Note: We don't encourage you to use private student loans as your only source of financial aid. You should first get all of your eligible federal student loans, scholarships, grants and other federal and college aid before applying for private student loans. Use private student loans to help make up the difference from the total cost of education and the federal aid received.

We recommend that you first build out a budget plan to list all of your aid sources. Then budget your college start-up costs and monthly expenses. Apply for private student loans only when you need extra funds. There are no application deadlines with private student loans. You can apply at anytime when you need extra cash.

We invite you to visit our SayStudent.com aid center for information about federal student loans, scholarships, grants, college aid, and other financial aid information.

Legal Notes

1 $25/month fixed payment repayment option is available for new loan applications initiated on or after June 28, 2010, and is subject to change.  The savings example uses approximated numbers, is for informational purposes only and is an example of loan terms available through the Smart Option Student Loan. Savings is based on the following assumptions: A Smart Option Student Loan made to a freshman borrower at a degree granting institution of $10,000 with two disbursements and a 10.05% APR [Interest rate of LIBOR + 10.375% (LIBOR of 0. 375% as of 6/25/2010) and no origination fee or disbursement fee]. APR may increase after consummation. Repayment consists of 51 fixed $25/month payments (in-school period of 45 months plus separation period of 6 months), followed by 119 principal and interest payments of $179.79 per month and one payment of $115.65 for total payments of $22,786 (finance charge of $12,786). Compare against a traditional 15-year private student loan for $10,000 where payments are deferred during school and grace periods, an estimated APR of 9.97% and repayment consisting of 179 principal and interest payments of $162.11 per month and one payment of $41.83 (following a 45-month in-school period and 6-month grace period, after which accrued interest is capitalized) for total payments of $29,060 (finance charge of $19,060). 

2 Borrow up to the cost of attendance (minimum $1,000) as certified by your school and confirmed by Sallie Mae, less other financial aid received.  Sallie Mae reserves the right to approve a lower loan amount than what the school has certified.

3 Market leading rates based on a May 7, 2010 review of competitor rates and APRs. Rates and fees shown are available for borrowers attending degree-granting institutions with the fixed repayment option only. The rates for borrowers attending non- degree granting institutions with the fixed pay repayment option will range from L + 8.50% to L + 12.50% (8.82% APR to 13.88% APR) (LIBOR of 0.375% as of 5/25/2010) and the origination or disbursement fees will range from 0% to 5%.  The APR and interest rate on your loan will be a variable rate and will change based on changes in the one-month LIBOR rate. Your interest rate and monthly payment will increase if the one-month LIBOR rate increases.

4 Benefit for enrolling in monthly recurring automatic debit payments is available for as long as monthly payment is successfully deducted from the designated bank account. Benefit is suspended during periods of forbearance and certain deferments.

5 The 2% reward benefit is available on the Smart Option Student Loan during the borrower's initial in-school and separation period only. If the borrower leaves school but returns later, the reward will not be available for any subsequent in-school period. The primary borrower must be of the age of majority in his or her state of residence (typically 18 years old) and must enroll in Upromise at the time he or she applies for the loan or already be a Upromise member at the time of loan application. If the primary borrower is already a Upromise member at the time of loan application, the borrower must indicate that when applying for the loan and provide the requested information to confirm enrollment. To be eligible to receive the 2% reward, the borrower may not have had two consecutive scheduled payments past due on the loan for which the benefit is available. If the borrower has two consecutive scheduled payments past due, he or she will no longer be eligible for the reward on that loan. If all conditions are met, the primary borrower will earn 2% of the scheduled payment in Upromise rewards into his or her Upromise account for each payment made by the scheduled due date. The 2% reward will be based only on the scheduled payment amount due and cannot be earned on payments that exceed the scheduled payment amount. The 2% reward benefit is subject to the terms and conditions of the Upromise service (as may be amended from time-to-time), including without limitation, restrictions on conversion, transfer and redemption of rewards, reward denomination, including whether and under what circumstances the rewards have independent cash value, and terms relating to fees and/or the forfeiture of rewards. Benefit available on eligible loans first disbursed on or after June 1, 2010.

6 To qualify for cosigner release, borrower must have successfully completed school, made 12 consecutive on-time principal and interest payments, meet age of majority requirements, be a U.S. citizen or permanent resident and meet the underwriting requirements when the release request is processed.  Account must remain current until the request for cosigner release is processed.
You must attend an eligible school and be enrolled in an eligible program. U.S. citizens enrolled in eligible study abroad programs or studying at medical schools outside the United States are also eligible. International students are eligible with a creditworthy cosigner (who must be a U.S. citizen or permanent resident) and appropriate U.S. Citizenship and Immigration Service documentation.

You must meet current credit and other eligibility criteria
Terms and conditions apply to the Upromise service. Participating company, contribution levels and terms and conditions are subject to change at any time without notice. Go to upromise.com to learn more.
Sallie Mae Smart Option Student Loans are made by Sallie Mae Bank®. The Student Loan Network is compensated for the referral of Smart Option Student Loan customers.

Borrower benefit information valid as of June 28, 2010.

SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES AND BENEFITS AT ANY TIME WITHOUT NOTICE. CHECK THE SALLIE MAE WEBSITE TO OBTAIN THE MOST UP-TO-DATE PRODUCT INFORMATION.

The Sallie Mae logo, Sallie Mae, Sallie Mae Bank®, Sallie Mae Smart Option Student Loan and Dream. Invest. Succeed. are registered service marks of Sallie Mae, Inc. Smart Rewards is a service mark of Sallie Mae, Inc. Upromise is a registered service mark of Upromise, Inc. SLM Corporation and its subsidiaries, including Sallie Mae, Inc. and Upromise, Inc., are not sponsored by or agencies of the United States of America. Sallie Mae Smart Option Student Loans are made by Sallie Mae Bank or a Sallie Mae lender partner. © 2010 by Sallie Mae, Inc. All rights reserved.