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 — starting from 3.62% APR to 10.54% APR1 (Competitive fixed interest rates also available)
- No origination fee 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
- If a parent or other creditworthy individual cosigns the loan with you, it may give you a better chance of approval.
- You may apply to release your cosigner from the loan after you graduate, make 12 on-time principal and interest payments and meet certain credit requirements4
- Exclusive Study Starter benefit, a free loan benefit with live 24/7 online tutoring, that can help students make the grade.5
- Track your credit health with free quarterly FICO® Credit Scores available online to you and your cosigner.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 chance of approval.
- Applying is easy — it only takes about 15 minutes to apply and get a credit result.
- No prepayment penalty
- 24/7 online account management
Graduate School Loans
Are you going to Graduate School? Sallie Mae offers the Smart Option Student Loan for Graduate Students. Visit SallieMae.com to learn more about our graduate loans, including the MBA Loan, Sallie Mae Dental School Loan, Sallie Mae Medical School Loan, and the Health Professions Graduate Student Loan.
We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Students and families should evaluate all anticipated monthly loan payments, and how much the student expects to earn in the future, before considering a private student loan.
This information is for borrowers attending degree-granting institutions only. You must be attending or have attended a participating school located in the U.S. during an eligible prior enrollment period. You must be a U.S. citizen or a permanent resident or a Non-U.S. citizen borrower 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 Fixed and Deferred Repayment Options are higher than interest rates for the Interest Repayment Option. You’re charged interest starting at disbursement, while in school and during your six-month separation or grace period. When you enter principal and interest repayment, Unpaid Interest will be added to your loan’s Current Principal. Variable rates may increase over the life of the loan. Advertised APRs assume a $10,000 loan to a freshman with no other Sallie Mae loans.
2Borrower or cosigner must enroll in auto debit through Sallie Mae. The rate reduction benefit applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month, and may therefore be suspended during a forbearance or deferment period.
3Sallie Mae reserves the right to approve a lower loan amount than the school-certified amount.
4Only the borrower may apply for cosigner release. Borrowers who meet the age of majority in their state may apply for cosigner release by providing proof of graduation (or completion of certification program), income, and U.S. citizenship or permanent residency (if your status has changed since you applied). In the last 12 months, the borrower must be current on all Sallie Mae serviced loans (including no hardship forbearances or modified repayment programs) and have paid ahead or made 12 on-time principal and interest payments on each loan requested for release. When the cosigner release application is processed, the borrower must demonstrate the ability to assume full responsibility of the loan(s) individually, and pass a credit review that demonstrates a satisfactory credit history including but not limited to no: open bankruptcy, open foreclosure, student loan(s) in default or 90 day delinquencies in the last 24 months. Requirements are subject to change.
5This promotional benefit is provided at no cost to borrowers with loans that first disburse between May 8, 2017 and June 30, 2018. Borrowers who reside in or attend school in Maine are not eligible for this benefit. No cash value. Terms and Conditions apply. Please visit https://www.chegg.com/salliemae/termsandconditions for complete details. This offer expires one year after issuance.
6Borrowers and cosigners who have an available FICO® Score, may receive their score quarterly after the first disbursement of their loan. The FICO® Score provided to you is the FICO® Score 8 based on TransUnion data, and is the same score that Sallie Mae uses, along with other information, to manage your account. FICO® Scores and associated educational content are provided solely for your own non-commercial personal review, use and benefit. This benefit 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 1/25/2018
SALLIE MAE RESERVES 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, the Sallie Mae logo, and other Sallie Mae names and logos are service marks or registered service marks of Sallie Mae Banks or its subsidiaries. Upromise, the Upromise logo and Upromise names and logos are service marks or registered service makes of Upromise, Inc. All other names and logos used are the trademarks or service marks of their respective owners.
Smart Option Student Loans are made by Sallie Mae Bank or a lender partner.
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