Borrow responsibly
We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Students and families should evaluate all anticipated monthly loan payments, and how much the student expects to earn in the future, before considering a private student loan.
These loans are made by Sallie Mae Bank. The College Monk is not the creditor for these loans and is compensated by Sallie Mae for the referral of loan customers.
Smart Option Student Loan and graduate loan products: These loans are for students at participating degree-granting schools. Smart Option Student Loan information is for undergraduates only. Graduate Certificate/Continuing Education coursework is not eligible for MBA, Medical, Dental, and Law School Loans. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend a participating school in the U.S., apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident) and provide an unexpired government-issued photo ID to verify their identity. Applications are subject to a requested minimum loan amount of $1,000. Current credit and other eligibility criteria apply.
Parent Loan: This loan must be used to pay for eligible student expenses at participating degree-granting schools. The student cannot be a borrower or cosigner and is not responsible for repaying the loan. The borrower, cosigner, and student must be U.S. citizens or U.S. permanent residents. If the school issues a refund directly to the student, the borrower and cosigner (if applicable) are still responsible for repaying that amount. Applications are subject to a requested minimum loan amount of $1,000. Current credit and other eligibility criteria apply.
1 Availability rate for the Smart Option Student Loan: Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is high 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 the range over the life of the loan. Advertised ARPs assume a $10,000 loan to a borrower who attends school for 4 years and has no prior Sallie Mae loans.
2 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 worked 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.
3 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.
4 Only the borrower may apply for cosigner release. Borrowers who meet the age of majority in their state may apply for cosigner release by providing proof of graduation (or completion of certification program), income, and U.S. citizenship or permanent residency (if your status has changed since you applied). In the last 12 months, the borrower must be current on all Sallie Mae-serviced loans (including no hardship forbearance or modified repayment programs) and have paid ahead or made 12 on-time principal and interest payments on each loan requested for release. When the cosigner release application is processed, the borrowers must demonstrate the ability to assume full responsibility of the loan(s) individually and pass a credit review that demonstrates a satisfactory credit history including but limited to max bankruptcy, foreclosure, student loan(s) in default, or 90-day delinquencies in the last 24 months. Requirements are subject to change.
SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE.
Information advertised valid as of 7/22/2021.
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