Sallie Mae Student Loans

Who is Sallie Mae?

Sallie Mae is one of the largest lenders to students in the country, and they offer just about every type of loan imaginable. They’ve been lending since 1972, first as a government agency and then as a private lender, and offer some of the most comprehensive loan packages for students of all walks of life (Undergraduate, graduate, certificate programs, etc.). The Smart Option Loan requires immediate repayment (while you’re still in school) to reduce the amount of time it takes you to repay the loan, as well as keep your interest down.

Private Loan Name: Smart Option Student Loan
Loans for which students? Undergraduate, graduate, professional, study abroad, community college
Minimum/Maximum Amount per Student: $1,000 – Cost of Attendance (less other financial aid)
Rates: (varies depending on your credit history), 1 month LIBOR + 4% – 1 month LIBOR + 14%
Loan Fees: 0%-5%
Repayment Term: 5-15 years, repayment starts while you are in school
Other Sallie Mae Loan Information: Borrowers have the option of releasing their cosigner (the person who signs the loan with you to help you get a lower interest rate) after school is completed. This means that if you ask your parents or sibling to sign a loan with you, they can be off the hook for it as soon as you graduate.  You can also get small reductions to your interest by having your payments automatically debited from your account, or for forgoing snail mail communication for email.  You can also prepay your loan without any penalties.
How to Apply/Contact Information: Apply online

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