*Last updated January 2019.
Students and families can invest in their education with private education loans designed to responsibly bridge the gap between personal resources and federal student aid.
Private education loans:
Plan for College is a one-stop resource offering free tools, calculators, and information to help students and families put a plan in place to pay for college.
Sallie Mae is committed to serving their borrowers so they can successfully pay their loans and build their credit.
Sallie Mae has some of the most competitive interest rates for student loans (as of January 10, 2019). Variable interest rates for the Smart Option Student Loan for undergraduates start from 4.62% to 11.47% APR.1
In terms of repayment, Sallie Mae's Smart Option Student Loan has a rather unique offering that may appeal to students who are concerned with landing full-time employment right after finishing school. Students who maintain their Sallie Mae loans in good standing can request to make 12 monthly interest-only payments instead of full principal and interest payments after they finish school.5
Qualifying customers may request the Graduated Repayment Period during the six billing periods before and the 12 billing periods immediately after the loan first enters principal and interest repayment. However, it’s important to note that this option will not extend the loan term. That means later monthly payments will be higher, as the total loan cost will increase.
Student borrowers may select from fixed or variable interest rates.
Note: All interest rates as of January 10, 2019.
The Smart Option Student Loan for undergraduate students has a 5-153 year repayment term. Student borrowers may select from interest-only or fixed payments while still in school, or they may defer payments until six months after graduation.1
Qualifying Smart Option Student Loan customers can request to make interest-only payments for a period of 12 months after finishing school.5
There is no penalty for early payment.6
Yes, Borrowers who sign up for autopay can save an additional 0.25 percentage point interest rate reduction.1,2
If you’re looking for a lender with a strong history in the student loan space, you can’t get much better than Sallie Mae. With competitive interest rates and multiple repayment options, student loans from Sallie Mae are definitely worth your consideration.
If you'd like to learn more, go to Sallie Mae or click below.
1 Click here and go to the Smart Option Student Loans section for important information. Smart Option Student Loans for undergraduate students have variable interest rates that start from 4.62% APR to 11.47% APR and fixed rates that range from 5.74% APR to 11.85% APR. Variable rates may increase over the life of the loan.
2 Click here and go to the Sallie Mae Parent Loan section for important information. Sallie Mae Parent Loans have variable rates that start from 6.12% APR to 12.49% APR and fixed rates from 5.74% APR to 12.87% APR. Variable rates may increase over the life of the loan.
3 This repayment example is based on a typical loan to a borrower who chooses a fixed rate and the Fixed Repayment Option for a $10,000 loan, with two disbursements, and a 8.88% fixed APR. It works out to 51 payments of $25.00, 119 payments of $162.06 and one payment of $120.23, for a Total Loan Cost of $20,680.37.
4 This repayment example is based on a typical loan to a borrower (on behalf of a student) who chooses a variable rate and the Interest Repayment Option for a $10,000 loan, with two disbursements, and a 9.36% variable APR. It works out to 4 payments of $39.06, 44 payments of $78.13, 119 payments of $129.20 and one payment of $93.62, for a Total Loan Cost of $19,062.38. Variable rates may increase over the life of the loan.
5 Available for loans used to pay qualified higher education expenses at a degree-granting institution. Graduated Repayment Period (GRP) allows interest-only payments for 12 billing periods after principal and interest repayment begins. At the time of GRP request, the loan must be current (not past due). Customers may request GRP during the six billing periods before and the 12 billing periods immediately after the loan first enters principal and interest repayment. GRP does not extend the loan term. GRP increases the Total Loan Cost and monthly payments after the GRP will be higher than they would have been without it.
6 Although we do not charge you a penalty or fee if you prepay your loan, any prepayment will be applied as provided in your promissory note: First to Unpaid Fees and costs, then to Unpaid Interest, and then to the Current Principal.
Nitro is not the creditor for these loans and is compensated by Sallie Mae for the referral of Smart Option Student Loan and Sallie Mae Parent Loan customers.
Information advertised valid as of January 10, 2019.
Sallie Mae, the Sallie Mae logo and other Sallie Mae names and logos are service marks or registered service marks of Sallie Mae Bank.
Nitro College is not a lender and makes no representations or warranties about your eligibility for a particular loan or financial aid. The rates and terms listed for each lender are estimates and will change depending on your credit profile and other information you provide to lenders. Lenders are solely responsible for any and all credit decisions, loan approval and rates, terms and other costs of the loan offered and may vary based upon the lender you select. Nitro College receives compensation from lenders that appear on this site.