Today, Sallie Mae announced new lower interest rates on the Smart Option Student Loan, across all three repayment options. For loans credit approved on or after May 16, 2011, Sallie Mae rates will range from: LIBOR + 2% to 9.875% (APRs: 2.25% to 9.37%).
And all students will also continue to benefit from having no origination or repayment fees, regardless of the applicant’s or cosigner’s credit. See below for more information on Sallie Mae Smart Option Student Loan…
Sallie Mae Smart Option Student Loan ®
With college costs growing fast, it’s time to borrow smarter. The Smart Option Student Loan offers multiple repayment options and competitive interest rates to help you pay for college expenses not covered by scholarships and federal loans.
• Competitive interest rates—2.25% APR to 9.37% APR
• No origination fees1and no prepayment penalty
• Pay now or later—defer your payments until after graduation or choose an in-school repayment option that fits your needs
• Borrow up to 100% of your school certified education costs (minimum $1,000)
• Get a 2% Smart Reward® in your Upromise® account when you make scheduled monthly payments on time while in school (Not available with the Deferred Repayment Option)
• New Free Tuition Insurance—covers up to $5,000 of tuition lost due to a covered medical withdrawal (Available with loans that first disburse July 1 through October 31, 2011)
• Earn a 0.25 percentage point interest rate reduction while enrolled to make scheduled monthly payments by automatic debit
• Applying with a creditworthy cosigner may help you qualify and/or receive a lower interest rate.
• You can apply for a cosigner release after you graduate and make 12 consecutive on-time principal and interest payments
Visit www.salliemae.com/terms/sosl for additional information. Terms, conditions and limitations apply.
Useful Brochures and Documents
1. Smart Option Student Loan Brochure
2. Smart Option Student Loan Tuition Insurance Benefit Flyer
3. Information for Parents Considering an Education Loan for their Student
4. Smart Option Student Loan Rewards Flyer
5. Getting a Cosigner Flyer