Disclosures for Sallie Mae: 1 Lowest rate shown includes the auto debit discount. Advertised variable rates are for the Smart Option Student Loan for undergraduates as of 1/27/2020. Click the Sallie Mae Link above and go to the Smart Option Student Loans section for important information. Interest is charged starting at disbursement, during school and the separation/grace period, and until the loan is paid in full.
With the Fixed and Deferred Repayment Options, the interest rate is higher 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 that range over the life of the loan.
Advertised APRs assume a $10,000 loan to a freshman with no other Sallie Mae loans. Borrower or cosigner must enroll in auto debit through Sallie Mae to receive a 0.25 percentage point interest rate reduction benefit. This benefit applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month and may be suspended during periods of forbearance or deferment, if available for the loan.
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