The information is for borrowers attending degree-granting institutions only. Eligibility requirements apply.
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(1) Savings based on a typical loan to freshman.
(2) This informational repayment example uses typical loan terms available to a freshman borrower who elects the Fixed Repayment Option and has a $10,000 loan with two disbursements and a 7.21% variable APR: 51 payments of $15 per month. 119 payments of $140.28 per month, and one payment of $114.17, for a total paid of $18,082.49. Variable rates may increase after consummation.
(3) Unpaid interest will capitalize.
(4) To qualify, borrower must be a U.S. citizen or permanent resident and meet the underwriting requirements when the release request is processed.
(5) Interest rates for the Fixed and Deferred Repayment Options are higher than for loans with the Interest Repayment Option. APRs for borrowers attending non-degree granting institutions range from 7.99% to 14.05% with an origination fee up to 5.00%. Origination fees mean application or disbursement fees. Variable rates may increase after consummation.
(6) The Tuition Insurance Benefit is tuition refund insurance that covers up to $2500 per semester ($5000 total per policy) and is available with Loans that first disburse between 7/1/12 and 10/31/12. Borrowers are automatically enrolled at the first loan disbursement. Benefit must be activated within four months of first disbursement to receive twelve months of coverage. To process the benefit your information will be shared with Sallie Mae Insurance Services®, their underwriters, and their providers. If the loan is cancelled, coverage terminates. Individuals may be enrolled in only one Tuition Insurance Benefit at a time. Benefit is offered through Sallie Mae Insurance Services, a service of Next Generation Insurance Group, LLC, a licensed insurance producer. For insurance licensing information, click here. Coverage is underwritten by Markel Insurance Company, Deerfield, IL; Administrative Office: Glen Allen, VA.
(7) Primary borrower can earn reward into his or her active Upromise account of 2% of the scheduled loan payment amount for each on time payment during the in school and separation periods. Loan payments must remain current to be eligible for the reward. Benefit and Upromise membership subject to the terms and conditions of the Upromise service, as may be amended from time to time. Upromise Accounts are not FDIC insured, carry no bank guarantee and may lose value.
(8) Recurring payment must be successfully deducted from designated account for rate reduction to apply. Benefit suspended during forbearances and deferments.
Information advertised valid as of April 25, 2012. Smart Option Student Loans are made by Sallie Mae Bank® or a lender partner.
SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. CHECK SALLIEMAE.COM FOR THE MOST UP-TO-DATE PRODUCT INFORMATION.
Terms and conditions apply to the Upromise service. Go to upromise.com to learn more. The Sallie Mae logo is a service mark of, and Sallie Mae, Sallie Mae Bank, Smart Reward, Smart Option Student Loan, and Sallie Mae Insurance Services are registered service marks of Sallie Mae, Inc. Upromise is a registered service mark of Upromise, Inc. SLM Corporation and its subsidiaries, including Sallie Mae, Inc. and Upromise, Inc., are not sponsored by or agencies of the United States of America. ©2012 Sallie Mae, Inc. All rights reserved. MKT5250 5/12