1. You may be eligible to 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. Additional restrictions apply to students enrolled with less than half time status, including: (A) The loan period cannot exceed 130 days in length; and (B) The loan amount may not exceed the published cost of attendance at the school for all students with an enrollment status of less than half time. Sallie Mae reserves the right to approve a lower loan amount than what the school has certified.
3. To qualify for cosigner release, the borrower must have successfully completed school, made 12 consecutive on-time principal and interest payments, meet age of majority requirements, be a U.S. citizen or permanent resident and meet the underwriting requirements when the release request is processed. Account must remain current until the request for cosigner release is processed.
4. The 2% reward benefit is available on the Smart Option Student Loan during the borrower's initial in-school and separation period only. If the borrower leaves school but returns later, the reward will not be available for any subsequent in-school period. The primary borrower must be of the age of majority in his or her state of residence (typically 18 years old) and must enroll in Upromise at the time he or she applies for the loan or already be a Upromise member at the time of the loan application. If the primary borrower is already a Upromise member at the time of loan application, the borrower must indicate that when applying for a loan and provide the requested information to confirm enrollment. To be eligible to receive the 2% reward, the borrower may not have had two consecutive scheduled payments past due on the loan for which the benefit is available. If the borrower has two consecutive scheduled payments past due, he or she will no longer be eligible for the reward on that loan. If all conditions are met, the primary borrower will earn 2% of the scheduled payment amount in Upromise rewards into his or her Upromise account for each payment made by the scheduled due date. The 2% reward will be based only the scheduled payment amount due and cannot be earned on payments that exceed the scheduled payment amount. The 2% reward benefit is subject to the terms and conditions of the Upromise service (as may be amended from time-to-time), including without limitation, restrictions on conversion, transfer and redemption of rewards, reward denomination, including whether and under what circumstances the rewards have independent cash value, and terms relating to fees and/or the forfeiture of rewards. Benefit available on eligible loans first disbursed on or after June 1, 2010.
5. The benefit for enrolling in monthly recurring automatic debit payments is available for as long as the 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 is suspended during periods of forbearance and certain deferments.
6. Consult your financial advisor for more information or visit http://www.irs.gov/pub/irs-pdf/p970.pdf.
7. Sallie Mae Smart Option Student Loans for Regions Bank are made by Sallie Mae Bank®. Regions Bank does not gather information in connection with, take applications for, or otherwise participate in the origination or funding of Sallie Mae Smart Option Student Loans. If you click on the "Apply Now" button above, you will leave the Regions Bank site and will be taken to Sallie Mae's site where you can submit a loan application directly to Sallie Mae.
8. The $25/month fixed repayment option for Smart Option Student Loans and its pricing is effective for new loan applications initiated on or after June 28, 2010, and is subject to change. The following typical loan example uses approximated numbers, is for informational purposes only and is an example of loan terms available through the Smart Option Student Loan: A Smart Option Student Loan made to a freshman borrower at a degree granting institution of $10,000 with two disbursements and a 10.05% APR [Interest rate of LIBOR + 10.375% (LIBOR of 0.375% as of 5/25/2010) and no origination fee or disbursement fee]. APR may increase after consummation. Repayment consists of 51 fixed $25/month payments (in-school period of 45 months plus separation period of 6 months), followed by 119 principal and interest payments of $179.79 per month and one payment of $115.65.
9. No origination fees apply to borrowers attending degree-granting institutions only. Please visit your financial aid office for more information.
Borrower benefit information is valid as of June 14, 2010.
SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BORROWER BENEFITS (INCLUDING INTEREST RATE REDUCTIONS), AT ANY TIME WITHOUT NOTICE. APPLICANTS SHOULD CHECK THE SALLIE MAE WEB SITE (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. 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 2010 by Sallie Mae, Inc. All rights reserved. GCR2443 6/17/2010