Sallie Mae Smart Option Student Loan

For Degree-Granting Institutions

The Smart Option Student Loan^® from Sallie Mae cuts the total cost of your student loan because you make interest payments while you are in school. Graduate ahead of the game by paying a little while you learn. The Smart Option.

Scholarships, grants, financial aid and federal loans are a great way to finance your education. But when those don’t cover all your costs, it’s time for you to invest in your future. The Smart Option Student Loan avoids capitalized interest and significantly reduces the total cost of the loan.

Apply with a creditworthy cosigner—their good credit may lower your interest rate and save you even more money. Applying is easy and can be done completely online with an “eSign” electronic signature. Get Started

Legal Requirements and Disclaimers:

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.

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 is valid as of 6/28/2010.
Sallie Mae Smart Option Student Loans are made by Sallie Mae Bank^® or a Sallie Mae lender partner.

1 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.

2 To qualify for cosigner release, the borrower must have successfully completed school, made 12 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 the cosigner release is processed. The borrower must be a U.S. citizen or permanent resident at the time the cosigner release is processed.

3 The benefit for enrolling in monthly recurring automatic debit payments 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. This benefit lowers the interest rate but may not change the amount of the monthly payment.

4 There are no origination or disbursement fees for borrowers attending degree-granting institutions. For borrowers attending non-degree granting institutions, the origination or disbursement fees will range from 0% to 5%.

5 The 2% reward benefit is available on the Smart Option Student Loan during the borrower's initial in-school and separation period only. If the borrower leaves school but returns later, the reward will not be available for any subsequent in-school period. The primary borrower must be of the age of majority in his or her state of residence (typically 18 years old) and must enroll in Upromise at the time he or she applies for the loan or already be a Upromise member at the time of loan application. If the primary borrower is already a Upromise member at the time of loan application, the borrower must indicate that when applying for the loan and provide the requested information to confirm enrollment. To be eligible to receive the 2% reward, the borrower may not have had two consecutive scheduled payments past due on the loan for which the benefit is available. If the borrower has two consecutive scheduled payments past due, he or she will no longer be eligible for the reward on that loan. If all conditions are met, the primary borrower will earn 2% of the scheduled payment in Upromise rewards into his or her Upromise account for each payment made by the scheduled due date. The 2% reward will be based only on the scheduled payment amount due and cannot be earned on payments that exceed the scheduled payment amount. The 2% reward benefit is subject to the terms and conditions of the Upromise service (as may be amended from time-to-time), including without limitation, restrictions on conversion, transfer and redemption of rewards, reward denomination, including whether and under what circumstances the rewards have independent cash value, and terms relating to fees and/or the forfeiture of rewards. Benefit available on eligible loans first disbursed on or after June 1, 2010.

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. Upromise is a registered service mark of Upromise, Inc. SLM corporation and its subsidiaries, including Sallie Mae, Inc. and Upromise are not sponsored by or agencies of the United States of America.