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Sallie Mae Smart Option Student Loan®

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.

  1. Interest rates for Fixed and Deferred Repayment Options are higher than interest rates for the   Interest Repayment Option. You’re charged interest starting at disbursement, while in school and during your six-month separation or grace period. When you enter principal and interest repayment, Unpaid Interest will be added to your loan’s Current Principal. Variable rates may increase over the life of the loan.  Advertised APRs assume a $10,000 loan to a freshman or first-year graduate, as applicable, with no other Sallie Mae loans.  Graduate student pricing for this loan is limited to students enrolling in a Masters/Doctorate level degree program. Graduate Certificate/Continuing Education course work is not eligible.
  2. Sallie Mae reserves the right to approve a lower loan amount than the school certified amount.
  3. Either the borrower or cosigner (not both) must enroll in auto debit through Sallie Mae. The rate reduction benefit applies only during active repayment for as long as the Current Amount Due is successfully deducted from the designated bank account each month and is suspended during forbearances and certain deferments.
  4. Only the borrower may apply for cosigner release. Borrowers who meet the age of majority in their state may apply for cosigner release by providing proof of graduation (or completion of certification program), income, and U.S. citizenship or permanent residency (if your status has changed since you applied). In the last 12 months, the borrower must be current on all Sallie Mae serviced loans (including no hardship forbearances or modified repayment programs) and have paid ahead or made 12 on-time principal and interest payments on each loan requested for release. When the cosigner release application is processed, the borrower must demonstrate the ability to assume full responsibility of the loan(s) individually, and pass a credit review that demonstrates a satisfactory credit history including but not limited to no: open bankruptcy, open foreclosure, student loan(s) in default or 90 day delinquencies in the last 24 months. Requirements are subject to change.
  5. This repayment example is based on a typical loan to a freshman borrower who chooses a variable rate and the Fixed Repayment Option for a $10,000 loan, with two disbursements and a 7.55% variable APR. It works out to 51 payments of $25.00, 119 payments of $144.47 and one payment $115.69, for a Total Loan Cost of $18,582.62. Variable rates may increase over the life of the loan. This repayment example is based on a typical loan to a first-year graduate borrower who chooses a variable rate and the Fixed Repayment Option for a $10,000 loan, with two disbursements and a 6.52% variable APR. It works out to 27 payments of $25.00, 59 payments of $210.61 and one payment of $196.73, for a Total Loan Cost of $13,297.72. Variable rates may increase over the life of the loan.

 

SALLIE MAE BANK RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES AND BENEFITS AT ANY TIME WITHOUT NOTICE.

 

©2016 Sallie Mae Bank. All rights reserved. Sallie Mae, the Sallie Mae logo, and other Sallie Mae names and logos are service marks or registered services marks of Sallie Mae Bank or its subsidiaries. SLM Corporation and its subsidiaries, including Sallie Mae Bank, are not sponsored by or agencies of the United States of America. All other names and logos used are the trademarks or services marks of their respective owners.

Information advertised valid as of 10/25/2016.

Smart Option Student Loans are made by Sallie Mae Bank or a lender partner (not Regions Bank). Regions Bank is a member of FDIC.