Smart Option Student Loan® for Career Training

For students attending non-degree-granting institutions

Variable rates: 5.37% APRfootnote 1  to 15.89% APRfootnote 1
Fixed rates: 4.50% APRfootnote 1 to 15.10% APRfootnote 1


Lowest rates shown include the auto debit discount.

Repayment term: 10 – 15 years of principal and interest payments.footnote 2 

Repayment options

Three repayment optionsfootnote 1: Pay monthly interest or $25 per monthfootnote 2 while in school or defer payments until after you graduate. Choose the repayment option that fits your needs.

Special features/benefits
  • No origination fee and no prepayment penaltyfootnote 3
  • Auto debit savings: 0.25 percentage point interest rate reduction for enrolling in and making monthly payments by automatic debit.footnote 4
  • Access to quarterly FICO® Credit Scores for both borrowers and cosigners.footnote 5
  • Graduated Repayment Periodfootnote 6: Request to make 12 monthly interest-only payments after you finish school
  • Death and disability loan forgivenessfootnote 7
  • Cover an existing balance for an enrollment period within the past 365 days.footnote 8
  • Borrow up to 100% of the school-certified cost of attendancefootnote 9
  • 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 requirementsfootnote 10
Enrollment eligibility

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

It only takes about 15 minutes to apply online and get a credit result.


footnote 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.

footnote Loans for Undergraduate & Career Training Students are not intended for graduate students and are subject to credit approval, identity verification, signed loan documents, and school certification. Student must attend a participating school. Student or cosigner must meet the age of majority in their state of residence. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend 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. Requested loan amount must be at least $1,000.

footnote 1. Advertised APRs for career training students assume a $10,000 loan to a student who attends school for 2 years and has no prior Sallie Mae-serviced loans. Interest rates for variable rate loans may increase or decrease over the life of the loan based on changes to the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent.  Advertised variable rates are the starting range of rates and may vary outside of that range over the life of the loan. Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, 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. To receive a 0.25 percentage point interest rate discount, the borrower or cosigner must enroll in auto debit through Sallie Mae. The discount 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.

footnote 2. Examples of typical costs for a $10,000 Smart Option Student Loan with the most common fixed rate, fixed repayment option, 6-month separation period, and two disbursements: For a borrower with no prior loans and a 2-year in-school period, it works out to a 10.73% fixed APR, 27 payments of $25.00, 119 payments of $160.63 and one payment of $107.39, for a Total Loan Cost of $19,897.36. For a borrower with $10,000 in prior loans and a 1-year in-school period, it works out to a 10.92% fixed APR, 15 payments of $25.00, 143 payments of $136.14 and one payment of $74.20 for a total loan cost of $19,917.22. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 10 years.

footnote 3. 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. 

footnote 4. 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. 

footnote 5. 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.

footnote 6. 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 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. The borrower may request GRP only during the six billing periods immediately preceding and the twelve 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 ends will be higher than it otherwise would have been without GRP, and the total loan cost will increase.

footnote 7. If a student dies or becomes permanently and totally disabled, the current balance of the loan will be waived.

footnote 8. No more than 365 days can pass from the loan period end date to the first disbursement of the loan. At the time of request, the student must be enrolled, intending to enroll, or have graduated. The student must have been enrolled during the prior enrollment period for which the loan is requested and must not have withdrawn with no intention of re-enrolling, as verified by the school.

footnote 9. For applications submitted directly to Sallie Mae, loan amount cannot exceed the cost of attendance less financial aid received, as certified by the school. Applications submitted to Sallie Mae through a partner website may be subjected to a lower maximum loan request amount. Miscellaneous personal expenses (such as a laptop) may be included in the cost of attendance for students enrolled at least half-time.  

footnote 10. Only the borrower may apply for cosigner release. To do so, they must first meet the age of majority in their state and provide proof of graduation (or completion of certification program), income, and U.S. citizenship or permanent residency (if their status has changed since they applied). In the last 12 months, the borrower can’t have been past due on any loans serviced by Sallie Mae for 30 or more days or enrolled in any hardship forbearances or modified repayment programs. In addition, the borrower must have paid ahead or made 12 on-time principal and interest payments on each loan requested for release. The loan can’t be past due when the cosigner release application is processed. The borrower must also demonstrate the ability to assume full responsibility of the loan(s) individually and pass a credit review when the cosigner release application is processed 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. 

footnote SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE.

footnote Information advertised valid as of 1/25/2023.

footnote Sallie Mae loans are made by Sallie Mae Bank.

footnote Sallie Mae compensates partners for their referral of student loan customers.