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Career Training Smart Option Student LoanSM

For Students Attending Non-Degree-Granting Institutions

Loan Servicer

Sallie Mae
866-972-5004
SallieMae.com/CTSmartLoan

Variable rates: from 4.12% APR to 11.52% APR.
Fixed rates: from 6.62% APR to 13.83% APR.

Lowest rates shown include the auto debit discount.

No origination fee and no prepayment penalty.

Interest Repayment Option. Make monthly interest payments while in school.

Fixed Repayment Option. Pay just $25 a month while in school.

Repayment Term 10-15 years of principal and interest payments. Repayment term will vary based on cumulative amount of borrower's loans that are serviced by Sallie Mae.


Special Features/Benefits

  • Auto Debit Savings — 0.25 percentage point interest rate reduction for enrolling in and making monthly payments by automatic debit.
  • Free financial literacy tools and resources, including access to quarterly FICO® Credit Scores for both borrowers and cosigners
  • Borrow up to 100% of the school-certified cost of attendance.
  • Death and disability loan forgiveness. If a student dies or becomes permanently and totally disabled, Sallie Mae will waive all remaining payments on the loan.

Applying with a creditworthy cosigner may help you qualify. Borrowers may apply to release their cosigner from the loan after they graduate, make 12 on-time principal and interest payments, and meet certain credit requirements. Releasing the cosigner will not adversely impact the rate on your loan.


Eligibility

Available to students enrolled full time, half time, and less than half time.

Student or cosigner can initiate the application process at SallieMae.com. It only takes about 15 minutes to apply online and get a credit result.

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.

Explore federal loans and compare to make sure you understand the terms and features. Private student loans that have variable rates can go up over the life of the loan. Federal student loans are required by law to provide a range of flexible repayment options, including, but not limited to, income-based repayment and income-contingent repayment plans, and loan forgiveness and deferment benefits, which other student loans are not required to provide. Federal loans generally have origination fees, but are available to students regardless of income.

This loan is for students at participating non-degree-granting schools. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend a participating 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 to verify their identity. Applications are subject to a requested minimum loan amount of $1,000. Current credit and other eligibility criteria apply.

Interest is charged starting when funds are sent to the school. With the Fixed Repayment Option, 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 are required during the grace/separation period based 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 whose planned term for enrollment is approximately one academic year with no other Sallie Mae loans.

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.

Examples of typical transactions for a $10,000 Career Training Smart Option Student Loan with the most common variable rate, fixed repayment option, 15-month in-school and separation period, and two disbursements: For a borrower with no prior loans, it works out to a 9.31% APR, 15 payments of $25.00, 119 payments of $137.44 and one payment of $102.03, for a total loan cost of $16,832.39. For a borrower with $20,000 in prior loans, it works out to a 9.33% APR, 15 payments of $25.00, 179 payments of $110.70 and one payment of $53.94, for a total loan cost of $20,244.24. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 10 years. Variable rates may increase over the life of the loan.

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, if available for the loan.

Borrowers and cosigners with an available FICO® Score and a Sallie Mae-serviced loan with a current balance greater than $0, may receive their score quarterly after the first disbursement of their loan. The FICO® Score provided to you is the FICO® Score 8 based on TransUnion data. FICO® Scores and associated educational content are provided solely for your own non-commercial personal review, use and benefit. This benefit may change or end in the future. FICO® is a registered trademark of the Fair Isaac Corporation in the United States and other countries.

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.

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: bankruptcy, foreclosure, student loan(s) in default, or 90-day delinquencies in the last 24 months. Requirements are subject to change.

SALLIE MAE RESERVES 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.

Information advertised valid as of 7/22/2021.

Sallie Mae loans are made by Sallie Mae Bank.