Sallie Mae Private Student Loan Disclosures:
3 repayment options
$25 Fixed repayment
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.
Lowest rates shown include the auto debit discount. Advertised rates are for the Smart Option Student LoanⓇ for undergraduate students. 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, during your separation/grace period, and until the loan is paid in full. The repayment option that is selected will apply during the in-school and separation/grace periods. 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 variable rates reflect the starting range of rates and may vary outside of that range over the life of the loan. Advertised APRs assume a $10,000 loan to a freshman with no other Sallie Mae loans.
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benefit applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. This benefit may be suspended during periods of forbearance or deferment, if available for the loan.
Sallie Mae Student Loan Eligibility:
Smart Option Student Loan for Undergraduate Students. This information is for undergraduate students attending participating degree-granting schools. Borrowers must be U.S. citizens or U.S. permanent residents if the school is located outside the United States. Non-U.S. citizens borrowers who reside in the U.S. are eligible with a creditworthy cosigner (who must be a U.S. citizens or U.S. permanent resident) and are required to provide an unexpired government-issued photo ID to verify identity. Applications are subject to a requested minimum loan amount of $1,000. Current credit and other eligibility criteria apply.
Sallie Mae Repayment Example for the Smart Option Loan for Undergraduate Students: This repayment example is based on a typical Smart Option Student Loan made to a freshman borrower who chooses a fixed rate and the Fixed Repayment Option for a $10,000 loan, with two disbursements, and a 8.88% fixed APR. It works out to 51 payments of $25.00, 119 payments of $162.06, and one payment of $120.23, for a Total Loan Cost of $20,680.37.
Sallie Mae reserves the right to approve a lower loan amount than the school-certified amount.
studentloans.net is not the creditor for these loans and is compensated by Sallie Mae for the referral of Smart Option Student Loan customers.
Information advertised valid as of 02/25/2019.
SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE.
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