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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 5.74% APR to 13.11% APR.

Lowest rate shown includes 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 5-15 years of principal and interest payments. Repayment term will vary based on several factors, including loan amount and year in school.


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 ensure you understand the terms and features. Career Training Smart Option 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 information is for students attending participating non-degree-granting schools. Borrowers must be U.S. citizens or U.S. permanent residents if the school is located outside of the United States. Non-U.S. citizen borrowers who reside in the U.S. are eligible with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident) and are required to provide an unexpired government-issued photo ID to verify identity. Applications are subject to a requested minimum loan amount of $1,000. Current credit and other eligibility criteria apply.

Interest is charged starting at disbursement, during school and the separation/grace period, and until the loan is paid in full. 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. 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 you a penalty or fee if you prepay your loan, any prepayment will be applied as provided in your promissory note: First to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal.

This repayment example is based on a typical Career Training Smart Option Student Loan made to a borrower (planning to be enrolled for approximately one academic year), who chooses a variable rate and the Fixed Repayment Option for a $10,000 loan, with two disbursements, and a 13.11% variable APR. It works out to 15 payments of $25.00, 119 payments of $167.58 and one payment of $91.38, for a Total Loan Cost of $20,408.40. Variable rates may increase over the life of the loan.

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 and may be suspended during periods of forbearance or deferment, if available for the loan.

Borrowers and cosigners who have an available FICO® Score and a Sallie Mae 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, and is the same score that Sallie Mae uses, along with other information, to manage your account. 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: open bankruptcy, open foreclosure, student loan(s) in default, or 90-day delinquencies in the last 24 months. Requirements are subject to change. Shortest qualification period based on a May 31, 2019 review of national private loan programs offered by publicly-traded competitors.

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 11/25/2019.

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