Sallie Mae Private Student Loans Help Students and Families Cover College Costs

Competitive Rates, No Origination Fee, and Repayment Flexibility Make Sallie Mae’s Private Student Loans the Responsible Choice

Monday, July 6, 2020 8:00 am EDT



Public Company Information:

"While colleges and universities assess and adjust plans for the fall semester, one thing is clear, families are unwilling to let coronavirus’ disruption steer them off course"

NEWARK, Del.--(BUSINESS WIRE)--While the landscape may look different this fall, more than 80% of families are making plans to attend college this year. Inevitably, the conversation turns to how families will pay for that education. After scholarships, grants, and federal financial aid, private student loans like those offered by Sallie Mae, can be a smart and responsible option to cover remaining costs. And with variable interest rates near historic lows, now is the time for families to explore their options.

“While colleges and universities assess and adjust plans for the fall semester, one thing is clear, families are unwilling to let coronavirus’ disruption steer them off course,” said Jennifer O’Donald, senior vice president, Sallie Mae. “Sallie Mae is well-capitalized and committed to offering competitively priced private student loans that students and families expect and trust from the market leader. Even if college may look different than planned this fall, Sallie Mae stands ready to help families take that next step with confidence and peace of mind.”

With competitive variable and fixed rates, Sallie Mae’s private student loans for college have no origination fees or prepayment penalties. Whether attending school online or on campus, Sallie Mae’s Smart Option Student Loan is available to undergraduate students attending degree-granting institutions and can cover all school-certified expenses for the school year, including tuition, fees, books, supplies, housing, meals, travel, and other expenses. Sallie Mae also offers a private Parent Loan, a Career Training Loan, and a suite of Graduate Loans with competitive variable and fixed interest rates, no origination fee, and a choice of repayment options.

Smart Option Student Loan customers can choose to make monthly interest-only or a $25 fixed payment while in school or defer payments until after school. Customers can reduce their interest rate by as much as 1.25 percentage points when they enroll in the automatic debit option and choose the in-school interest payment option. Additionally, students are nearly four times more likely to be approved when they apply with a creditworthy cosigner, and it may also help them secure a better interest rate.

The Sallie Mae Smart Option Student Loan also offers:

Full-year borrowing: Full-year borrowing means students can apply once and receive the funds they need for an entire school year, securing a single loan to manage for the full year, rather than by semester.

Chegg Study Benefit: All Sallie Mae undergraduate private student loan customers receive four months of free access to study tools and thousands of tutors, available 24/7 through Chegg.

Repayment flexibility: Students have 18 months after leaving school to request a Graduated Repayment Period offering greater budget flexibility by allowing customers to make 12 interest-only payments before transitioning into full principal and interest payments.

Cosigner release: Customers may apply to have their cosigner released from the loans after they graduate, meet certain credit requirements, and make 12 on-time principal and interest payments — the shortest qualification period among private student lenders.

For more information, or to apply visit


Sallie Mae (Nasdaq: SLM): Believes education and life-long learning, in all forms, helps people achieve great things. As the leader in private student lending, we provide financing and know-how to support access to college and offer products and resources to help customers make new goals and experiences, beyond college, happen. Learn more at Commonly known as Sallie Mae, SLM Corporation and its subsidiaries are not sponsored by or agencies of the United States of America.

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Jennifer Ruiz

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