Who Is the Borrower? |
Eligible non-degree students; borrower or co-borrower must be U.S. citizen or permanent resident. |
Interest Rate |
Variable interest rate is indexed to the 1-month LIBOR rate. Rates are tiered and "best" tier borrowers get loans at the 1-month LIBOR rate plus 4%. Rates range up to 1-month LIBOR plus 12.5%. The interest rate capped only by applicable state statute. Rates are reset monthly. |
Credit Criteria |
Approval, interest rates and disbursement fees are based on the student borrower's and/or co-borrower's creditworthiness as determineed by Sallie Mae. |
Fees |
Loan disbursement fees range from 0% to 3% and are based on the creditworthiness of the borrower and co-borrower. There are no origination, repayment or default/
insurance fees.
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Minimum and Maximum Allowed |
Loans are approved from $1,000 up to the total cost of education minus any other financial aid. The maximum aggregate limit is a reasonable multiple of the annual limits.
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Repayment Terms |
Monthly interest-only payments are required during the in-school period and during the 6-month separation period; monthly payments of principal and interest begin 6 months after the student ceases to be enrolled. The maximum repayment period is 15 years. No prepayment penalties. |
Enrollment Status |
Students must be enrolled at least half time. |
Deferment Options |
There is no option to defer the repayment of interest; this feature of the Sallie Mae Smart Option Student Loan is designed so borrowers avoid capitalized interest and reduce the total cost of borrowing. Eligible borrowers can defer principal payments while enrolled at least half time for up to 48 months. Repayment of principal and interest begins 6 months after the student ceases to be enrolled. Hardship forbearance may be granted under certain circumstances. |
Can Loan be Sold? |
Sallie Mae has not sold its private loans to ther lenders. |
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Other Borrower Benefits |
Interest rate reduction of 0.25 % is available for automatic debit. Borrowers may apply for a cosigner release; approval is based on payment history, underwriting guidelines and is at the sole discretion of Sallie Mae. |
How to Apply |
More Smart Option Loan information:
http://www.salliemae.com/get_student_loan/find_student_loan/
smart-option-student-loan.htm
Apply online:
https://opennet.salliemae.com/apploansummary/?school_
id=00213000&AlternateLogin=Y&loanprogram=SOSL
Call Sallie Mae at 888-272-5543.
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