Scholarships, grants and federal loans are a great way to finance an education. But when those don't cover all your education costs, the Sallie Mae Smart Option Student Loan^® can help. Borrow as little as $1,000 or as much as you need to pay for your qualified higher education expenses.^¡

With the Smart Option Student Loan, you'll establish and build your credit by making interest payments while in school, and for 6 months after graduation. Making payments while in school reduces the total cost of your loan which could save you hundreds—even thousands—of dollars over the life of your loan.

Apply with a creditworthy cosigner—his or her good credit may help you qualify and/or lower your interest rate, saving you even more money. For faster results, you and your cosigner can complete the application at the same time.

Receive loan amounts as little as $1,000 or up to the total education cost after scholarships, grants, and federal aid^¡
Earn a .25% interest rate reduction for making payments via automatic debit.^◊ You have enough to worry about at college, save some time and some money
Prepay the loan at anytime without penalty
You can apply for cosigner release after successful completion of your education^§
Apply with a creditworthy cosigner, you may receive a lower interest rate

Why apply with a Cosigner?

Having a creditworthy cosigner has many benefits, including the possibility of substantial savings on your total loan cost. A creditworthy cosigner can give you a greater chance of getting approved for your loan, the possibility of a lower interest rate, and an opportunity to establish a credit history. With your cosigner present, you both can easily complete the application together.

What is a cosigner?

What is a cosigner?
A cosigner is someone who is jointly obligated on your loan and is equally responsible for the loan payments.

What makes a good cosigner?

What makes a good cosigner?
A good cosigner has good or excellent credit and has adequate income to allow him or her to repay the loan. A wide range of individuals can potentially be a cosigner as long as they are creditworthy, understand and accept the responsibilities of being a cosigner, and meet any specific cosigner requirements.

How can a cosigner help me?

How can a cosigner help me?
By applying with a creditworthy cosigner, such as a parent, other relative, or friend, we will evaluate your application by considering both your information and that of your cosigner. This may result in a higher likelihood of your request being approved and of obtaining a lower interest rate and/or loan fee.

Can my cosigner be released from the loan?^§

Can my cosigner be released from the loan?^§
When someone agrees to be a cosigner on your loan, it's a major responsibility for them. But it doesn't necessarily have to be for the duration of the loan. You may apply to release your cosigner from your Smart Option Student loan after you have completed your education, freeing the cosigner (if the release request is accepted by Sallie Mae) from additional responsibility for the loan.

Save up to 34% of the total loan cost* | Establish and build credit | Fast and easy online application | Shorter repayment terms

If your cosigner is not present or if you would like to apply individually, click here.

Here's how it works

With your cosigner present, you both can easily complete the application together. You and your cosigner should have the following information on hand:

Required Information. (Tip: Get it all together before you start.)

YOUR INFORMATION

Social Security number

Personal reference(s)

Monthly income and expense information

Do you have other student loans? If so, please have that information on hand as well.

Students who are foreign citizens must be attending a U.S. postsecondary school and must apply with a creditworthy cosigner who is either a U.S. citizen or eligible permanent resident. Applicable documentation of residency is required.

COSIGNER INFORMATION

Social Security number

Personal reference(s)

Monthly income and expense information

Legal Requirements and Disclaimers:

You must attend an eligible school and be enrolled in an eligible program (be enrolled at least half time in an undergraduate or graduate degree, technical/trade program, continuing education program). Less than half time attendance may be available at some schools for loan periods that do not exceed 130 days and for loan amounts that do not exceed the published cost of attendance at the school for all students. 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.

SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BORROWER BENEFITS (INCLUDING INTEREST RATE REDUCTIONS) AT ANY TIME WITHOUT NOTICE. APPLICANTS SHOULD CHECK THE SALLIE MAE WEBSITE CLOSE TO THEIR LOAN APPLICATION DATE, AND AGAIN BEFORE DISBURSEMENT TO OBTAIN THE MOST UP-TO-DATE INFORMATION REGARDING PRODUCTS, SERVICES AND BORROWER BENEFITS.

Borrower benefit information is valid as of March 1, 2010.
Sallie Mae Smart Option Student Loans are made by Sallie Mae Bank^® or a Sallie Mae lender partner.

* 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 based on a total payment of $28,058.51 for a 15-year traditional private student loan where payments are deferred during school and grace periods and $18,569.30 for the Smart Option Student Loan which represents total potential savings of $9,489.21. Example of Smart Option Student Loan terms: one loan made to a freshman borrower of $10,000 with two disbursements and a 10.55% APR [Interest rate set at LIBOR + 9.75% (LIBOR of 0.250% as of February 25, 2010) with a 3% disbursement fee]. APR may increase after consummation. Repayment consists of 51 interest payments ranging from $42.92 to $85.83 per month (in-school period of 45 months plus separation period of 6 months), followed by 84 principal and interest payments of $170.99 per month. Compare against a traditional private student loan where payments are deferred during school and grace periods in a similar amount with an estimated APR of 9.64% and repayment consisting of 180 principal and interest payments of $155.88 per month (following a 45-month in-school period and 6-month grace period, after which accrued interest is capitalized).

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

§ The borrower or cosigner must initiate the cosigner release request. In order to qualify the borrower must have successfully completed school, made twelve consecutive on-time principal and interest payments, meet age of majority requirements, and meet the underwriting requirements when the request for cosigner release is processed. The borrower's account must remain current until the request for cosigner release is processed and the borrower must be a U.S. citizen or permanent resident at the time the cosigner release is processed.

◊ The automatic debit benefit is available for as long as the monthly payment amount is successfully deducted from the designated bank account. Borrowers can elect to make payments via automatic debit through Sallie Mae's online account management system. This benefit is suspended during periods of forbearance and certain deferments.

The Sallie Mae logo, Dream. Invest. Succeed., Sallie Mae, Sallie Mae Bank, Sallie Mae Smart Option Student Loan, and Smart Option Student Loan are registered service marks of Sallie Mae, Inc. SLM Corporation and its subsidiaries, including Sallie Mae, Inc., are not sponsored by or agencies of the United States of America.