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Sallie Mae Student Loan Lender Profile

TYPES OF INTEREST RATES

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Variable and Fixed

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Variable: 3.37% APR – 10.33% APR

5 – 15 years of principal and interest payments

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RATES

Fixed: 5.74% APR – 11.85% APR

LOAN TERMS

The Sallie Mae  Smart Option Student Loan  can help you pay for college when scholarships and federal student loans aren’t enough. This student loan from Sallie Mae offers multiple repayment options, competitive interest rates, and no origination fee. Together, we can help make college happen.

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Citizenship: US Citizen or Permanent Resident

College Enrollment: Available to students enrolled full-time, half-time, and less than half-time

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International Students: Non-U.S. citizen students, including DACA students, are eligible to apply with a creditworthy cosigner who is a U.S. citizen or permanent resident with required U.S. Citizenship and Immigration Service (USCIS) documentation. Please visit SallieMae.com for more information

Loan Amounts: Students can borrow up to 100% of the school-certified cost of attendance

Multiple Product Offerings: Loans are available for undergraduates, graduates, and parents

Eligibility

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Fixed Term

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5-15


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Term (Years)

Variable Term

Rate (APR)

Fixed Term

Rate (APR)

3.37% APR – 8.33% APR

Term (Years)

1

5-15 


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3.37% APR – 10.33% APR

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5.74% APR – 11.85% APR

Smart Option Student Loan   for Graduate Students

Rates valid as of November 27, 2017

Variable Term

5-15 


5-15


5.74% APR – 8.56% APR

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Term (Years)

1

Rate (APR)

7

Term (Years)

Products

Rate (APR)

2

Undergraduate Smart Option Student Loan

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  • Auto-debit savings—Get a 0.25 percentage point interest rate reduction for automatic debit enrollment

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  • Multiple repayment options—Choose monthly in-school payments (interest or fixed monthly amount) or defer payments until after graduation
  • No origination fee and no penalty for paying your loan off early
  • Undergraduate students who choose the Interest Repayment Option receive a rate that is 1 percentage point lower than the Deferred Repayment Option

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  • Borrow up to 100% of the school-certified cost of attendance

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  • Get Quarterly FICO® Credit Scores online for free—You can view your quarterly FICO® Score on your Sallie Mae account, along with access to the key factor(s) affecting your score and educational content to help you understand why your FICO® Score is important. This free benefit is available to both borrowers and cosigners

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  • Graduated Repayment Period  - Request to make 12 monthly interest-only payments after you finish school   

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  • A cosigner can help you qualify—If a parent or other creditworthy individual cosigns the loan with you, it may give you a better chance of approval

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  • Cosigner release—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 requirements

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  • Death and disability loan forgiveness

Key Benefits

Considering refinancing your student loans? Learn the pros and cons of fixed and variable rate loans.

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First time applying for student loans? Learn about the application process.

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Learn More About Student Loans

Sallie Mae Bank

Sallie Mae Smart Option Student Loan

LOAN PRODUCT

LOAN SERVICER

Additional Information

Access the best student loans today

Responsible Borrowing

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.

Disclosures:
 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. Non-U.S. citizen students, including DACA students, will need to submit proper documentation to prove citizenship/identity; this can include an unexpired foreign passport, an unexpired student visa, an alien registration card, or an employment authorization document. All documentation must be unexpired at the time of the application, government-issued, and include a photograph. 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.

1 Interest 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 or first-year graduate, as applicable, with no other Sallie Mae loans. Graduate student pricing for this loan is limited to students enrolling in a Masters/Doctorate level degree program. Graduate Certificate/Continuing Education course work is not eligible.

2 This repayment example is based on a typical loan to a borrower who chooses a variable rate and the Fixed Repayment Option for a $10,000 loan, with two disbursements, and a 8.22% variable APR. It works out to 51 payments of $25.00, 119 payments of $153.09 and one payment of $118.28, for a Total Loan Cost of $19,610.99. Variable rates may increase over the life of the loan. This repayment example is based on a typical loan to a first-year graduate borrower who chooses a variable rate and the Fixed Repayment Option for a $10,000 loan, with two disbursements, and a 7.24% variable APR. It works out to 27 payments of $25.00, 59 payments of $217.59 and one payment of $201.32, for a Total Loan Cost of $13,714.13. Variable rates may increase over the life of the loan.

3 Borrower 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.  

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

5 Borrowers 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.

6 Available for loans used to pay qualified higher education expenses at a degree-granting institution. Graduated Repayment Period (GRP) allows interest-only payments for 12 billing periods after principal and interest repayment begins. At the time of GRP request, the loan must be current (not past due). Customers may request GRP during the six billing periods before and the 12 billing periods immediately after the loan first enters principal and interest repayment. GRP does not extend the loan term. GRP increases the Total Loan Cost and monthly payments after the GRP will be higher than they would have been without it.

7 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.

8 If a student dies or becomes permanently and totally disabled, Sallie Mae will waive all remaining payments on the loan. 


Smart Option Student Loans are made by Sallie Mae Bank or a lender partner. Information advertised valid as of 11/27/2017.


SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS

AT ANY TIME WITHOUT NOTICE.


© 2017 Sallie Mae Bank. All rights reserved. Sallie Mae, the Sallie Mae logo, and other Sallie Mae names and logos are service marks or registered service marks of Sallie Mae Bank or its subsidiaries. All other names and logos used are the trademarks or service marks of their respective owners. SLM Corporation and its subsidiaries, including Sallie Mae Bank, are not sponsored by or agencies of the United States of America.