Sallie Mae Home  Undergraduates  Smart Option Student Loan  Career Training Smart Option Student Loan  Graduates  Smart Option Student Loan  Medical Residency and Relocation Loan  Dental Residency and Relocation Loan  Bar Study Loan  Parents  Sallie Mae Parent Loan  K-12  Managing Your Loans  Banking  Insurance  Credit Card  Upromise Rewards  Plan for College  Saving for College  Scholarships for College  College Grants  Financial Aid  Types of Student Loans  The College Planning Toolbox  How America Pays for College  How America Saves for College   Sallie Mae Sweepstakes and Scholarships  Contact Us  Feedback 
Manage & Pay Loans
To log into your student loan account, go to the home page and tap Login again. We’re sorry for this temporary technical issue.
 
Banking  Upromise Rewards  Finish a saved loan application  Cosign a student loan application  Check loan application status 

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 — 2.62% APR to 9.69% APR.1
  • Competitive fixed interest rates — 5.74% APR to 11.85% APR.1
  • Lower rates for graduate students — Variable interest rates range from 2.62% APR to 7.62% 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
  • Loan forgiveness in the event of a student's death or permanent and total disability.
  • Graduated Repayment Period5 — 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.6

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 be attending or have attended a participating school located in the U.S. during an eligible prior enrollment period. You must be a U.S. citizen or a permanent resident or a Non-U.S. citizen borrower 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 Fixed and Deferred Repayment Options are higher than interest rates for the Interest Repayment Option. You’re charged interest starting at disbursement, while in school and during your six-month separation or grace period. When you enter principal and interest repayment, Unpaid Interest will be added to your loan’s Current Principal. Variable rates may increase over the life of the loan. Advertised APRs assume a $10,000 loan to a freshman or first-year graduate, as applicable, with no other Sallie Mae loans. Graduate student pricing for this loan is limited to students enrolling in a Masters/Doctorate level degree program. Graduate Certificate/Continuing Education course work is not eligible.

2 This repayment example is based on a typical loan to a freshman borrower who chooses a variable rate and the Fixed Repayment Option for a $10,000 loan, with two disbursements and a 7.55% APR. It works out to 51 payments of $25.00, 119 payments of $144.47 and one payment of $115.69, for a Total Loan Cost of $18,582.62. Variable rates may increase over the life of the loan. This repayment example is based on a typical loan to a first-year graduate borrower who chooses a variable rate and the Fixed Repayment Option for a $10,000 loan, with two disbursements and a 6.52% APR. It works out to 27 payments of $25.00, 59 payments of $210.61 and one payment of $196.73, for a Total Loan Cost of $13,297.72. Variable rates may increase over the life of the loan.

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 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.

6 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.