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The Sallie Mae® Smart Option Student Loan®

The Sallie Mae Smart Option Student Loan® For Degree-Granting Institutions

With college costs growing fast, it’s time to borrow smarter. The Smart Option Student Loan offers multiple repayment options and competitive interest rates to help you pay for college expenses not covered by scholarships and federal loans.

Benefits

  • Variable interest rates — 2.50% APR to 9.59% APR.1
  • Competitive fixed interest rates — 5.74% APR to 11.85% APR.1
  • Lower rates for graduate students — Variable interest rates range from 2.50% APR to 7.51% APR.1 Competitive fixed interest rates are 5.74% APR to 8.56% APR.1
  • Three repayment options1: Pay monthly interest or $25 per month2 while in school or defer payments until after you graduate.
  • No origination fee and no prepayment penalty.
  • Borrow up to 100% of the school-certified cost of attendance.3
  • Receive a 0.25 percentage point interest rate reduction while enrolled to make scheduled monthly payments by automatic debit.4
  • Smart Reward® – Cash Back on In-school Payments — Students who become Upromise® members (which is free to join) and choose the Interest or Fixed Repayment option can get a Smart Reward in their Upromise account of 2% of their scheduled monthly payments that are made on time while in school.5 NOTE: This benefit is NOT available for the Deferred Repayment Option of Smart Option Student Loan.
  • Loan forgiveness in the event of a student's death or permanent and total disability.
  • Graduated Repayment Period6 — Budget flexibility for graduating students.
  • 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.7

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.

 
 

This information is for borrowers attending degree-granting institutions only. You must attend a participating school or have attended one in an eligible prior enrollment period. You must be a U.S. citizen or a permanent resident or a Non-U.S. citizen borrower who is attending or has attended a school located in the U.S. applying 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.

1 Interest rates for the Fixed and Deferred Repayment Options are higher than interest rates for the Interest Repayment Option. Graduate student pricing on the Smart Option Student Loan is limited to students enrolling in a Masters/Doctorate level degree program. Graduate Certificate/Continuing Education course work is not eligible for graduate student pricing. Variable rates may increase after consummation. Interest is charged while you are in school and during the 6-month separation period. Unpaid Interest will be added to the Current Principal when you enter principal and interest repayment.

2 This informational repayment example uses typical loan terms available to a freshman borrower who elects the Fixed Repayment Option and has a $10,000.00 loan with two disbursements and a 7.44% variable APR: 51 payments of $25 per month, 119 payments of $143.06, and one payment of $115.21, for a Total Loan Cost of $18,414.35. This informational repayment example uses typical loan terms available to a first-year graduate borrower who elects the Fixed Repayment Option and has a $10,000.00 loan with two disbursements and a 6.40% variable APR: 27 payments of $25, 59 payments $209.46 and one payment of $195.96, for a Total Loan Cost of $13,229.10.

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

4 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.

5 Primary borrower must enroll in Upromise to be eligible to earn a reward into his or her active Upromise account of 2% of the Current Amount Due in each month it is paid on-time during the in-school and separation periods. If paid ahead, the reward will be based on the regularly scheduled monthly payment amount. The loan must remain current to be eligible for the reward. The Smart Reward Benefit and Upromise membership are subject to the terms and conditions of the Upromise service, as may be amended from time to time. Terms and conditions apply to the Upromise service. Participating companies, contribution levels and terms and conditions are subject to change at any time without notice. Go to Upromise.com to learn more. Upromise accounts are not FDIC insured, carry no bank guarantee and may lose value.

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.

7 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.

Information advertised valid as of .

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.

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