Looking to Cover Remaining College Costs? Bridge the Financing Gap with a Competitive Private Student Loan
from Sallie Mae
The Sallie Mae Smart Option Student Loan and the Sallie Mae Parent Loan Offer Competitive
Pricing, No Upfront Fees, and Choice of Repayment Options
When the time to pay for college accelerates from “soon” to “now,” some families discover the combination of scholarships,
grants, federal student loans, and savings won’t cover all college costs. For families facing that proverbial college financing
gap, a private student loan can be a responsible and affordable way to bridge how much you have and how much you need.
Sallie Mae, the nation’s saving, planning, and paying for college company, allows families to choose the loan that’s right for
them, including the Sallie Mae Smart Option Student Loan® and The Sallie Mae Parent LoanSM.
The Sallie Mae Smart Option Student Loan offers a choice of fixed and variable interest rates and no origination
fees or prepayment penalties. Variable rates for undergraduates start from 2.50 to 9.59 percent APR, and fixed rates for undergraduates range from 5.74 to 11.85 percent APR. Families also choose from three repayment options: monthly interest-only payments while in school; a fixed monthly payment while in
school; or payments deferred until after school. More than half of Sallie Mae customers choose to make payments while in school,
resulting in significant savings. Customers who sign up to make monthly payments via auto debit are also eligible to receive a 0.25 percentage point interest rate reduction.
In addition, the Sallie Mae Smart Option Student Loan offers:
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Cosigner Release: After graduating, making 12 on-time principal and interest payments, and meeting certain other
credit requirements, borrowers may apply to have their cosigner released from the loan.
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Graduated Repayment: The Smart Option Student Loan offers a Graduated Repayment Period feature, a transitional repayment plan that offers customers greater budget
flexibility upon graduation. Students with an eligible loan who graduate and maintain their Sallie Mae loans in good standing
may request to make 12 interest-only payments before transitioning into full principal and interest payments.
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Free Access to Credit Scores and Financial Literacy Resources: Customers have access to their FICO® Credit Score on a quarterly basis, along with information about factors that affect credit scores
and why monitoring credit scores is important.
- Enhanced Customer Service: Sallie Mae has invested millions of dollars to enhance multiple
aspects of the customer experience, from application through repayment. Unlike other lenders who may rely on third parties,
Sallie Mae is the servicer for its private student loans, and customer service employees are based in the United States.
Launched earlier this year, The Sallie Mae Parent Loan is available to parents or other creditworthy individuals who want to help fund a
student’s undergraduate or graduate education. The Sallie Mae Parent Loan has no origination fee and currently offers variable
rates that start from 4.00 to 10.37 percent APR, and fixed rates that range from 5.74 to 12.87 percent APR. In comparison, the Federal Direct PLUS Loan for Parents is offered only at a fixed rate, currently 6.31 percent, and it carries an
origination fee of 4.272 percent.
And just like the Smart Option Student Loan, Sallie Mae Parent Loan customers who sign up to make monthly payments via auto debit are eligible to receive a 0.25 percentage point interest rate reduction, receive free quarterly
access to their FICO® Credit Score, and customers who are members of Upromise by Sallie Mae may use their cash-back rewards to pay down their loans.
“You did your homework on scholarships, completed the FAFSA, and saved for college, but just as I learned going through the
paying for college process with my own daughters, expenses can come up at the last minute,” said Charlie Rocha, executive vice
president, Sallie Mae. “The good news is there are options available, and our Smart Option Student Loan and Sallie Mae Parent Loan
can be affordable and responsible ways to finance those remaining costs.”
Sallie Mae recommends a 1-2-3 approach to paying for college: first, maximize money that does not need to be repaid, such as
scholarships and grants; second, explore federal student loans; and, third, consider a responsible private student loan.
For more information or to apply, visit SallieMae.com.
Sallie Mae (NASDAQ: SLM) is the nation’s saving, planning, and paying for college company. Whether college is a long way
off or just around the corner, Sallie Mae offers products that promote responsible personal finance, including private education
loans, Upromise rewards, scholarship search, college financial planning tools, and online retail banking. Learn more at SallieMae.com. Commonly known as Sallie Mae, SLM Corporation and its subsidiaries are not sponsored by or
agencies of the United States of America.
Sallie Mae
Ellen J. Roberts, 302-451-0428
ellen.roberts@salliemae.com
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