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Sallie Mae® Smart Option Student Loan® for Degree Granting Institutions
By making interest payments while in-school and taking advantage of the Smart Option Student Loan's shorter repayment term, you can save over 25% 1 on your total loan cost compared to a traditional private student loan with deferred payments and a 15-year repayment term.
Apply for the Sallie Mae Smart Option Student Loan
Benefits
- Competitive rates - 2.37% APR to 9.23% APR 2
- No origination fees 2
- Get a 2% Smart Reward® in your Upromise® account when you make scheduled monthly payments on time while in school 3
- Earn a 0.25 percentage point interest rate reduction while enrolled in automatic debit 4
- Applying with a creditworthy cosigner may help you qualify and/or receive a lower interest rate
- You can apply for cosigner release after you graduate and make 12 consecutive on-time principal and interest payments 5
Apply With a Co-signer
While not required, we strongly encourage undergraduate students to apply with a creditworthy co-signer if they may have difficulty qualifying for a loan due to limited income and credit history. This may increase an applicant's chances of approval and of possibly obtaining a better interest rate.
Features
- No prepayment penalty
- Applying online is easy - it only takes about 15 minutes to apply and get a credit result
- 24/7 online account management
Loan Terms
- Borrow up to 100% of your school certified education costs (minimum $1,000)
- Full principal and interest payments begin six months after you leave school
Apply for the Sallie Mae Smart Option Student Loan
Eligibility
You must attend an eligible school and be enrolled in an eligible program. U.S. citizens enrolled in eligible study abroad programs or studying at medical schools outside the United States are also eligible. International students are eligible with a creditworthy cosigner (who must be a U.S. citizen or permanent resident) and appropriate U.S. Citizenship and Immigration Service documentation. You must meet current credit and other eligibility criteria.
Upromise by Sallie Mae® Rewards
- Join Upromise® for free, and earn rewards when you shop online, eat out, buy gas, and more Earn a 2% Smart Reward in your Upromise® account when you make scheduled monthly payments on time while in school
- Use your Upromise® earnings to help pay down eligible Sallie Mae student loans or request a check to pay for college or other expenses like books, food, and more
1 Savings based on typical loan to a freshman borrower attending a degree-granting institution.
2 Competitive rates based on November 11, 2011 review of rates of national competitors. Rates and fees shown are available for the Smart Option Student Loan and are available for borrowers attending degree-granting institutions only. Interest rates on loans with the Fixed and Deferred Repayment Options are higher than rates on loans with the Interest Repayment Option. APRs for borrowers attending non- degree granting institutions range from 8.13% to 13.88% with an origination fee up to 5%. Origination fees mean application or disbursement fees. Interest rates are variable and may increase after consummation.
3 While a Upromise member, primary borrower (must be of age of majority - typically 18 years old) can earn reward into his or her Upromise account of 2% of the scheduled loan payment amount for each on time payment during the in school and separation periods. After two consecutive past due payments, the loan is no longer eligible for the reward. Benefit subject to the terms and conditions of the Upromise service (as may be amended from time to time), including without limitation, restrictions on conversion, transfer and redemption of rewards, reward denomination, including whether and under what circumstances the rewards have independent cash value, and terms relating to fees and/or the forfeiture of rewards. Upromise Accounts are not FDIC insured, carry no bank guarantee and may lose value.
4 Recurring automatic monthly payment must be successfully deducted from designated bank account for rate reduction to apply. Benefit suspended during periods of forbearance and certain deferments.
5 To qualify for cosigner release, borrower must meet age of majority requirements, be a U.S. citizen or permanent resident and meet the underwriting requirements when the release request is processed.
SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES AND BENEFITS AT ANY TIME WITHOUT NOTICE. CHECK THE SALLIE MAE WEBSITE (www.salliemae.com) TO OBTAIN THE MOST UP-TO-DATE PRODUCT INFORMATION.
Information advertised valid as of December 15, 2011.
The Sallie Mae logo is a service mark of, and Sallie Mae, Sallie Mae Bank, Smart Reward, and Smart Option Student Loan are registered service marks of Sallie Mae, Inc. Upromise is a registered service mark of Upromise, Inc. SLM Corporation and its subsidiaries, including Sallie Mae, Inc. and Upromise, Inc., are not sponsored by or agencies of the United States of America.
Smart Option Student Loans are made by Sallie Mae Bank® or a lender partner.
