With college costs growing fast, it's time to borrow smarter. The Smart Option Student
Loan® offers three repayment options and competitive
variable interest rates to help you pay for college expenses not covered by scholarships
and federal loans. Get started.
IT'S SERIOUSLY SIMPLE
GET MAXIMUM FLEXIBILITY.
DEFERRED REPAYMENT OPTION
Defer payments until after school, or pay as much as you want while in school, to
enjoy maximum flexibility.1
PAY A LITTLE NOW. SAVE A LOT LATER.
FIXED REPAYMENT OPTION
Pay just $25 a month while in school and for six months after school.2
Taking advantage of our shorter repayment term can save you over 10% on your total
loan cost compared to our Deferred Repayment Option.3
PAY MORE. SAVE MORE.
INTEREST REPAYMENT OPTION
Pay interest while in school and for six months after school. Taking advantage of
our shorter repayment term can save you over 20% on your total loan cost compared
to our Deferred Repayment Option.3
APPLYING ONLINE IS EASY—IT ONLY TAKES ABOUT 15 MINUTES TO APPLY AND GET A
CREDIT RESULT.
You'll choose your repayment option during the application process.
We also offer fixed interest rates from 5.74% APR - 11.85% APR4. Learn 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 student loans before they consider a Sallie Mae private education loan.
A COSIGNER CAN REALLY PAY OFF
If a parent or other creditworthy individual cosigns the loan with you, it can lower
your interest rate—and give you a better chance of approval.
Click text below for more information:
- Competitive variable interest
rates and no origination fees4
- Competitive variable interest
rates and no origination fees4
Get variable interest rates that range from 2.25% APR to 9.37% APR.
- Earn rewards for paying
on time5
- Earn rewards for paying
on time5
Get a Smart Reward® in your Upromise® account of 2% of your scheduled monthly payments that are made on time while in school.
- Lower your interest
rate6
- Lower your interest rate6
Receive a 0.25 percentage point interest rate reduction while enrolled to make scheduled
monthly payments by automatic debit.
- Get the money you need
- Get the money you need
Borrow up to 100% of your school-certified education costs (minimum $1,000).
- Release your cosigner7
- Release your cosigner7
You can apply to release your cosigner once you graduate and make 12 consecutive on-time principal and interest payments.
TUITION INSURANCE BENEFIT
Covers up to $5,000 of tuition lost due to a covered medical withdrawal8. Available at no cost to the consumer with loans that first disburse 7/1/12 through 10/31/12.
This information is for borrowers attending degree-granting institutions only. Eligibility requirements apply.
1 Unpaid interest will capitalize.
2 This informational repayment example uses typical loan terms available to a freshman borrower who elects the fixed repayment option and has a $10,000.00 loan with two disbursements and a 7.21% variable APR: 51 payments of $25 per month, 119 payments of $140.28 per month and one payment of $114.17, for a total paid of $18,082.49. Variable rates may increase after consummation. Unpaid interest will capitalize.
3 Savings based on typical loan to a freshman.
4 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 13.62% with an origination fee up to 5.00%. Origination fees mean application or disbursement fees. Variable rates may increase after consummation.
5 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.
6 Recurring payment must be successfully deducted from designated account for rate reduction to apply. Benefit suspended during forbearances and certain deferments.
7 To qualify, borrower must be a U.S. citizen or permanent resident and meet the underwriting requirements when the release request is processed.
8 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.
Information advertised valid as of 06/25/2012.
SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. CHECK SALLIEMAE.COM FOR THE MOST UP-TO-DATE PRODUCT INFORMATION.
© 1995 - 2012 Sallie Mae, Inc. All rights reserved.
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 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.
Uloop is compensated for the referral of Smart Option Student Loan customers.
