you can get as much
as
you need for college . . .1
. . . and save money,
build good credit, and
pay off your loan faster
- introducing the Sallie Mae Smart Option Student Loan SM
- designed to shorten loan pay off time - saving you money
- borrow up to the full cost of education, less other aid received 1
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the innovative Smart Option Student Loan helps students save money more information-(1)
- The innovative Smart Option Student Loan helps student save money, build good credit, and pay off their student loan debt faster.
Designed to help shorten the amount of time it takes to pay off the loan, the Smart Option Student Loan requires interest-only payments while in school and during the six-month separation period to avoid capitalized interest. Students save money on interest, significantly reducing the total loan costs
The Sallie Mae Smart Option Student Loan is an ideal solution for students who still need funds after they have maximized grants, scholarships and federal loans. With this school-certified loan, student can borrow up to the full cost of their education, less other aid received 1
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avoid capitalized interest on your loan more information- most other private student loan programs have you pay nothing on your loan until after you graduate. The problem is that you will have a bigger loan repayment plan once your graduate. All of the interest accrued during school is added to your loan - in other words, capitalized interest.
For example, let's say you borrow $10,000 at 6.0% interest. Your interest charge for the month is $50.00. By not paying the interest, it will be capitalized to the loan making your loan amount increase to $10,050. At the end of your first year, your total capitalization will be around $10,600 or more (depending on when the lender capitalizes your deferred interest). At the end of 4 years, your total capitalization will be around $12,300 or more, making your loan repayment plan larger.
The Smart Option Student Loan from Sallie Mae requires interest-only payments while in school and during the six-month separation period to avoid capitalized interest. Students save money on interest, significantly reducing the total loan costs.
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reduce your rate by 0.25% with automatic debit more information-(2)
- You can earn a 0.25% percentage point interest rate reduction by having your payment automatically deducted from your bank account.2
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ask about a co-signer release after consecutive on-time paymentsmore information-(3)
- Since many first-time students will need a co-signer such as a parent or another to qualify for the loan, borrowers may apply for a cosigner release after successful completion of their education.
The release of a consigner is at the sole discretion of Sallie Mae. The borrower must have a satisfactory history of making principal and interest payments and meet underwriting guidelines when the request for cosigner release is processed.
The borrower's account must remain current until the request for release is processed and the borrower must be a U.S. citizen or permanent resident at the time the cosigner release is processed. 4
Apply Now!
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use this FREE tally sheet to track your aid needs - benefitsget tally sheet |
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or dial: 866-530-9523 |
| start by estimating how much you need |
| Use your Sallie Mae Smart Option Student Loan to pay tuition, room and board, books, laptop, travel home, study abroad and other education-related expenses. |
| borrow up to the cost of attendance as certified by your school and confirmed by Sallie Mae, less other financial aid received 1 |
| $1,000 minimum loan amount |
| use our calculator at right to estimate how much |
we have a budget planning worksheet that can help budget aid and expenses needs:
FREE download |
| the loan requires interest-only payments made while in school and during the six-month separation period to avoid capitalized interest |
| join Upromise from Sallie Mae and earn rewards to help reduce your loan debt 5 |
| get qualified before you apply |
| Pricing that rewards creditworthy borrowers |
| it is recommended that you have a qualified co-signer such as a parent or another creditworthy adult in order to qualify for the loan and to get a better rate |
| the Sallie Mae Smart Option Student Loan has interest rates that reward good credit - interest rates are variable and are reset monthly based on the one-month LIBOR |
| you must attend an eligible community college, traditional college or university, or eligible graduate program at least half time |
| available for U.S. citizens enrolled in eligible study abroad programs or studying at medical schools outside the U.S. |
| in some circumstances, the Smart Option Student Loan is available to less than half-time students. Contact your financial aid office for more information |
| international student are eligible with a creditworthy cosigner (who must be a U.S. citizen or permanent resident) and U.S. Citizenship & Immigration Service (USCIS) documents |
| ready - submit your application |
| Use our easy, no hassle online application with fast credit decision and electronic signature ("eSign") |
| you can start your application online, save it, and return later to finish and submit - use our 24/7 online account management |
| get a preliminary approval instantly |
| combined billing is available for Sallie Mae-serviced student loans |
| no prepayment penalty |
| you may be able to deduct the interest you pay on a qualified student loan 4 |
One More Important Item
don't wait another minute!
or dial: 866-530-9523
finance your college needs now!
1 Borrow as much as you need to pay for your education, 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 loan amount than what the school has certified.
2 The automatic debit benefit is available for as long as the borrower's 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. The benefit lowers the borrower's interest rate but does not change the amount of the monthly payment. This benefit is suspended during periods of forbearance and certain deferments.
3 The release of a consigner is at the sole discretion of Sallie Mae. The borrower must have a satisfactory history of making principal and interest payments and meet underwriting guidelines when the request for cosigner release is processed. The borrower's account must remain current until the request for release is processed and the borrower must be a U.S. citizen or permanent resident at the time the cosigner release is processed.
4 Consult your financial advisor for more information or visit http://www.irs.gov/pub/irs-pdf/p970.pdf
5 Join Upromise® from Sallie Mae® and you can earn rewards on your everyday purchases. Those earnings can be automatically transferred to your student loan account, as long as your loans are serviced by Sallie Mae, to help pay down your eligible Sallie Mae-serviced student loans through Upromise Loan Link.® Not all loans are eligible.
To view whether or not a loan is eligible to participate in the Upromise Loan Link program, please visit Upromise.com/LoanLink. Access to Upromise is not limited to Sallie Mae customers.
Sallie Mae Smart Option Student Loans are made by Sallie Mae Bank ®. nBuy Associates is compensated for the referral of Smart Option Student Loan customers.
Borrower benefit information is valid as of August 01, 2009.
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 (SALLIEMAE.COM) CLOSE TO THEIR LOAN APPLICATION DATE AND AGAIN PRIOR TO DISBURSEMENT TO OBTAIN THE MOST UP-TO-DATE INFORMATION REGARDING PRODUCTS, SERVICES AND BORROWER BENEFITS.
Sallie Mae, and Sallie Mae Bank are registered service marks and Sallie Mae Smart Option Student Loan is a service mark of Sallie Mae, Inc. Upromise and Upromise Loan Link are registered service marks of Upromise, Inc. SLM Corporation and its subsidiaries, including Sallie Mae, Inc., are not sponsored by or agencies of the United States of America. c2009 Sallie Mae, Inc. All Rights reserved (08/09)
