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Its flexibility makes it an ideal solution for students and families who still need money for college after using grants, scholarships and federal student loans.

The Smart Option Student Loan offers these benefits:

  • Competitive Variable Rates: 4.62% APR – 14.96% APR, and competitive fixed rates available1
  • Lowest rates shown include the auto debit discount2
  • No origination fee or prepayment penalty3
  • Borrow up to 100% of the school-certified expenses for the entire school year4

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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.
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Smart Option Student Loan: This loan is for undergraduate students at participating degree-granting schools. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend a participating school in the U.S., apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident) and provide an unexpired government-issued photo ID to verify their identity. Applications are subject to a requested minimum loan amount of $1,000. Current credit and other eligibility criteria apply.

1 Interest is charged starting when money is sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Internet Repayment Options and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. Payments may be required during the grace/separation period depending on the repayment option selected. 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.

2 The borrower or cosigner must enroll in auto debit through Sallie Mae to receive a 0.25 percentage point interest rate reduction benefit. This benefit applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment, if available for the loan.

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

4 Loan amount cannot exceed the cost of attendance less financial aid received, as certified by the school. Sallie Mae reserves the right to approve a lower loan amount than the school-certified amount.

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Disclosure: EducationDynamics receives compensation for the loan offers on our website (see “Sponsored Results”). This compensation may impact how and where products appear on this site including, the order in which they appear as a result from our matching tool. EducationDynamics does not include all lenders, savings products or loan options available in the marketplace. By providing information or agreeing to be contacted by a Sponsored Partner, you are in no way obligated to apply to accept a loan with the Provider.

Financial aid may be available to those who qualify. The financial aid information on this site is for informational and research purposes only and is not an assurance of financial aid. This website is privately owned and operated and is not affiliated with or endorsed by any governmental entity.

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Need help finding the money you need for college? Whether you’re an undergraduate, or graduate student, trade school student or parent - Sallie Mae flexible loans are designed to meet your needs.

Borrow up to 100% of the school-certified expenses for the entire school year*