Career Training Smart Option Student Loan®

For Students Attending Non-Degree-Granting Institutions

Loan Servicer

Sallie Mae
1-866-972-5004
SallieMae.com/CTSmartLoan

Variable Interest Rates from 5.12% APR to 12.25% APR.

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 automatic debit enrollment.
  • 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.


Elligibilty

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.

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.

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 borrowers attending non-degree-granting institutions only. 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.

Interest rates for the Fixed Repayment Option are higher than interest rates for the Interest Repayment Option. You’re charged interest starting at disbursement, while in school and during your six-month separation or grace period. When you enter principal and interest repayment, Unpaid Interest will be added to your Current Principal. Variable rates may increase 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.

This repayment example is based on a typical loan 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 12.25% variable APR. It works out to 15 payments of $25.00, 119 payments of $160.43 and one payment of $95.13, for a Total Loan Cost of $19,561.30. Variable rates may increase over the life of the loan.

Either the borrower or cosigner (not both) must enroll in auto debit through Sallie Mae. The rate reduction benefit applies only during active repayment for as long as the Current Amount Due is successfully deducted from the designated bank account each month and is suspended during forbearances and certain deferments.

Borrowers and cosigners may receive their FICO® Score quarterly after the first disbursement of their loan. FICO® Scores are delivered only to borrowers and cosigners who have an available score, are based on data from TransUnion, and may be different from other credit scores. 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.

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.

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.

Information advertised valid as of 2/27/2017.

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