Smart Option Student Loan® for Undergraduate Students from Sallie Mae Bank

Updated November 22, 2021
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Check your student loan rates

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Fixed APR
3.5 - 12.35%
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Variable APR
1.38 - 11.23%
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Amount
up to 100%
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Grace period
6
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Degree
Undergraduate
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Co-signer required
Yes
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Options

  • Degree:
    Undergraduate
  • Bank:
    Sallie Mae Bank
  • Credit Level:
    Fair (580-669)
  • When funds are available:
    10 business days.

Fees

  • Origination fee
    No origination fee.
  • Early payment fee
    No early payment fees.

Pros & Cons

Pros:
  • Get the money you need year after year — returning undergraduate students have a 95% approval rate with a cosigner
  • 100% coverage
  • No origination fee or prepayment penalty
  • Cost-saving features
Cons:
  • Information not available on minimum qualifying credit scores or income

Variable rates

Rates
1.38 - 11.23%
Term
60 - 180 months
Loan Amount
$1,000 - 100%

Fixed Rates

Rates
3.5 - 12.35%
Term
60 - 180 months
Loan Amount
$1,000 - 100%
Autopay
0.25%*
* In case of using Autopay service your rate is reduced by 0.25%
View all Rates & Fees

Repayment Options

  • Deferred repayment option: Make no payments until after you leave school for budget flexibility.
  • Fixed repayment option: By making monthly $25 payments in school, freshman students may save 12% on their total loan cost by choosing this repayment option instead of the deferred repayment option.
  • Interest repayment option: By making monthly interest payments in school, freshman students may save 23% on their total loan cost by choosing this repayment option instead of the deferred repayment option.

Requirements

  • What you need to get approved (Qualifications)
    FICO® score 600 or higher.
  • Residence

    Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend a participating school in the U.S., apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident) and provide an unexpired government-issued photo ID to verify their identity.

  • Requirements Description
    • Permanent address. Note: If you've lived at your permanent address less than one year, you'll need to provide your previous address
    • Social Security Numbers of the borrower, cosigner and student, if applicable
    • School information to include name, enrollment status, degree and course of study
    • Academic period of enrollment and year in school
    • Loan amount requested and other financial aid the student expects to receive
    • Your employment information (company name and gross income)
    • Financial information, including your bank accounts, and your monthly mortgage or rent payments
    • Name and contact information for two personal contacts (not required for cosigners)

Description

  • Smart Option Student Loan® is for undergraduate students at participating degree-granting schools.

    The Sallie Mae® bank provides loans with rates between 3.50% and 12.60% Fixed, 1.13% and 11.23% Variable (the lowest rates include the autopay discount).

    The borrower or cosigner must enroll in auto debit through Sallie Mae® to receive a 0.25 percentage point interest rate reduction benefit.

    The Sallie Mae® bank does not charge origination fees or prepayment penalty.