Sallie Mae® Smart Option Student Loan® for Degree Granting Institutions

Sallie Mae When grants, scholarships, and federal aid are not enough, choose the Smart Option Student Loan. You'll get the money you need for college, and the flexibility you want.


  • Competitive variable interest rates - 2.25% APR to 9.37% APR1 (Competitive fixed interest rates also available)
  • No origination fees and no prepayment penalties
  • Get a 0.25 percentage point interest rate reduction while enrolled to make scheduled monthly payments by automatic debit2
  • Borrow up to 100% of your school-certified cost of attendance (minimum $1,000)3
  • Applying with a creditworthy cosigner may help lower your interest and give you a better chance of approval
  • Apply to release your cosigner once you graduate and make 12 consecutive on-time principal and interest payments4
  • Students who become Upromise® members (which is free to join) and choose the Interest or Fixed Repayment Option can get a Smart Reward in their Upromise account of 2% of their scheduled monthly payments that are made on time while in school5

Apply With a Co-signer

While not required, we strongly encourage undergraduate students to apply with a creditworthy co-signer if they may have difficulty qualifying for a loan due to limited income and credit history. This may increase an applicant's chances of approval and of possibly obtaining a better interest rate.


  • A quick credit result. Applying online is fast and easy. It only takes about 15 minutes to apply and get a credit result.
  • No prepayment penalty
  • 24/7 online account management

Upromise by Sallie Mae® Rewards

  • Join Upromise® for free, and earn cash back by shopping online, buying groceries, filling up the tank, and more.
  • Use your Upromise® earnings to help pay down eligible Sallie Mae student loans or request a check to pay for college or other expenses like books, food, and more.

Encouraging Responsible Borrowing

Sallie Mae has helped more than 30 million Americans pay for college since 1972. We encourage students and families to supplement savings by exploring grants, scholarships and federal and state student loans, and to consider the anticipated monthly payments on their total student loan debt and their expected future earnings - before considering a private education loan.

This information is for borrowers attending degree-granting institutions only. Credit criteria and eligibility requirements apply.

1Interest rates for the Fixed and Deferred Repayment Options are higher than for loans with the Interest Repayment Option. Variable rates may increase after consummation. Interest is charged while you are in school and during the 6 month separation period. Any interest that remains unpaid when you enter full repayment will be added to your loan balance.

2The rate reduction benefit applies only if the recurring payment is successfully deducted from the designated account and is suspended during forbearances and certain deferments. For multi-party loans, only one party may enroll in auto debit.

3As certified by your school and confirmed by Sallie Mae, less other financial aid received. Sallie Mae reserves the right to approve a lower loan amount than what the school has certified. Requested amounts exceeding $99,999 may require multiple loans.

4Only the borrower may apply for cosigner release. The borrower must provide proof of successful completion of school, be a U.S. citizen or permanent resident, be current and have made 12 consecutive on-time payments of principal and interest immediately before applying, and pass a credit check including income verification when the release request is processed.

5Primary borrower can earn a reward into his or her active Upromise account of 2% of the scheduled loan payment amount for each on-time payment during the in-school and separation periods. Loan payments must remain current to be eligible for the reward. The Smart Reward benefit and Upromise membership are subject to the terms and conditions of the Upromise service, as may be amended from time to time. Upromise Accounts are not FDIC insured, carry no bank guarantee and may lose value.

Information advertised valid as of April 1, 2014


The Sallie Mae logo, Sallie Mae, Sallie Mae Bank, Sallie Mae Smart Option Student Loan, and Smart Reward are service marks or registered service marks of Sallie Mae or its subsidiaries.

Upromise and Upromise logo are registered service marks of Upromise, Inc.

Smart Option Student Loans are made by Sallie Mae Bank® or a lender partner.

SLM Corporation and its subsidiaries, including Sallie Mae Bank and Upromise Inc., are not sponsored by or agencies of the United States of America.

© 2014 Sallie Mae Bank. All rights reserved.

© 2014 Upromise, Inc. All rights reserved.