The Sallie Mae Smart Option Student Loan® provides you with an alternative to the PLUS Loan for Graduates1. With the Smart Option Student Loan, you can enjoy competitive interest rates, three repayment options and much more. Compare the Sallie Mae Smart Option Student Loan to the Federal PLUS Loan for Graduates before making that important decision:
Smart Option Student Loan
PLUS Loan for Graduates5
Variable Interest Rate
LIBOR + 2.00% to LIBOR + 7.25%
(2.50% to 7.51% APR)2
Fixed Interest Rate
5.75% to 8.88%
(5.74% to 8.56% APR)2
6.31% for Academic Year 2016-17 loans.
4.272% for loans first disbursed on or after October 1, 2015 and before October 1, 2016
4.276% for loans first disbursed on or after October 1, 2016 and before October 1, 2017
Less Than Half Time
To students attending full time, half time, or less than half time.
You must be enrolled at least half time.
0.25 percentage point interest rate reduction for automatic debit enrollment.4
0.25 percentage point interest rate reduction for automatic debit enrollment.
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.