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Undergraduate Smart Option Student Loan®

 
  • Competitive loan interest rates
  • No origination fees
  • Get up to 100% of your school-certified cost of attendance (minimum $1,000).1

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For degree-granting institutions

 
 

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A cosigner can really pay off


A cosigner can help you qualify

If a parent or other creditworthy individual cosigns the loan with you, it can help lower your interest rate - and give you a better chance of approval.

Easier cosigner release
You can apply to release your cosigner after you graduate and make 12 consecutive, on-time principal and interest payments.

Parents - Looking for a loan for your child?

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 Parents.


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Call us at 877-279-7172

A cosigner can really pay off

A cosigner can help you qualify
If a parent or other creditworthy individual cosigns the loan with you, it can help lower your interest rate - and give you a better chance of approval.

Easier cosigner release
You can apply to release your cosigner after you graduate and make 12 consecutive, on-time principal and interest payments.

Learn more

Encouraging Responsible Borrowing

Sallie Mae has helped more than 30 million Americans pay for college since 1972. We encourage students and families to supplement their savings by exploring grants, scholarships, 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.

 
 
For Degree-Granting Institutions

The simple and smart school loan option for undergraduate students

Choosing our Smart Option Student Loan® as your undergraduate school loan solution offers various financial and educational benefits, including competitive interest rates, a choice of repayment options, and rewards for paying your undergraduate student loans on time while in school. Plus, you can borrow up to 100% of your school-certified cost of attendance (minimum $1,000).1

New! Free Quarterly FICO® Credit Score

Borrowers who have a loan disbursed during the 2014-15 academic year may receive their FICO® Score quarterly. You'll also receive access to the two key factors affecting your score, and educational content to help you understand why monitoring your FICO® Score is important.

Choose your repayment option3
  • Deferred Repayment Option. Make no payments during school—or pay as much as you'd like—for maximum flexibility.
  • Fixed Repayment Option. Pay just $25 a month4 while in school, and you can benefit from an average savings of over 10% on your total undergraduate loan cost, compared to our deferred repayment option.5
  • Interest Repayment Option. Pay interest while in school and you can enjoy average savings of over 20% on your total loan cost, when compared to our deferred repayment option.5
Choose a variable or fixed interest rate
  • No origination fees and no prepayment penalties.
Get the money you need for school
  • Borrow up to 100% of your school-certified cost of attendance (minimum $1,000).
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.
  • Get a 0.25 percentage point interest rate reduction while enrolled to make scheduled monthly payments by automatic debit.
Manage your budget with a 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.

Encouraging Responsible Borrowing

Sallie Mae has helped more than 30 million Americans pay for college since 1972. We encourage students and families to supplement their savings by exploring grants, scholarships, 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.

For Degree-Granting Institutions
Interest Rates
  • Variable interest rates from 2.25% APR to 9.37% APR3
  • Fixed interest rates from 5.74% APR to 11.85% APR3
  • 0.25 percentage point interest rate reduction while enrolled to make scheduled monthly payments by automatic debit.7
Loan Limits
  • Borrow up to 100% of your school-certified cost of attendance (minimum $1,000).
Fees
  • No origination fees.
Repayment Terms
  • Choose the repayment option that works for you while you are in school3 - defer all payments, pay just $254 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 plans. With our Graduated Repayment Period feature, graduating 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 plan you choose.

Encouraging Responsible Borrowing

Sallie Mae has helped more than 30 million Americans pay for college since 1972. We encourage students and families to supplement their savings by exploring grants, scholarships, 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.

Get Started  

New! Free Quarterly FICO® Credit Score

Borrowers who have a loan disbursed during the 2014-15 academic year may receive their FICO® Score quarterly. You'll also receive access to the two key factors affecting your score, and educational content to help you understand why monitoring your FICO® Score is important.

Choose your repayment option

Deferred Repayment Option
Make no payments during school — or pay as much as you'd like — for maximum flexibility.3

Fixed Repayment Option
Pay just $25 a month4 while in school3, and you can benefit from an average savings of over 10% on your total undergraduate loan cost, compared to our deferred repayment option.5

Interest Repayment Option
Pay interest while in school and you can enjoy average savings of over 20% on your total loan cost, when compared to our deferred repayment option.5

Choose a variable or fixed interest rate

No origination fees and no prepayment penalties.

Get the money you need for school

Borrow up to 100% of your school-certified cost of attendance (minimum $1,000).1

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 a graduated repayment period

The Smart Option Student Loan is the only nationwide private student loan offering a Graduated Repayment Period feature8, 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.9

Get Started  

Interest Rates

Variable interest rates from 2.25% APR to 9.37% APR.3

Fixed interest rates from 5.74% APR to 11.85% APR.3

0.25 percentage point interest rate reduction while enrolled to make scheduled monthly payments by automatic debit.7

Loan Limits

Borrow up to 100% of your school-certified cost of attendance (minimum $1,000).1

Fees

No origination fees.

Repayment Terms

Choose the repayment option that works for you while you are in school - defer3 all payments, pay just $25 4 a month3, or pay only the interest on your loan.

Full principal and interest payments begin six months after you leave school for all repayment plans. With our Graduated Repayment Period feature, graduating 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 plan you choose.

Get Started  

 
 

This information is for borrowers attending degree-granting institutions only. Credit criteria and eligibility requirements apply.

1 As certified by your school and confirmed by Sallie Mae, less other financial aid received. Sallie Mae reserves the right to approve a lower loan amount than what the school has certified. Requested amounts exceeding $99,999 may require multiple loans.

2 Your FICO® Credit Score is based on data from TransUnion and may be different from other credit scores. FICO® Scores are delivered only to borrowers who have an available score. You will receive your FICO® Score quarterly after your student loan is fully disbursed. 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.

3 Interest rates for the Fixed and Deferred Repayment Options are higher than for loans with the Interest Repayment Option. Variable rates may increase after consummation. Interest is charged while you are in school and during the 6 month separation period. Any interest that remains unpaid when you enter full repayment will be added to your loan balance.

4 This informational repayment example uses typical loan terms available to a freshman borrower who elects the fixed repayment option and has a $10,000.00 loan with two disbursements and a 7.21% variable APR: 51 payments of $25, 119 payments of $140.28 and one payment of $114.17, for a total paid of $18,082.49.

5 Savings based on typical loan to a freshman.

6 Primary borrower can earn a reward into his or her active Upromise account of 2% of the scheduled loan payment amount for each on-time payment during the in-school and separation periods. Loan payments must remain current to be eligible for the reward. The Smart Reward Benefit and Upromise membership are subject to the terms and conditions of the Upromise service, as may be amended from time to time. Terms and conditions apply to the Upromise service. Participating companies, contribution levels and terms and conditions are subject to change at any time without notice. Go to upromise.com to learn more. Upromise accounts are not FDIC insured, carry no bank guarantee and may lose value.

7 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 borrower's monthly payment amount is successfully deducted from the designated bank account and is suspended during forbearances and certain deferments. For multi-party loans, only one party may enroll in auto debit.

8 Based on a 4/23/14 review of competitors loan programs and repayment features.

9 Available for loans that first disburse on or after July 1, 2013 to finance academic periods that begin on or after July 1, 2013 at a degree-granting institution. Graduated Repayment Period (GRP) requires interest payments for the initial 12 month period of repayment when you would normally begin making full principal and interest payments (which typically begins six months after graduation) or during the 12 month period after your request is granted, whichever is later. At the time you request GRP, you must have graduated with no interruption in enrollment, be current on payments, and not be more than 30 days late on payments on any student loan. You may request GRP only during the two billing cycles immediately preceding and the two billing cycles immediately after your loan would normally begin requiring full principal and interest payments. GRP does not extend the term of the loan. If you are approved for GRP, your principal and interest payments will be higher than if GRP did not apply, and your total loan cost will increase.

10 Only the borrower may apply for cosigner release. The borrower must provide proof of successful completion of school, be a U.S. citizen or permanent resident, be current and have made 12 consecutive on-time payments of principal and interest immediately before applying, and meet our credit underwriting criteria in effect when the release request is processed.

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

Information advertised valid as of 6/25/2014.

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.

Sallie Mae, Smart Option Student Loan, Smart Reward, and the Sallie Mae logo are service marks or registered service marks of Sallie Mae Bank or its subsidiaries.

Upromise and the Upromise logo are registered service marks of Upromise, Inc.