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 certified cost of educations (2)
  • 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 (1)
  • No Orgination Fees:
    No origination fees and no prepayment penalty

Pro and Cons of Stafford Loans

stafford student loan notes

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.

Exclusive Benefits

stafford student loan notes


For Degree-Granting Institutions.

Now you can pay for college the smart way with great repayment options and competitive interest rates! Together we can do this.*

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 get as much as you need for school and make no payments until after you graduate (1)

Some Exclusive Benefits

Smart Reward® Cash Back

Students who become Upromise members (which is free to join) and choose the interest or Fixed Repayment Option can get a Smart Reward in the Upromise account of 2% of their scheduled monthly payments that are made on time while in school     more information-(2)


A Lower Interest Rate

Receive a 0.25 percentage point interest rate reduction while enrolled to make scheduled monthly payments by automatic debit     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

After graduation a borrower may apply for their cosigner to be released from the loan once they have made 12 consecutive, 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 is the first nationwide private student loan offering a Graduated Repayment Period feature (6), providing budget flexibility for graduating students.

Students who graduate and maintain their Sallie Mae loans in good standing can request to make 12 interest – only payments instead of full principal and interest payments after their separation period      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

stafford student loan notes

A Choice of Competitive Rates

for Undergraduate Students (1)

  • variable interest rates from 2.50% APR to 9.59% APR.
  • fixed rates also available: 5.74% APR to 11.85% APR

for Graduate and Professional Students (1)

  • variable interest rates from 2.50% APR to 7.51% APR.
  • fixed interest rates from 5.74% APR to 8.56% APR.

Get Started

stafford student loan notes

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Encouraging Responsible Borrowing

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.

* We are compensated by Sallie Mae for the referral of Smart Option Student Loan customers.

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