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.
- Interest rates for the Fixed and Deferred Repayment Options are higher than interest rates for the Interest Repayment Option. Graduate student pricing on the Smart Option Student Loan is limited to students enrolling in a Masters/Doctorate level degree program. Graduate Certificate/Continuing Education course work is not eligible for graduate student pricing. Variable rates may increase after consummation. Interest is charged while you are in school and during the 6-month separation period. Unpaid Interest will be added to the Current Principal when you enter principal and interest repayment.
- Sallie Mae reserves the right to approve a lower loan amount than the school certified amount.
- 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.
- 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.
- This informational repayment example uses typical loan terms available to a freshman borrower who elects the Fixed Repayment Option and has a $10,000 loan with two disbursements and a 7.55% variable APR: 51 payments of $25 per month, 119 payments of $144.47 per month, and one payment of $115.69, for a Total Loan Cost of $18,582.62. This informational repayment example uses typical loan terms available to a first-year graduate borrower who elects the Fixed Repayment Option and has a $10,000 loan with two disbursements and a 6.52% variable APR: 27 payments of $25 per month, 59 payments of $210.61 per month, and one payment of $196.73, for a Total Loan Cost of $13,297.72.
SALLIE MAE BANK RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES AND BENEFITS AT ANY TIME WITHOUT NOTICE.
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Information advertised valid as of 08/25/2016.
Smart Option Student Loans are made by Sallie Mae Bank or a lender partner (not Regions Bank).
Regions Bank is a member of FDIC.