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
- Low variable rates - 2.25% APR to 9.11% APR2 (Competitive fixed interest rates also available.)
- No origination fees
- Get a Smart Reward® in your Upromise® account of 2% of your scheduled monthly payments that are made on time while in school3
- Earn a 0.25 percentage point interest rate reduction while enrolled to make scheduled monthly payments by automatic debit4
- Applying with a creditworthy cosigner may help you qualify for and/or receive a lower interest rate
- You can apply to release your cosigner after you graduate and make 12 consecutive on-time principal and interest payments5
- Tuition Insurance Benefit: Covers up to $5,000 of tuition lost due to a covered medical withdrawal.6 Available at no cost to the consumer with loans that first disburse 7/1/12 through 10/31/12.
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
Upromise by Sallie Mae® Rewards
- Join Upromise® for free, and earn rewards when you shop online, eat out, buy gas, and more
- 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
Encouraging Responsible Borrowing
Sallie Mae has helped more than 30 million American pay for college since 1972. We encourage students and families to supplement savings by exploring grants, scholarships and federal student loans before they consider a Sallie Mae private education loan.
This information is for borrowers attending degree-granting institutions only. Eligibility requirements apply.
1 Savings based on typical loan to a freshman.
2 Interest rates for the Fixed and Deferred Repayment Options are higher than for loans with the Interest Repayment Option. APRs for borrowers attending non-degree granting institutions range from 7.99% to 14.05% with an origination fee up to 5%. Origination fees mean application or disbursement fees. Variable rates may increase after consummation. Primary borrower can earn 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. Benefit and Upromise membership subject to the terms and conditions of the Upromise service, as may be amended from time to time. Upromise Accounts are not FDIC insured, carry no bank guarantee and may lose value.
3 Primary borrower can earn 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. Benefit and Upromise membership subject to the terms and conditions of the Upromise service, as may be amended from time to time. Upromise Accounts are not FDIC insured, carry no bank guarantee and may lose value.
4 Recurring payment must be successfully deducted from designated account for rate reduction to apply. Benefit suspended during forbearances and deferments.
5 To qualify, borrower must be a U.S. citizen or permanent resident and meet the underwriting requirements when the release request is processed.
6 The Tuition Insurance Benefit is tuition refund insurance that covers up to $2500 per semester ($5000 total per policy) and is available with Loans that first disburse between 7/1/12 and 10/31/12. Borrowers are automatically enrolled at the first loan disbursement. Benefit must be activated within four months of first disbursement to receive twelve months of coverage. To process the benefit your information will be shared with Sallie Mae Insurance Services, their underwriters, and their providers. If the loan is cancelled, coverage terminates. Individuals may be enrolled in only one Tuition Insurance Benefit at a time. Benefit is offered through Sallie Mae Insurance Services, a service of Next Generation Insurance Group, LLC, a licensed insurance producer. For insurance licensing information, click here. Coverage is underwritten by Markel Insurance Company, Deerfield, IL; Administrative Office: Glen Allen, VA.
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 May 20, 2012.
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. Sallie Mae Insurance Services is a registered service mark of and the Sallie Mae Insurance Services Logo is a service mark of Sallie Mae, 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.
