Private Student Loan Summary

private student loan notes

Private Student Loans can make up the difference between total cost of school and any financial aid that the student may receive. You can get extra funds to pay for tuition, books, housing, computer and other education expenses.

Available for both undergraduate and graduate level programs.

  • Loan Amounts:
    borrow up to 100% of the school-certified cost of attendance (3)
  • Pay Now or Later:
    option to have no payments due until after graduation (1)
  • Savings:
    you could saving 1000's over the life of your loan (1)
  • Benefits:
    0.25% rate reduction incentives available (2)
  • No Orgination Fees:
    No origination fees and no prepayment penalty

Pro and Cons of Private Student Loans

private student loan notes

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Advantages (Pros):

  • Fills the Gap
    since the cost of college can be higher than most financial aid awards, private student loans are used to fill the gap between cost of education and financial aid received
  • Quick Processing
    unlike federal loans that are processed through the college, the processing and distribution of funds is through the student thus speeding up process time
  • Availability of Funds
    private student loans can be used for most education-related expenses such as personal computers and other related supplies
  • No Federal Filing
    you do not have to file forms with the federal government in order to apply for private student loans. Private student loans are perfect for students who need additional funds to close a gap or pay for additional study

Disadantages (Cons):

  • Credit Check Required
    you must have a credit history and verifiable income in order to qualify for this loan; since many students do not meet these qualifying parameters, a co-applicant may be required on the application
  • Rates May Be Higher
    depending on your credit strength, private student loans may have a higher interest rate than federal student loans. Rates can be variable or fixed. Note that variable rates can change monthly either up or down
  • Multiple Borrowings
    you have to file and apply for a loan each academic year.

Loan Types and Benefits

private student loan notes

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For Borrowers Attending Degree-Granting Institutions.

A Choice of Repayment Options, Competitive Interest Rates, and No Origination Fee

The Smart Option Student Loan® by Sallie Mae® is an ideal solution to help you pay for college expenses not covered by scholarships and federal loans.

You can borrow up to 100% of your school-certified cost of attendance and make no payments until after you finish shool (3)

Loan Types

For Undergraduates

Smart Option Student Loan® for Undergraduate Students

For bachelor’s and associate’s degrees or a certificate at a degree-granting school

  • variable or fixed rates
  • 3 repayment options
  • borrow from $1,000 up to 100% of the school certified cost of attendance
  • view benefits tab below for exclusive benefits
more information-(2,3)


For Parents

Parent LoanSM

For parents or other creditworthy individuals who want to take responsibility for financing their student's undergraduate, graduate, or certificate education at a degree-granting school

  • variable or fixed rates
  • 2 repayment options
  • borrow from $1,000 up to 100% of the school certified cost of attendance
  • view benefits tab below for exclusive benefits
more information-(2,3)


For Graduates

Varying types of loan options for graduate students. Each loan option has the following features:

  • variable or fixed rates
  • 3 repayment options
  • borrow from $1,000 up to 100% of the school certified cost of attendance
  • view benefits tab below for exclusive benefits


MBA Loansm

Pay for your business school expenses as you pursue your Masters of Business Administration degree

more information and rates-(2,3)


Medical School Loansm

Pay for your medical degree expenses in allopathic, general, osteopathic, podiatric, radiology, sports, and veterinary medicine

more information and rates-(2,3)


Dental School Loansm

Pay for your dental degree expenses in general dentistry, endodontics, oral and maxillofacial surgery, orthodontics, pediatric dentistry, periodontics, and prosthodontics

more information and rates-(2,3)


Health Professions Graduate Loansm

Pay for your health professions degree expenses in allied health, nursing, pharmacy, and other graduate-level health degrees

more information and rates-(2,3)


Loan School Loansm

Pay for your school and associated expenses as you study for your law degree

more information and rates-(2,3)


Graduate School Loansm

Pay for your school and associated expenses as you pursue your master’s or doctoral degree

more information and rates-(2,3)


Some Exclusive Benefits

Lower the Interest Rate

Receive a 0.25 percentage point interest rate reduction while enrolled to make monthly payments by automatic debit     more information-(2)


Borrow Up to 100%

You can borrow up to 100% of the school-certified cost of attendance     more information-(3)


No originations fees for degree-granting institutions

No fees taken out for the use of this loan. The amount you borrow is the full amount you receive.


Cosigner Release Available

You may apply to release your cosigner from the loan after you graduate, make 12 on-time principal and interest payments and meet certain credit requirements.     more information-(5)


Pay Now or Later

Defer your payments until after school or choose an in-school repayment option that fits your needs     more information-(1)


Graduated Repayment Period

The Smart Option Student Loan was the first nationwide private student loan to offer a Graduated Repayment Period feature6, providing budget flexibility after you finish 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.     more information-(6) & (7)


3 Repayment Options

Choose the repayment option that's best for you: Deferred Repayment Option, Fixed Repayment Option, or Interest Repayment Option      more information-(1)

Private Student Loan Rates

private student loan notes

A Choice of Competitive Rates

for all Sallie Mae ® Private Student Loans

  • competitive interest rates
  • choose from variable or fixed rates
view current rates


Get Started

private student loan notes

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Important Information

Borrow Responsibly

We encourage students and families to supplement their savings by exploring grants, scholarships, and federal and state student loans, and to consider the anticipated monthly payments on their total student loan debt and their expected future earnings before considering a private education loan.

* The Sallie Mae partner referenced is not the creditor for these loans and is compensated by Sallie Mae for the referral of Smart Option Student Loan customers.

This information is for borrowers attending degree-granting institutions only. You must be attending or have attended a participating school located in the U.S. during an eligible prior enrollment period. You must be a U.S. citizen or a permanent resident or a Non-U.S. citizen borrower with a creditworthy cosigner (who must be a U.S. citizen or permanent resident) and required U.S. Citizenship and Immigration Service (USCIS) documentation. U.S. citizens and permanent residents enrolled in eligible study abroad programs or who are attending or have attended schools located outside the U.S. are also eligible. Applications are subject to a requested minimum loan amount of $1,000. Current credit and other eligibility criteria apply.


Information advertised valid as of March 26, 2018.

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