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Sallie Mae Smart Option Student Loan by Regions Bank

Let us help you pay for college.

This innovative student loan helps students save money, build good credit, and pay off their student loan debt faster. Designed to help shorten the amount of time taken to pay off the loan, it features interest-only payments made while in school and during the 6-month separation period to avoid capitalized interest. Students save money on interest, significantly reducing the total loan cost.

The Sallie Mae Smart Option Student Loan® by 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.

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 by Regions Bank is available to less than half-time graduate business students pursuing a degree. Contact your financial aid office for more information.
  • 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 education2.
  • A 0.25 percentage point interest rate reduction is available for automatic debit3.
  • Effective October 26, 2009, the .25 percentage point interest rate reduction associated with agreeing to receive servicing communications via email will no longer be available on new applications received on or after October 26, 2009. For applications received prior to that date, if you agree to receive servicing communications within 90 days of your first payment due date and continue to meet other terms of the benefit, the loan will continue to receive the benefit.

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 loan5.
  • 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

  • Disbursement fees range from 0% to 3%. Learn More
  • No repayment fee

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.

Another way to help pay down your loan
Join Upromise® and you can earn rewards on your everyday purchases. Those earnings can be automatically transferred to your student loan account, as long as your loans are serviced by Sallie Mae, to help pay down your eligible Sallie Mae-serviced student loans through Upromise Loan Link®. Not all loans are eligible. To learn if your loan is eligible for Upromise Loan Link, or to register, visit Upromise.com6.

 

 

1. 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 received. Sallie Mae reserves the right to approve a lower loan amount than what the school has certified.
2. The release of a cosigner is at the sole discretion of Sallie Mae. The borrower must have a satisfactory history of making principal and interest payments, meet age of majority requirements and meet underwriting guidelines when the request for cosigner release is processed.  The borrower's account must remain current until the request for release is processed and the borrower must be a U.S. citizen or permanent resident at the time the cosigner release is processed.
3. The automatic debit benefit is available for as long as the borrower's monthly payment amount is successfully deducted from the designated bank account.  Borrowers can elect to make payments via automatic debit through Sallie Mae's online account management system. This benefit lowers the borrower's interest rate but does not change the amount of the monthly payment. This benefit is suspended during periods of forbearance and certain deferments.
4. The borrower must elect to receive electronic communications through Sallie Mae's online account management system and provide a valid e-mail address within 90 days of the first payment due date.  The electronic communications benefit is available for as long as the borrower maintains a valid e-mail address, continues to consent to receive all servicing communications concerning his or her student loan(s) via e-mail and makes on-time payments of amounts scheduled with no interruption.  This benefit lowers the borrower's interest rate but does not change the amount of the monthly payment.
5. Consult your financial advisor for more information or visit http://www.irs.gov/pub/irs-pdf/p970.pdf.
6. To view whether or not a loan is eligible to participate in the Upromise Loan Link program, please visit Upromise.com/LoanLink. Access to Upromise is not limited to Sallie Mae customers.

Sallie Mae Smart Option Student Loans by Regions Bank are funded by Sallie Mae Bank®.

Borrower benefit information is valid as of October 26, 2009.
REGIONS AND SALLIE MAE RESERVE THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BORROWER BENEFITS (INCLUDING INTEREST RATE REDUCTIONS), AT ANY TIME WITHOUT NOTICE. APPLICANTS SHOULD CHECK THE REGIONS OR SALLIE MAE WEB SITES (REGIONS.COM/SMART OR SALLIEMAE.COM) CLOSE TO THEIR LOAN APPLICATION DATE, AND AGAIN PRIOR TO DISBURSEMENT, TO OBTAIN THE MOST UP-TO-DATE INFORMATION REGARDING PRODUCTS, SERVICES, AND BORROWER BENEFITS.

Terms and conditions apply.  Regions is a member FDIC. Sallie Mae, Sallie Mae Bank, Sallie Mae Smart Option Loan and Smart Option Loan are registered service marks of Sallie Mae, Inc. Upromise, the Upromise logo, and Upromise Loan Link are registered service marks of Upromise, Inc. SLM Corporation and its subsidiaries, including Sallie Mae, Inc., are not sponsored by or agencies of the United States of America. Copyright 2009 by Sallie Mae, Inc. All rights reserved. GCR1767

 

 

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