Private Student Loans

The Smart Option Student Loan by Sallie Mae®

For borrowers attending degree-granting institutions

A Choice of Repayment Options, Competitive Rates, and No Origination Fees.

The loan is an ideal solution to help you pay for college expenses not covered by scholarships and federal loans.

Apply Today!


Features and Benefits

  • Competitive interest rates— we offer variable and fixed interest rate pricing 1
  • Applying with a creditworthy cosigner may help you qualify and/or receive a lower interest rate. You can apply to release your cosigner after you graduate and make 12 consecutive on time principal and interest payments. 4
  • No origination fees and no prepayment penalty.
  • A lower interest rate—Receive a 0.25 percentage point interest rate reduction while enrolled to make scheduled payments by automatic debit. 3
  • Pay now or later—defer your payments until after school or choose an in-school repayment option that fits your needs. 1
  • Smart Reward® Cash Back—Students who become Upromise members (which is free to join) and choose the Interest or Fixed Repayment Option can get a Smart Reward in their Upromise account of 2% of their scheduled monthly payments that are made on time while in school.2 
  • A quick credit result—Applying online is fast and easy. It only takes about 15 minutes to apply and get a credit result. 
  • Borrow up to 100% of your school certified education costs (minimum $1,000).
  • Graduated Repayment Period—The Smart Option Student Loan is the only private 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 their separation period.6

Together we can do this!

Understand Your Repayment Options

When applying for a private student loan, it is important to consider and understand all of your repayment options. The Smart Option Student Loan offers three repayment options, giving you the flexibility to choose what works best for you. Each repayment option offers you a different benefit. If you choose the Fixed Repayment or Interest Repayment option, you can establish a credit history and graduate with less debt. Or, if you don’t have the funds available right now, you can choose to defer payment until after you graduate, but you will have more to repay once you graduate.

Repayment Options 1

Interest Repayment Option – Pay more. Save more.

Pay interest while in school and for six months after school. Then take advantage of our shorter repayment term to save more than 20% on the total loan cost compared with our deferred repayment option.

Fixed Repayment Option – Pay a little now. Save a lot later.

Make a low fixed monthly payment while in school and for six months after school. Then take advantage of our shorter repayment term to save over 10% on the total loan cost compared with our deferred repayment option.

Deferred Repayment Option – Get maximum flexibility.

No minimum payment required while in school for students attending degree granting institutions, but you can pay any amount you want while in school to enjoy maximum flexibility. 

Before You Apply for a Smart Option Student Loan by Sallie Mae®

Before applying for a Smart Option Student Loan by Sallie Mae®, be sure to consider all of your options. Here are some things to consider before applying for a Smart Option Student Loan by Sallie Mae ®.

  • Submit FAFSA – If your school requires it, you will need to submit the <> on the U.S. Department of Education’s website. You’ll need to gather personal information, including IRS tax forms, before you start.

  • Use all federal loans, grants and scholarship aid first. – Consider all the student financial aid options available to you: scholarships, grants, and federal student loans. Be sure to utilize these before considering a private student loan.

Consider Applying With a Cosigner 4

A cosigner may not necessarily be required, but it may:

  • Increase the likelihood of your loan being approved
  • Result in a better interest rate

* We are compensated by Sallie Mae for the referral of Smart Option Student Loan customers.
1,2,3,4,5,6,7 Click here for important information. Terms, conditions and limitations apply.