Sallie Mae® Student Loans

Featured Loan: The Smart Option Student Loan®

Sallie Mae Student Loans

Calling all college students & their parents…Still need money or college expenses? For student borrowers who are attending accredited degree granting higher education institutions, the Smart Option Student Loan® by Sallie Mae® might be a great option for you! This loan could help cover college expenses not covered by scholarhsips and federal loans.

Additionally, the Smart Option Student Loan® offers 3 different repayment options and competitive interest rates. Repayment options include:

  1. Deferred repayment option: Defer payments until six months after school
  2. Fixed repayment option: Make a fixed monthly payment while in school and for six months after school
  3. Interest repayment option: Make monthly interest payments while in school and for six months after school

Need more money for school? Exhausted scholarships and federal loans? You still have an option -- The Smart Option Student Loan® by Sallie Mae®.

Loan Features & Benefits

  • Interest rate reduction -  Lower your total loan cost - get a 0.25 percentage point interest rate reduction when you enroll in and make monthly payments by auto debit2
  • Flexible amount - Students can borrow up to 100% of the school-certified cost of attendance3
  • 24/7 loan management - Students can check details of their account online at any time
  • No early payoff penalty - Loans may be prepaid at any time without penalty
  • No origination fees - And no prepayment penalty1
  • Study StarterSM - Jump-start your studies with a choice of up to 120 free minutes of live online help from Chegg TutorsTM or free access to Chegg Study® with guided Textbook Solutions.4
  • Apply with a cosigner - If a parent or other creditworthy individual cosigns the loan ith you, it may give you a better chance of approval.
  • Cover an existing balance for an enrollment period within the past 365 days.7

The application process is simple. It only takes about 15 minutes to apply online and get a credit result. Either a student or a cosigner can initiate a new loan application; applicants will be shown repayment options, interest rate types, and estimated monthly payment amounts after credit approval.

Borrow Responsibly

Sallie Mae encourages students and families to start with savings, grants, scholarships, and federal student loans to pay for college. This is Sallie Mae's 1-2-3. approach to paying for college. 

  1. First, start with money you won't have to repay. This includes savings accounts, 429 accounts, current income, scholarships, grants and work study. Grants and work study are typically funded by the government, so be sure to file your FAFSA to apply.
  2. Explore loans offered by the government. Again, you will need to complete the FAFSA to apply. These types of loans typically include the Direct Subsidized Loan and Unsubsitized Loan
  3. Fill any remaining financial aid needs with a responsible private education loan.

Additionally, 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. 


These loans are made by Sallie Mae Bank or a lender partner. EStudentLoan is not the creditor for these loans and is compensated by Sallie Mae for the referral of loan customers.

Smart Option Student Loan and graduate loan products: This information is for borrowers attending degree-granting institutions only. Smart Option Student Loan information is for undergraduate borrowers only. You must be attending a participating school located in the U.S. or have attended one during an eligible prior enrollment period. You must be a U.S. citizen or a permanent resident or a Non-U.S. citizen borrower with a creditworthy cosigner (who must be a U.S. citizen or permanent resident) and required U.S. Citizenship and Immigration Service (USCIS) documentation. U.S. citizens and permanent residents enrolled in eligible study abroad programs or who are attending or have attended schools located outside the U.S. are also eligible. For the Dental School Loan, Law School Loan, MBA Loan, and Medical School Loan, students must be enrolling in a graduate-level degree program in a field of study that is eligible for the loan and Graduate Certificate/Continuing Education coursework is not eligible. Applications are subject to a requested minimum loan amount of $1,000. Current credit and other eligibility criteria apply.

1. Although we do not charge you a penalty or fee if you prepay your loan, any prepayment will be applied as provided in your promissory note: First to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal.

2. 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, and may therefore be suspended during a forbearance or deferment period.

3. Sallie Mae reserves the right to approve a lower loan amount than the school-certified amount.

4. This promotional benefit is provided at no cost to borrowers with loans that first disburse between May 8, 2017 and April 30, 2018. Borrowers who reside in or attend school in Maine are not eligible for this benefit. No cash value. Terms and Conditions apply. Please visit for complete details. This offer expires one year after issuance.

7. If requesting a loan for a prior enrollment period, less than 365 days can pass from the end of the prior enrollment period to the time of the loan’s first disbursement. At the time of the request, the borrower must be enrolled, intending to enroll, or have graduated. The borrower must have been enrolled during the prior enrollment period for which the loan is requested and must not have withdrawn with no intention of re-enrolling, as verified by the school.


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