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Private Student Loans for Undergraduates

Smart Option Student Loan®

Financing an undergraduate education is simpler than it may seem. Our Smart Option Student Loan offers undergraduates the choice of three repayment options2:

  • Deferred repayment - pay later
  • Fixed repayment - pay less now
  • Interest repayment - pay more now

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Career Training Smart Option Student Loan®

If you're a qualifying student who's attending a non-degree-granting institution for career training, our Career Training Smart Option Student Loan can help finance your education with competitive interest rates and a choice of repayment options.

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Additional private student loan information for undergraduates

As an undergraduate student, you have a lot on your mind — whether it's moving away from home and adjusting to college life, or studying hard to make those grades. Moreover, many students first get involved with major finances — such as student loans — during their undergraduate years, adding to the responsibility of being a college student.

Sallie Mae helps simplify the process of financing an undergraduate education, with a selection of competitive private student loans. With loan features such as competitive interest rates, full education coverage, a choice of repayment-options, and rewards for paying loans on time, you can worry less about financing your education — and invest more of your energy towards being a student.


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Call us at (877) 279-7172(877) 279-7172

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Important things to know about private student loans

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A cosigner can really pay off

A cosigner can help you qualify
If a parent or other creditworthy individual cosigns the loan with you, it may give you a better chance of approval.

Cosigner release available
After graduation a borrower may apply for their cosigner to be released from the loan once they have made 12 consecutive, on-time principal and interest payments and meet certain credit requirements.

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Parents - Looking for a loan for your child?

It's important to explore your options. Click here to learn about the differences between the Sallie Mae Smart Option Student Loan® and the PLUS Loan for Parents.


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Encouraging Responsible Borrowing

Sallie Mae has helped more than 34 million Americans pay for college since 1972. 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.

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. You must meet current credit and other eligibility criteria.

1 Sallie Mae reserves the right to approve a lower loan amount than the school certified amount. Some requested amounts may require multiple loans.

2 Interest rates for the Fixed and Deferred Repayment Options are higher than interest rates for the Interest Repayment Option. 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.

3 Only the borrower may apply for cosigner release. Borrower must provide proof of graduation (or successful completion of certification program), income, and citizenship (if it has changed since you applied). Borrower must also be a U.S. citizen or permanent resident; meet the age of majority in their state; be current on all Sallie Mae serviced loans and make 12 consecutive on-time principal and interest payments on each loan requested for release immediately before applying; not have been reported to a consumer reporting agency as 90+ days delinquent in the past 24 months; not be in hardship forbearance or a modified repayment program; have no student loan(s) in default; and pass a credit review that demonstrates a satisfactory credit history and the ability to assume full responsibility of the loan(s) individually when the release request is processed. Requirements are subject to change.

Smart Option Student Loans and Career Training Smart Option Student Loans are made by Sallie Mae Bank or a lender partner.

Information advertised valid as of 1/25/2016.