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The Sallie Mae Smart Option Student Loan®

For Graduate Law Students at Degree-Granting Institutions

Loan Servicer

Sallie Mae
1-855-429-9759

SallieMae.com/GradStudent

Variable Interest Rates: 3.25% APR to 8.00% APR
Fixed Interest Rates: 5.74% APR to 8.36% APR

No origination fee and no prepayment penalty.

Pay now or later — choose an in-school repayment option that fits your needs or defer your payments until after school

  • Make interest payments each month
  • Pay $25 per month
  • Defer payments

Repayment term 5 – 15 years of principal and interest payments

Special Features/Benefits

  • Auto Debit Savings — 0.25 percentage point interest rate reduction for automatic debit enrollment.
  • Graduate students who elect to make monthly interest payments while in school will receive an interest rate that is 0.50 percentage points lower than those who choose to defer making payments. This will result in savings for the borrower over the life of the loan.
  • Jump-start your studies with Study StarterSM — new for 2017! Choose up to 120 free minutes of live, online help from Chegg TutorsTM or free access to Chegg Study® with guided Textbook Solutions.
  • Free financial literacy tools and resources, including access to quarterly FICO® Credit Scores for both borrowers and cosigners
  • Graduated Repayment Period — Budget flexibility for graduating students.
  • A residency or internship deferment is available in 12-month increments; limited to a total of 60 months.
  • Death and disability loan forgiveness.
  • Cover an existing balance for an enrollment period within the past 365 days.
  • Borrow up to 100% of the school-certified cost of attendance.

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. 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 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 Fixed and Deferred Repayment Options 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 loan's Current Principal. Variable rates may increase over the life of the loan. Advertised APRs assume a $10,000 loan to a first-year graduate with no other Sallie Mae loans. Graduate student pricing for this loan is limited to students enrolling in a Masters/Doctorate level degree program. Graduate Certificate/Continuing Education course work is not eligible.

This repayment example is based on a typical loan to a first-year graduate borrower who chooses a variable rate and the Fixed Repayment Option for a $10,000 loan, with two disbursements, and a 7.02% variable APR. It works out to 39 payments of $25.00, 59 payments of $224.88 and one payment of $208.42, for a Total Loan Cost of $14,451.34. Variable rates may increase over the life of the loan.

Borrower or cosigner 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 or Designated Amount is successfully withdrawn from the authorized bank account each month, and may therefore be suspended during a forbearance or deferment period.

This promotional benefit is provided at no cost to borrowers with loans that first disburse between May 8, 2017 and April 30, 2018. Borrowers who reside in or attend school in Maine are not eligible for this benefit. No cash value. Terms and Conditions apply. Please visit chegg.com/salliemae/termsandconditions for complete details. This offer expires one year after issuance.

Borrowers and cosigners who have an available FICO® Score, 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.

Available for loans made to students attending a degree-granting institution. Graduated Repayment Period (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 (which typically begins six months after graduation) 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 and the borrower must have graduated with no interruption in enrollment and not be more than 30 days delinquent on any student loan. The borrower may request GRP only during the two billing periods immediately preceding and the two 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 will be higher than it otherwise would have been without GRP, and the Total Loan Cost will increase.

If at any time during the repayment period you enter an approved residency or internship program, you may contact us to request the Residency/Internship Deferment. To apply for the Residency/Internship Deferment, you must submit a form completed by you and an official from the residency or internship program to us for consideration. If you receive the Deferment, the Current Amount Due you will be required to pay each month during the deferment period will reflect the same repayment option that applied to your loan during the in-school period. Deferment periods are issued in up to 12-month increments. You can receive a maximum of five 12-month deferment periods (60-month maximum). Interest is charged during the deferment period and Unpaid Interest may be added to the Current Principal at the end of each deferment period, which will increase the Total Loan Cost.

If a student dies or becomes permanently and totally disabled, Sallie Mae will waive all remaining payments on the loan.

If requesting a loan for a prior enrollment period, less than 365 days can pass from the end of the prior enrollment period to the time of the loan's first disbursement. At the time of the 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.

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.

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 10/25/2017.

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