Sallie Mae® Smart Option Student Loan® for Degree Granting Institutions
When grants, scholarships, and federal aid are not enough, choose the Smart Option Student Loan. You can apply for the money you need for college, and the flexibility you want.
- Competitive variable interest rates - 2.25% APR to 9.37% APR1 (Competitive fixed interest rates also available)
- No origination fees and no prepayment penalties
- Get a 0.25 percentage point interest rate reduction while enrolled to make scheduled monthly payments by automatic debit2
- Borrow up to 100% of your school-certified cost of attendance (minimum $1,000)3
- Applying with a creditworthy cosigner may help lower your interest rate and give you a better chance of approval
- After graduation a borrower may apply for their cosigner to be released from the loan once they have made 12 consecutive, on-time principal and interest payments and meet certain credit requirments.4
- Students who become Upromise® members (which is free to join) and choose the Interest or Fixed Repayment Option can get a Smart Reward in their Upromise account of 2% of their scheduled monthly payments that are made on time while in school5
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.
- A quick credit result. Applying online is fast and easy. It only takes about 15 minutes to apply and get a credit result.
- No prepayment penalty
- 24/7 online account management
Upromise by Sallie Mae® Rewards
- Join Upromise® for free, and earn cash back by shopping online, buying groceries, filling up the tank, 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 Americans pay for college since 1972. We encourage students and families to supplement 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.
This information is for borrowers attending degree-granting institutions only. Credit criteria and eligibility requirements apply.
1Interest 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.
2Either 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 borrower's monthly payment amount is successfully deducted from the designated bank account and is suspended during forbearances and certain deferments.
3As 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.
4The release of a cosigner is at the sole discretion of Sallie Mae. Only the borrower may apply for cosigner release. The borrower must provide proof of graduation or successful completion of certification program, not be delinquent and have made 12 consecutive on-time payments of principal and interest immediately before applying, provide proof of income, pass a credit review that demonstrates a satisfactory credit history and the ability to assume full responsibility of the loan(s) individually, have no student loan(s) in default, must not be reported as 90+ days delinquent in the past 24 months, must not be in hardship forbearance and/or in a modified repayment program, be a U.S. citizen or permanent resident, and meet the age of majority in their state. Requirements are as of October 13, 2014, and are subject to change.
5Primary 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.
Information advertised valid as of August 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.
Smart Option Student Loans are made by Sallie Mae Bank® or a lender partner.
© 2014 Sallie Mae Bank. All rights reserved. Sallie Mae and the Sallie Mae logo are registered service marks of Sallie Mae Bank or its subsidiaries.