Sallie Mae Smart Option Student Loan®
Easy online student loan application with fast credit result and electronic signature (“eSign”) available for borrowers attending degree-granting institutions.
Sallie Mae Smart Option Student Loan Details
| Variable Interest Rate | Start from 3.87% APR to 10.75% APR for undergraduate loans, and 3.87% APR to 8.79% APR for graduate loans. legal disclaimer number1 |
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| Fixed Interest Rate | Range from 5.74% APR - 11.85% APR for undergraduate loans, and 5.74% APR - 8.56% APR for graduate loans. legal disclaimer number1 |
| Collateral Requirements | Must be attending a degree-granting institution. Applying with a cosigner may help your chances of getting approved. Cosigning doesn’t need to be a lifelong commitment. You may apply to release your cosigner from the loan after you graduate, make 12 on-time principal and interest payments and meet certain credit requirements. Releasing the cosigner will not adversely impact the rate on your loan. legal disclaimer number2 |
| Loan Amount | Up to 100% of school-certified cost of attendance legal disclaimer number3 |
| Features | Deferred Repayment Option — Defer payments until after school, or pay as much as you want while in school.
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Fixed Repayment Option — Pay just $25 a month while in school, and for six months after graduation. legal disclaimer number1 legal disclaimer number4 Interest Repayment Option — Make monthly interest payments while in school and for six months after graduation. Interest Rate Reduction — Receive a 0.25 percentage point interest rate reduction while enrolled to make monthly payments by automatic debit. legal disclaimer number5 Loan Forgiveness — In the event of a student’s death or permanent and total disability. No Prepayment Penalty |
Encouraging Responsible Borrowing
The student loan process can be overwhelming. That's why Regions is proud to offer the Smart Option Student Loan for Regions Bank customers. The loan is a great way to pay for college expenses at a degree-granting institution, not covered by scholarships and federal loans. Regions and Sallie Mae encourage students and families to supplement their 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.
Sallie Mae Smart Option Student Loan® Details
For Borrowers Attending Degree-Granting Institutions
Regions Bank is not the creditor for these loans and is compensated for the referral of Smart Option Student Loan customers.
This information is for borrowers attending degree-granting institutions only. You must be attending or have attended a participating school located in the U.S. during an eligible prior enrollment period. You must be a U.S. citizen or a permanent resident or a Non-U.S. citizen borrower with a creditworthy cosigner (who must be a U.S. citizen or permanent resident) and required U.S. Citizenship and Immigration Service (USCIS) documentation. U.S. citizens and permanent residents enrolled in eligible study abroad programs or who are attending or have attended schools located outside the U.S. are also eligible. Applications are subject to a requested minimum loan amount of $1,000. Current credit and other eligibility criteria apply.
