Who Is the Borrower? |
Eligible undergraduate 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 determined 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. |
Minimum and Maximum Allowed |
Loans are approved from $1,000 up to the total cost of education minus any financial aid, including any Federal Direct Stafford Student Loan. The maximum aggregate limit is a reasonable multiple of the annual limits. |
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 6 credits per semester in an undergraduate degree program. |
Deferment Options |
There is no option to defer the repayment of interest; this feature of the Sallie Mae Smart Option Loan is designed so borrowers avoid capitalized interest and reduce the total cost of borrowing. 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 other 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 |
Get more 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 1-888-272-5543.
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