Sallie Mae Smart Option Student Loan
|Who Is the Borrower?||Eligible non-degree students enrolled for credit at least part time; 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 12.375%. Variable rates are indexed to the 1-month LIBOR and range from 1-month LIBOR plus 2.5% to 1-month LIBOR plus 9.375%.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||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||Students must be enrolled for credit at least part time.|
|Deferment Options||Interest only and deferred repayment options are available. For interest only repayment, fixed rates range from 5.75% to 11.875% and variable rates range from 1-month LIBOR plus 2% to 1-month LIBOR plus 8.875%. For deferred repayment, fixed rates range from 6.75% to 12.875 and variable rates range from 1-month LIBOR plus 3% to 1 month LIBOR plus 9.875%. Deferment and forbearance options are available for active duty military personnel.|
|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.|
|How to Apply||
Get more information and/or apply online:
Call Sallie Mae at: 888-272-5543.
This information is based on information provided by lenders identified in response to a Request for Information issued by Boston University. The terms and conditions of any loan may vary depending on, among other things, market conditions and your credit score. Proposed terms may have changed since lenders provided information to Boston University. You should contact the lender to obtain current terms and information. You should review any proposed terms and obligations carefully.