The Sallie Mae Smart Option Student Loan® for Regions Bank is an ideal solution for students who still need funds after they have maximized grants, scholarships and federal loans. With the Smart Option Student Loan students can borrow up to the full cost of their education, less other aid received1.
Cosigning a Loan
Sallie Mae private loans for Regions Bank rewards our more creditworthy customers with better interest rates and lower fees. Find out more important things to know when considering a cosigner.
Eligibility
- You must attend an eligible community college, four- or five-year college or university, or eligible graduate program at least half time and be working toward your degree. In some circumstances, the Sallie Mae Smart Option Student Loan for Regions Bank is available to less than half-time graduate business students pursuing a degree. Contact your financial aid office for more information2.
- You must meet current credit and other eligibility criteria.
Benefits
- Pricing that rewards creditworthy borrowers.
- Applying with a creditworthy cosigner may help you qualify and/or receive a lower interest rate.
- Borrowers may apply for a cosigner release after successful completion of their education3.
- Interest-only payments required while in school and during the six-month separation period to avoid capitalization of interest and lower the overall cost of the loan.
- Smart Rewardsm earn 2% of your scheduled monthly payment as a reward in your Upromise account when you make payments on time while in school4.
- A 0.25 percentage point interest rate reduction is available for automatic debit5.
- Flexible repayment options—choose affordable fixed payments of $25 a month or make full interest payments to save even more8.
- No origination fees9.
Features
- Easy online application with fast credit decision and electronic signature ("eSign") available.
- 24/7 online account management.
- No prepayment penalty.
- You may be able to deduct the interest you pay on a qualified student loan6.
- Available for U.S. citizens enrolled in eligible study abroad programs or studying at medical schools outside the U.S.
- International students are eligible with a creditworthy cosigner (who must be a U.S. citizen or permanent resident) and applicable CIS documents.
Loan limits
- $1,000 minimum loan amount.
- Borrow as much as you need to pay for your education, up to the cost of attendance as certified by your school and confirmed by Sallie Mae, less other financial aid received1.
Interest rate
- Applying with a creditworthy cosigner may help you qualify and/or receive a lower interest rate.
- The Sallie Mae Smart Option Student Loan has interest rates that reward good credit. Interest rates are variable and are reset monthly based on the one-month LIBOR Index. Learn More
Fees
- No disbursement or repayment fees.
Repayment
- Interest-only payments are required during the in-school period and during the 6-month separation period; by doing so you'll avoid capitalized interest and reduce your total loan cost.
- Consider making principal and interest payments while in school to lower the amount you must pay back.
- Principal and interest payments begin following the six-month separation period.
- Prepay your loan at any time without penalty.
For additional information, please contact our customer service number or one of the designated representatives listed below.
Regions Education Lending
Lender Code: 900902
(You will need to put this number on your loan application). |
Loan Service Center
800-858-7822 |
Marjorie Belton, Director of Sales
703-796-0831 |
Jonna Gibson Baker, Account Executive
251-973-0409, AL, GA, TN |
Jackie Boone, Account Executive
601-856-4261 AR, LA, MS, TN, TX |
Trish Wallace, Sales Support
850-248-9423, All Areas |
1,2,3,4,5,6,7,8,9 Visit www.Regions.com/SmartTerms for additional information. Terms, conditions and limitations apply.