Sallie Mae Smart Option Student Loan

Who Is the Borrower? Eligible graduate students; borrower or co-borrower must be U.S. citizen or permanent resident.
Interest Rate Interest rates are tiered and both fixed and variable rate options are available. Fixed rates range from 6.25% to 8.625%. Variable rates are indexed to the 1-month LIBOR and range from 1-month LIBOR plus 2.5% to 1-month LIBOR plus 7.00%.Rates are capped by applicable state law only and are reset monthly.
Credit Criteria Approval and interest rates are based on the student borrower’s and/or co-borrower’s creditworthiness as determined by Sallie Mae.
Fees There are no origination, disbursement, 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 Stafford Student Loan. While the maximum program limit is $200,000, Sallie Mae reserves the right to consider total indebtedness, demonstration of responsible repayment behavior and other eligibility factors.
Repayment Terms and Grace Period The repayment term generally ranges from 5 – 15 years and is based on the cumulative outstanding Salle Mae-serviced private student loan balances, the repayment option selected, and the student’s grade level. No prepayment penalties.
Enrollment Status Graduate students must be enrolled at least half time in an eligible graduate degree program.
Deferment Options Interest only and deferred repayment options are available. For interest only repayment, fixed rates range from 5.75% to 8.375% and variable rates range from 1-month LIBOR plus 2% to 1-month LIBOR plus 6.75%. For deferred repayment, fixed rates range from 6.75% to 8.875% and variable rates range from 1-month LIBOR plus 3% to 1 month LIBOR plus 7.25%. Deferment, forbearance and co-signer release may be granted in certain circumstances.
Can Loan be Sold? Sallie Mae states that it does not sell Sallie Mae Smart Option loans to other lenders.
Other Borrower Benefits Interest rate reduction of 0.25 % is available for automatic debit. A 2% reward each month in the borrower’s Upromise account for making scheduled monthly pament on time while in school (not available with deferred repayment option), and Tuition Insurance Benefit (see Sallie Mae for details). Loan forgiveness is granted upon death or total permanent disability of the borrower.
Loans Offered for Residency, Relocation or other Expenses? The Sallie Mae Residency and Relocation Loan is available and offers loans from $1,000 to $20,000.
How to Apply

Get more information and/or apply online:

Sallie Mae Smart Option Student Loan

https://www.salliemae.com/smartoption

Medical Residency & Relocation Loan:
https://www.salliemae.com/medical

Dental Residency & Relocation Loan:

https://www.salliemae.com/dental

Call Sallie Mae at: 1-888-272-5543.

This information is based on information provided by lenders identified in response to a Request for Information evaluated by Boston University in May 2016. The terms and conditions of any loan may vary depending on, among other things, market conditions and your credit score. In addition, the terms of loans may change between the time the lenders provided information to Boston University and the time you apply for a loan. Therefore, we recommend that you contact the lender to obtain current terms and conditions and carefully review any proposed terms and obligations. Boston University reserves the right to re-evaluate the inclusion of and to remove a lender or a loan at any time during the year if the University receives information that causes the University to reconsider the lender or loan’s eligibility for inclusion on the list.