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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 by Sallie Mae for the referral of Smart Option Student Loan customers.

This information is for borrowers attending degree-granting institutions only. You must attend a participating school or have attended one in an eligible prior enrollment period. You must be a U.S. citizen or a permanent resident or a Non-U.S. citizen borrower who is attending or has attended a school located in the U.S. applying 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 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.
  2. Sallie Mae reserves the right to approve a lower loan amount than the school certified amount. Some requested amounts may require multiple loans.
  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. Borrower must provide proof of graduation (or successful completion of certification program), income, and citizenship (if it has changed since you applied). Borrower must also be a U.S. citizen or permanent resident; meet the age of majority in their state; be current on all Sallie Mae serviced loans and make 12 consecutive on-time principal and interest payments on each loan requested for release immediately before applying; not have been reported to a consumer reporting agency as 90+ days delinquent in the past 24 months; not be in hardship forbearance or a modified repayment program; have no student loan(s) in default; and pass a credit review that demonstrates a satisfactory credit history and the ability to assume full responsibility of the loan(s) individually when the release request is processed. Requirements are subject to change.
  5. 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 7.44% variable APR: 51 payments of $25 per month, 119 payments of $143.06 per month, and one payment of $115.21, for a Total Loan Cost of $18,414.35. 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 6.40% variable APR: 27 payments of $25 per month, 59 payments of $209.46 per month, and one payment of $195.96, for a Total Loan Cost of $13,229.10.

 

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 12/28/2015.

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