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 National Education®
Smart Option Student Loan

made by Sallie Mae

 Now you can pay for college the smart way with great repayment options! The National Education Smart Option Student Loan made by Sallie Mae is and ideal solution to help bridge the gap between federal loans and the cost of your education expenses.



Features and Benefits

  • A choice of competitive interest rates for undergraduate students.  Variable interest rates from 2.62% APR to 9.69% APR.  We also offer fixed rates from 5.74% APR to 11.85% APR.1
  • Lower interest rates for graduate students.  Variable interest rates from 2.62% APR to 7.62% APR.  Fixed interest rates from 5.74% APR to 8.56% APR.
  • No origination fee and no prepayment penalty. 
  • Lower the interest rate -- receive a 0.25 percentage point interest rate reduction while enrolled to make scheduled monthly payments by automatic debit.2
  • Borrow up to 100% of the school-certified costs of attendance.3
  • Cosigner release available.  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
  • Pay now or later -- Defer your payments until after school or choose an in-school repayment option that fits your needs.1
  • Graduated Repayment Period --The Smart Option Student Loan is the first nationwide student loan offering a Graduated Repayment Period feature6, providing budget flexibility for graduating students. Students who graduate and maintain their Sallie Mae loans in good standing can request to make 12 interest-only payments instead of full principal and interest payments after school.6
  • A quick credit result -- Applying online is fast and easy.  It only takes about 15 minutes to apply and get a credit result.

Encouraging Responsible Borrowing

  • We encourage students and families to supplement their 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 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.

Smart Option Student Loans are made by Sallie Mae Bank or a lender partner. The Sallie Mae partner referenced is not the creditor for these loans and is compensated by Sallie Mae for the referral of Smart Option Student Loan customers.

1 Interest rates for the Fixed and Deferred Repayment Options are higher than interest rates for the Interest Repayment Option. Graduate student pricing on the Smart Option Student Loan is limited to students enrolling in a Masters/Doctorate level degree program. Graduate Certificate/Continuing Education course work is not eligible for graduate student pricing. Variable rates may increase after consummation. Interest is charged while you are in school and during the 6-month separation period. Unpaid Interest will be added to the Current Principal when you enter principal and interest repayment.

2 Either 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 Current Amount Due is successfully deducted from the designated bank account each month and is suspended during forbearances and certain deferments.

3 Sallie Mae reserves the right to approve a lower loan amount than the school certified amount.

4 Only 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.

5 Based on a July 15, 2016 review of competitors' loan programs and repayment features.

6 Available for loans made to students attending a degree-granting institution. Graduated Repayment Period (GRP) allows interest-only payments for the initial 12-month period of repayment when the loan would normally begin requiring full principal and interest payments (which typically begins six months after graduation) or during the 12-month period after GRP request is granted, whichever is later. At the time of GRP request, the loan must be current and the borrower must have graduated with no interruption in enrollment and not be more than 30 days delinquent on any student loan. The borrower may request GRP only during the two billing periods immediately preceding and the two billing periods immediately after the loan would normally begin requiring full principal and interest payments. GRP does not extend the loan term. If approved for GRP, the Current Amount Due that is required to be paid each month after the GRP will be higher than it otherwise would have been without GRP, and the Total Loan Cost will increase.

Information advertised valid as of 9/26/2016.


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