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.
Benefits
Get the money you need now for school
- Borrow up to 100% of your school-certified costs of education (minimum $1,000)
Choice Plus Savings
- Interest Repayment. Pay interest while in school and for six months after school. The in-school payments, plus our shorter repayment term, can help you save over 20% on your total loan cost compared to our Deferred Repayment Option.1
- Fixed Repayment. Pay just $25 a month while in school and for six months after school.The in-school payments, plus our shorter repayment term, can help you save over 10% on your total loan cost compared to our Deferred Repayment Option.1
- Deferred Repayment. Defer payments until after school, or pay as much as you want while in school, to enjoy maximum flexibility.6
Competitive Interest Rates
- Rates range from LIBOR + 2.00% (2.37% APR) to LIBOR + 9.88% (9.48% APR).3
- ZERO origination fees and no prepayment penalty3
Cosigner Release Option Available6
Earn rewards for paying on time.4,5
Get a 0.25 percentage point interest rate reduction while enrolled to make scheduled monthly payments by automatic debit5
- Choose the Interest or Fixed Repayment Option and get a 2% Smart Reward® in your Upromise® account when you make scheduled monthly payments on time while in school.
Rates & Terms
Interest Rates
- Rates range from LIBOR + 2.00% (2.37% APR) to LIBOR + 9.88% (9.48% APR).3
- 0.25 percentage point interest rate reduction while enrolled to make scheduled monthly payments automatic debit5
- Apply with a creditworthy cosigner and you may receive a lower rate
Loan Limits
- Borrow up to 100% of your school-certified costs of education (minimum $1,000)
Fees
- No origination fees3
- No repayment fees
Repayment Terms
- Choose the repayment plan that works for you—defer all payments until after school, pay just $25 a month while in school, or pay interest while in school
- No prepayment penalty, regardless of the repayment plan you choose
- Full principal and interest payments begin six months after you leave school for all repayment plans
Eligibility
- You must attend an eligible school and be enrolled in an eligible program. U.S. citizens enrolled in eligible study abroad programs or studying at medical schools outside the United States are also eligible. International students are eligible with a creditworthy cosigner (who must be a U.S. citizen or permanent resident) and appropriate U.S. Citizenship and Immigration Service documentation. You must meet current credit and other eligibility criteria.
1 Savings based on typical loan to a freshman borrower attending a degree granting institution.
2 The following repayment example is for informational purposes only and is an example of available loan terms of the Smart Option Student with the Fixed Repayment Option made to a freshman borrower at a degree-granting institution: A $10,000.00 loan with two disbursements, and no grace, a disbursement fee of 0% and a 7.33% APR. APR is variable and may increase after consummation. Repayment consists of 51 fixed $25/month payments during the in school and separation period, followed by 119 payments of $141.66 per month and one payment of $114.67, for a total amount paid of $18,247.21.
3 Rates and fees shown are available for the Smart Option Student Loan and are available for borrowers attending degree-granting institutions only. Interest rates on loans with the Fixed and Deferred Repayment Options are higher than rates on loans with the Interest Repayment Option. APRs for borrowers attending non-degree-granting institutions range from 8.13% to 13.88% with an origination fee up to 5.00%. Origination fees mean application or disbursement fees. Interest rates are variable and may increase after consummation.
4 While a Upromise member, primary borrower (must be of age of majority - typically 18 years old) can earn a reward into his or her Upromise account of 2% of the scheduled loan payment amount for each on time payment during the in school and separation periods. After two consecutive past due payments, the loan is no longer eligible for the reward. Benefit subject to the terms and conditions of the Upromise service (as may be amended from time to time), including without limitation, restrictions on conversion, transfer and redemption of rewards, reward denomination, including whether and under what circumstances the rewards have independent cash value, and terms relating to fees and/or the forfeiture of rewards. Upromise Accounts are not FDIC insured, carry no bank guarantee and may lose value.
5 Recurring automatic monthly payment must be successfully deducted from designated bank account for rate reduction to apply. Benefit suspended during periods of forbearance and certain deferments.
6 To qualify for cosigner release, borrower must meet age of majority requirements, be a U.S. citizen or permanent resident and meet the underwriting requirements when the release request is processed.
7 Subject to $10 minimum monthly transfer amount.
8 The deferred repayment option is only available for degree-granting institutions. Unpaid interest will capitalize when your loan enters principal and interest repayment.
Terms and conditions apply to the Upromise service. Participating company, contribution levels and terms and conditions are subject to change at any time without notice. Go to upromise.com to learn more.
Smart Option Student Loans are made by Sallie Mae Bank® or a lender partner.
Information advertised valid as of 11/25/2011.
SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES AND BENEFITS AT ANY TIME WITHOUT NOTICE. CHECK THE SALLIE MAE WEBSITE (www.salliemae.com) TO OBTAIN THE MOST UP-TO-DATE PRODUCT INFORMATION.
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The Sallie Mae logo is a service mark of, and Sallie Mae, Sallie Mae Bank, Smart Reward and Smart Option Student Loan 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.