This information is for borrowers attending degree-granting institutions only. You must attend a participating school or have attended one in an eligible prior enrollment period. You must be a U.S. citizen or a permanent resident or a Non-U.S. citizen borrower who is attending or has attended a school located in the U.S. applying 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.
1 Explore federal loans and compare to ensure you understand the terms and features.
Smart Option Student Loans that have variable rates can go up after consummation.
Federal student loans are required by law to provide a range of flexible repayment options, including, but not limited to, Graduated Repayment and Extended 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.
2 Interest rates for the Fixed and Deferred Repayment Options are higher than interest rates for 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.
Unpaid Interest will be added to the Current Principal when you enter principal and interest repayment.
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.
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 7.44% variable APR: 51 payments of $25 per month, 119 payments of $143.06, and one payment of $115.21, for a Total Loan Cost of $18,414.35.
Variable rates may increase after consummation.
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.
Primary borrower must enroll in Upromise to be eligible to earn a reward into his or her active Upromise account of 2% of the Current Amount Due in each month it is paid on-time during the in-school and separation periods. If paid ahead, the reward will be based on the regularly scheduled monthly payment amount. The loan 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.
This information about federal student loans was gathered on December 15, 2015 from http://studentaid.ed.gov.
Rates, fees and availability of federal loan products are subject to change by the Federal Government. Check http://studentaid.ed.gov/ for the most up-to-date information about federal loan products.
Smart Option Student Loans are made by Sallie Mae Bank or a lender partner.
Information advertised valid as of .
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.