With the Smart Option Student Loan® you can pay for college the smart way! Offering great repayment options and competitive interest rates it is an ideal solution to help you pay for college expenses not covered by scholarships and federal student loans.
Competitive interest rates, no origination fees1, and no prepayment penalty
Get the money you need for school
- Borrow up to 100 percent of your school-certified costs of education (minimum $1,000).
Pay now or later
- Defer your payments until after school or choose an in-school repayment option that fits your needs.2
Rewards for paying on time
- Get a 2 percent Smart Reward® in your Upromise® account when you make scheduled monthly payments on time while in school with Interest or Fixed Repayment Options.3
- Get a 0.25 percentage point interest rate reduction while enrolled to make scheduled monthly payments by automatic debit.4
A Cosigner can really pay off
- A cosigner can help you qualify.
Applying with a creditworthy cosigner—like a parent—can give you a better chance of approval or even help you get a lower interest rate.
- Easier cosigner release.
You can apply to release your cosigner after you graduate and make 12 consecutive, on-time principal and interest payments.5
Features
- Easy online application with fast credit result and electronic signature ("eSign") available.
- 24/7 online account management.
- No prepayment penalty.
- 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 student loan amount.
- Borrow up to 100 percent of your school-certified costs of education (minimum $1,000).
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.
Fees
- No disbursement or repayment fees.1
Repayment
- Defer your payments until after school or choose an in-school repayment option that fits your needs.2
- 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.
- Unpaid interest will capitalize when your student loan enters principal and interest repayment.
- Prepay your loan at any time without penalty.
For additional information about student loans, 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 Servicing Center (for Students and Parents)
800-858-7822 |
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Trish Wallace, Sales Support (for Schools/Branch Personnel)
850-248-9423, All Areas |
1,2,3,4,5 Visit www.Regions.com/SmartTerms for additional information. Terms, conditions and limitations apply.