject to credit approval, identity verification, signed loan documents, and school certification. This loan is available to students at participating schools and is not intended for students pursuing a graduate degree. Student or cosigner must meet the age of majority in their state of residence. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend school in the U.S., apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident), and provide an unexpired government-issued photo ID. Requested loan amount must be at least $1,000.

1. 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.

2. 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. 

3. Interest is charged starting when funds are sent to the school. 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 borrower who attends school for 4 years and has no prior Sallie Mae loans. The 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. It may be suspended during forbearance or deferment.

4. Examples of typical costs for a $10,000 Smart Option Student Loan with the most common fixed rate, fixed repayment option, 6-month separation period, and two disbursements: For a borrower with no prior loans and a 4-year in-school period, it works out to a 9.63% fixed APR, 51 payments of $25.00, 119 payments of $172.95 and one payment of $121.42, for a Total Loan Cost of $21,977.47. For a borrower with $20,000 in prior loans and a 2-year in-school period, it works out to a 10.07% fixed APR, 27 payments of $25.00, 179 payments of $125.36 and one payment of $49.52 for a total loan cost of $23,163.96. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 10 years.

5. Savings comparison assumes a freshman student with no other Sallie Mae loans receives a $10,000 Smart Option Student Loan with the most common fixed rate as of July 2021.

Information advertised valid as of 6/27/2022.


Smart Option Student loans are made by Sallie Mae Bank.