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 include1:

  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 penalty
  • 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.

Current Student Loan APR Rates from Sallie Mae

Undergraduate Rates   
Variable APR14.37% - 11.23%Apply Now
Fixed APR15.74% - 11.85%Apply Now


Graduate Rates   
Variable APR14.12% - 10.98%Apply Now
Fixed APR15.74% - 11.85%Apply Now

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. 


Information Valid as of April 25, 2018

Smart Option Student Loans are made by Sallie Mae Bank or a lender partner. The Sallie Mae partner referenced is not the creditor for these loans and is compensated by Sallie Mae for the referral of Smart Option Student Loan customers.

This information is for borrowers attending degree-granting institutions only. You must be attending or have attended a participating school located in the U.S. 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. Non-U.S. citizen students, including DACA students, will need to submit proper documentation to prove citizenship/identity; this can include an unexpired foreign passport, an unexpired student visa, an alien registration card, or an employment authorization document. All documentation must be unexpired at the time of the application, government-issued, and include a photograph. 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. Applications are subject to a requested minimum loan amount of $1,000. Current credit and other eligibility criteria apply

1. This repayment example is based on a typical loan to a borrower who chooses a variable rate and the Fixed Repayment Option for a $10,000 loan, with two disbursements, and a 9.09% variable APR. It works out to 51 payments of $25.00, 119 payments of $165.12 and one payment of $120.75, for a Total Loan Cost of $21,045.03. Variable rates may increase over the life of the loan.

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 and during your six-month separation or grace period. 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 APRs assume a $10,000 loan to a freshman or first-year graduate, as applicable, with no other Sallie Mae loans. Graduate student pricing for this loan is limited to students enrolling in a Masters/Doctorate level degree program. Graduate Certificate/Continuing Education course work is not eligible.

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.