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Private Student Loans for Undergraduates

Smart Option Student Loan®

Our Smart Option Student Loan helps make college happen by offering undergraduates the choice of three repayment options while in school and for six months after school.2


  • 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, and a choice of repayment options, you can worry less about financing your education — and invest more of your energy towards being a student.

 
 

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Get help deciding which loan is right for you.
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 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
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.

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

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. 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.

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 .

WE RESERVE THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE. CHECK SALLIEMAE.COM FOR THE MOST UP-TO-DATE PRODUCT INFORMATION.