*Last updated January 3, 2020.
Lowest rates shown include the auto debit discount.
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 December 26, 2019). Variable rates for the Smart Option Student Loan for undergraduates start from 2.87% APR to 10.75% APR.1. Lowest rates shown include the auto debit discount.
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 Smart Option Student Loan 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 repayment5. 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 rates as of December 26, 2019.
The Smart Option Student Loan for undergraduate students has a 5-153 year repayment term. Student borrowers may select from interest-only or $25 fixed monthly payments3 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.7
Yes, Borrowers who enroll in and make monthly payments by auto payment can receive a 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 Lowest rates shown include the auto debit discount. Smart Option Student Loans for undergraduate students have variable rates that start from 2.87% APR to 10.65% APR and fixed rates that range from 4.74% APR to 11.85% APR. Interest is charged starting at disbursement, during school and the separation/grace period, and until the loan is paid in full. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan's Current Principal at the end of the grace/separation period. Payments may be required during the grace/separation period depending on the repayment option selected. Variable rates may increase over the life of the loan. Advertised variable rates reflect the starting range of rates and may vary outside of that range over the life of the loan. Advertised APRs assume a $10,000 loan to a freshman with no other Sallie Mae loans. Borrower or cosigner must enroll in auto debit through Sallie Mae to receive a 0.25 percentage point interest rate reduction benefit. This benefit applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month and may be suspended during periods of forbearance or deferment, if available for the loan.
2 Lowest rates shown include the auto debit discount. Sallie Mae Parent Loans have variable rates that start from 5.12% APR to 11.74% APR and fixed rates from 5.49% APR to 12.87% APR. APRs for the Principal and Interest Repayment Option may be higher than APRs for the Interest Repayment Option. Variable rates may increase over the life of the loan. Advertised variable rates reflect the starting range of rates and may vary outside of that range over the life of the loan. APRs assume a $10,000 loan to a person borrowing for a freshman student. Borrower or cosigner must enroll in auto debit through Sallie Mae to receive a 0.25 percentage point interest rate reduction benefit. This benefit applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month and may be suspended during periods of forbearance or deferment, if available for the loan.
3 This repayment example is based on a typical Smart Option Student Loan made to a freshman borrower who chooses a fixed rate and the Fixed Repayment Option for a $10,000 loan, with two disbursements, and a 8.44% fixed APR. It works out to 51 payments of $25.00, 119 payments of $156.04 and one payment of $118.97, for a Total Loan Cost of $19,962.73.
4 This repayment example is based on a typical Parent Loan made to a borrower (on behalf of a freshman student) who chooses a fixed rate and the Principal and Interest Repayment Option for a $10,000 loan, with two disbursements, and a 9.50% fixed APR. It works out to 4 payments of $64.95, 115 payments of $131.25, and one payment of $94.39, for a Total Loan Cost of $15,447.94.
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 No more than 365 days can pass from the loan period end date to the first disbursement of the loan. At the end of the request, the student must be enrolled, intending to enroll or have graduated. The student must have been enrolled during the prior enrollment period for which the loan is requested and must not have withdrawn with no intention of re-enrolling, as verified by the school.
7 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 December 26, 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.
SLM Corporation and its subsidiaries, including Sallie Mae Bank, are not sponsored by or agencies of the United States of America.
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.