Sallie Mae® Smart Option Student Loan® for Degree Granting Institutions

Sallie Mae When grants, scholarships, and federal aid are not enough, choose the Smart Option Student Loan. You'll get the money you need for college, and the flexibility you want.


  • Low variable interest rates - 2.25% APR to 9.37% APR1 (Competitive fixed interest rates also available)
  • No origination fees1
  • Receive 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 education costs (minimum $1,000)
  • Applying with a creditworthy cosigner may help lower your interest and give you a better chance of approval
  • Apply to release your cosigner once you graduate and make 12 consecutive on-time principal and interest payments3
  • Get a Smart Reward® in your Upromise® account of 2% of your scheduled monthly payments that are made on time while in school with the Interest and Fixed Repayment Options4
  • Tuition Insurance Benefit: Covers up to $5,000 of tuition and other expenses lost due to a covered medical withdrawal5. This exclusive benefit is provided at no cost to you with loans that first disburse between July 1 and October 31, 2013

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.


  • 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

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. 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. APRs for borrowers attending non-degree granting institutions range from 7.99% to 13.62% with an origination fee up to 5.00%. Origination fees mean application or disbursement fees. 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.

2Recurring payment must be successfully deducted from designated account for rate reduction to apply. Benefit suspended during forbearances and certain deferments.

3 To qualify, borrower must be a U.S. citizen or permanent resident, and meet the underwriting requirements when the release request is processed.

4 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.

5 The Tuition Insurance Benefit is tuition refund insurance that covers up to $2,500 per semester ($5,000 total per policy) and is available with loans that first disburse between 7/1/2013 and 10/31/13. 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 licenses insurance producer. For insurance licensing information, click here. Coverage is underwritten by Markel Insurance Company, Deerfield, IL; Administrative Office: Glen Allen, VA.

Information valid as of March 26, 2013


The Sallie Mae logo, Sallie Mae, Sallie Mae Bank, Sallie Mae Smart Option Student Loan, Smart Reward, and Sallie Mae Insurance Services are registered service marks of Sallie Mae, Inc.

Upromise and Upromise logo are registered service marks of Upromise, Inc.

Smart Option Student Loans are made by Sallie Mae Bank® or a lender partner.

SLM Corporation and its subsidiaries are not sponsored by or agencies of the United States of America.