Smart Option Student Loan® for Graduate Students
For Degree-Granting Institutions For Degree-Granting Institutions
An alternative to the PLUS Loan for graduate students
Variable and fixed loan interest rates with APRs that can be lower than the PLUS Loan for highly qualified graduate students.1 — See how they compare
Quarterly FICO® Credit Scores are now available online for free
You can now view your quarterly FICO® Score by logging into your Sallie Mae® account. You'll also receive access to the key factor(s) affecting your score and educational content to help you understand why viewing your FICO® Score is important. This free benefit is available to both borrowers and cosigners.
Choice and savings
- Interest Repayment Option: Pay interest while in school and benefit from lower rates.
- Fixed Repayment Option: Pay just $25 a month while in school.
- Deferred Repayment Option: Make no payments during school - or pay as much as you'd like with no penalty - for maximum budget flexibility.
Competitive variable and fixed interest rates
- No origination fees and no prepayment penalties.
Earn rewards for paying on time
- Get a Smart Reward® in your Upromise® account of 2% of your scheduled monthly payments that are made on time while in school, with the Interest or Fixed Repayment Options.6
- Get a 0.25 percentage point interest rate reduction while enrolled to make scheduled monthly payments by automatic debit.7
Manage your budget with the Graduated Repayment Period
The Smart Option Student Loan is the only nationwide private student loan offering a Graduated Repayment Period feature, providing budget flexibility for graduating students. Students who graduate and maintain their Sallie Mae loans in good standing can request to make 12 interest-only payments instead of full principal and interest payments after their separation period.
- Variable interest rates from % APR to % APR.
- Fixed interest rates from % APR to % APR.
- 0.25 percentage point interest rate reduction while enrolled to make scheduled monthly payments by automatic debit.
- Borrow up to 100% of your school-certified cost of attendance.
- No origination fees.
- Choose the repayment option that works for you while you are in school4 - defer all payments, pay just $255 a month, or pay only the interest on your loan.
- Full principal and interest payments begin six months after you leave school for all repayment options. With our Graduated Repayment Period feature, graduate students who maintain their Sallie Mae Loans in good standing can request to make 12 interest-only payments instead of full principal and interest payments after their separation period.9
- No prepayment penalty, regardless of the repayment option you choose.
Get help deciding which loan is right for you.
Call us at (877) 279-7172(877) 279-7172
Manage your loan
A cosigner can really pay off
A cosigner can help you qualify
Applying with a creditworthy cosigner may give you a better chance of approval.
Cosigner release available
After graduation a borrower may apply for their cosigner to be released from the loan once they have made 12 consecutive, on-time principal and interest payments and meet certain credit requirements.10
Weighing your options
It's important to explore your options. Click here to learn about the differences between the Sallie Mae Smart Option Student Loan® and the PLUS Loan for Graduates.