*Last updated July 22, 2021.
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:
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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 July 22, 2021). Variable rates for the Smart Option Student Loan for undergraduates start from 1.13% APR to 11.23% 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 July 22, 2021.
The Smart Option Student Loan for undergraduate students has a 10-153 year repayment term that will vary based on cumulative amount of borrower's loans that are serviced by Sallie Mae. 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 1.13% APR to 11.23% APR and fixed rates that range from 3.50% APR to 12.60% APR. Interest is charged starting when funds are sent to the school. 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. The 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. It may be suspended during 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 3.37% APR to 12.99% APR and fixed rates from 5.49% APR to 13.87% 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 with a 4-year in-school period. The 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. It may be suspended during forbearance or deferment, if available for the loan.
3 Examples of typical transactions for a $10,000 Smart Option Student Loan with the most common variable rate, fixed repayment option, 6-month separation period, and two disbursements: For a borrower with no prior loans and a 4-year in-school period, it works out to a 6.88% APR, 51 payments of $25.00, 119 payments of $136.17 and one payment of $112.58, for a Total Loan Cost of $17,591.81. For a borrower with $20,000 in prior loans and a 2-year in-school period, it works out to a 7.06% APR, 27 payments of $25.00, 179 payments of $98.17 and one payment of $66.85 for a total loan cost of $18,314.28. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 10 years. Variable rates may increase over the life of the loan.
4 This repayment example is based on a typical Parent Loan made to a borrower (on behalf of a freshman student) who chooses a variable rate and the Principal and Interest Repayment Option for a $10,000 loan, with two disbursements, and a 12.99% variable APR. It works out to 4 payments of $75.05, 115 payments of $151.38 and one payment of $80.65, for a Total Loan Cost of $17,789.55. 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. The Graduated Repayment Period (GRP) allows interest-only payments for 12 billing periods after principal and interest repayment begins. At the time of the GRP request, the loan cannot be past due. Customers can request the GRP during the six billing periods before and the 12 billing periods immediately after the loan first enters principal and interest repayment. The GRP does not extend the loan term but does increase the Total Loan Cost. 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 a penalty or fee if you prepay your loan, any prepayment will be applied as outlined in your promissory note—first to Unpaid Fees and costs, then to Unpaid Interest, and then to 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 July 22, 2021.
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.