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National Education
Smart Option Student Loan® made by Sallie Mae®

Fixed Payment Option for Degree Granting Institutions

With the Smart Option Student Loan® Fixed Repayment Option, you can save a lot by making small, fixed monthly payments of just $25 while you're still in school.1 In fact, you could save over 20%1 as compared to a traditional 15-year private student loan with payments deferred during school and grace periods.1 Plus, applying with a creditworthy cosigner could help you get a lower rate.

The Fixed Repayment Option is a great choice, allowing you to stick to a budget while in school. You can fund up to 100% of your total cost of attendance2 if you still need funds after maximizing grants, scholarships and federal loans.

Benefits and Features

You can save over 20%1
By making required $25 fixed payments while in school and adhering to the shorter repayment period you could save more than $6,0001 compared to a traditional 15-year payment-deferred private student loan.

Fast Online Application
Our easy-to-complete application takes about 20 minutes. It's that quick and that easy.

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Importance of a Cosigner

Easier Approval
A creditworthy cosigner may increase your chance of getting approved.

Lower Interest Rate
Their good credit may save you some money.

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Rates and Terms

Market-Leading Rates3
Save with rates from
LIBOR + 3.5% (3.85% APR) to
LIBOR + 10.875% (10.48% APR)3

No Origination Fees3
You can save more than $6,0001
Pay off your student loan as much as 5 years faster. 1

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Benefits and Features

Benefits

With the Smart Option Student Loan, you could save over 20% throughout the life of the loan1 by making the required, monthly fixed $25 payments while in school and adhering to the shorter repayment period after school.1

Features

It is easy to apply for and manage a Smart Option Student Loan. Gather just a few pieces of information and apply securely right here. You can even e-sign your application!

Smart Option® customers enjoy:

Importance of a Cosigner

Consider a cosigner

Applying with a creditworthy cosigner could help you get approved for the loan and could substantially reduce your total loan cost. Choose a family member or friend with an excellent credit history and the ability to repay the loan if necessary. A creditworthy cosigner can:

Cosigning for a student loan is a big responsibility, but it doesn't have to continue for the entire duration. You can apply for a cosigner release once you've completed your education and made 12 consecutive on-time principal and interest payments.5

Rates and Terms

Interest rate

Sallie Mae offers market-leading rates between LIBOR + 3.50% (3.85% APR) to LIBOR + 10.875% (10.48% APR).3 Plus, when you apply with a creditworthy cosigner you may receive a lower interest rate.

Loan limits
Whether you need a Smart Option Student Loan for textbooks or tuition, you can get the money you need up to the total cost of attendance, with loans starting at $1,000.2

Repayment

With the Smart Option Student Loan, you'll build credit by making monthly $25 payments while in school. You'll save even more if you or your cosigner makes principal and interest payments while you're in school. The more you lower the amount that must be paid back, the more you save. You can prepay your loan at any time, without penalty. Principal and interest payments begin after a six-month separation period.

Who is eligible6

You must attend an eligible school to qualify for the Smart Option Student Loan. However, this loan does cover a variety of programs — from undergraduate to graduate degrees.

1 $25/month fixed payment repayment option is available for new loan applications initiated on or after June 28, 2010, and is subject to change. The savings example uses approximated numbers, is for informational purposes only and is an example of loan terms available through the Smart Option Student Loan. Savings is based on the following assumptions: A $10,000 Smart Option Student Loan made to a freshman borrower at a degree-granting institution with two disbursements and a 10.05% APR [Interest rate of LIBOR + 10.375% (LIBOR of 0.375% as of 5/25/2010) and no origination fee or disbursement fee]. APR may increase after consummation. Repayment consists of 51 fixed $25/month payments (in-school period of 45 months plus separation period of 6 months), followed by 119 principal and interest payments of $179.79 per month and one payment of $115.65. Compare against a traditional 15-year private student loan for $10,000 where payments are deferred during school and grace periods, an estimated APR of 9.97% and repayment consisting of 179 principal and interest payments of $162.11 per month and one payment of $41.83 (following a 45-month in-school period and 6-month grace period, after which accrued interest is capitalized).

2 Borrow up to the cost of attendance (minimum $1,000) as certified by your school and confirmed by Sallie Mae, less other financial aid received. Sallie Mae reserves the right to approve a lower loan amount than what the school has certified.

3 Market-leading rates based on a May 7, 2010 review of competitor rates and APRs. The rates and fees shown are available for borrowers attending degree-granting institutions with the fixed repayment option only. The rates for borrowers attending non-degree granting institutions with the fixed repayment option will range from LIBOR + 8.50% to LIBOR + 12.50% (8.82% APR to 13.88% APR) (LIBOR of 0.375% as of 5/25/2010) and the origination or disbursement fees will range from 0% to 5%. The APR and interest rate on your loan will be variable and will change based on changes in the one-month LIBOR rate. Your interest rate and monthly payment will increase if the one-month LIBOR rate increases.

4 Benefit for enrolling in monthly recurring automatic debit payments is available for as long as monthly payment is successfully deducted from the designated bank account. Benefit is suspended during periods of forbearance and certain deferments.

5 To qualify for cosigner release, borrower must have successfully completed school, made 12 consecutive on-time principal and interest payments, meet age of majority requirements, be a U.S. citizen or permanent resident and meet the underwriting requirements when the release request is processed. Account must remain current until the request for cosigner release is processed.

6 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.

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.

SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES AND BENEFITS AT ANY TIME WITHOUT NOTICE. CHECK THE SALLIE MAE WEBSITE TO OBTAIN THE MOST UP-TO-DATE PRODUCT INFORMATION.

Borrower benefit information valid as of June 28, 2010.

The Sallie Mae logo, Sallie Mae, Sallie Mae Bank, and Sallie Mae Smart Option Student Loan are registered service marks of Sallie Mae, Inc. Smart Rewards is a service mark 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. Sallie Mae Smart Option Student Loans are made by Sallie Mae Bank® or a lender partner.