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
- Easy online application accessible on all devices
- 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 attendance3
- 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 requirements.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
- Quarterly FICO® Credit Scores are now available online for free
You can now view your quarterly FICO® Score by logging into your Sallie Mae® account. You'll also receive access to the key factor(s) affecting your score and educational content to help you understand why viewing your FICO® Score is important. This free benefit is available to both borrowers and cosigners.6
Apply With a Cosigner
We strongly encourage students to apply with a creditworthy cosigner 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, 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. 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.
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 must enroll in Upromise to be eligible to 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.
6Borrowers and cosigners may receive their FICO® Score quarterly after the first disbursement of their student loan. FICO® Scores are delivered only to borrowers and cosigners who have an available score, are based on data from TransUnion, and may be different from other credit scores. This benefit is not available to Vermont residents and may change or end in the future. FICO® is a registered trademark of the Fair Isaac Corporation in the United States and other countries..
Information advertised valid as of July 27, 2015
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 is a registered service mark of Upromise, Inc.
Smart Option Student Loans are made by Sallie Mae Bank or a lender partner.
© 2015 Sallie Mae Bank. All rights reserved. SLM Corporation and its subsidiaries, including Sallie Mae Bank and Upromise, Inc., are not sponsored by or agencies of the United States of America.