Sallie Mae Student Loans Disclosures
1 Lowest rates shown include the auto debit discount. Smart Option Student Loans for undergraduate students have variable rates that start from 5.04% APR to 15.21% APR and fixed rates that range from 3.49% APR to 15.49% APR. Advertised APRs for undergraduate students assume a $10,000 loan to a student who attends school for 4 years and has no prior Sallie Mae-serviced loans. Interest rates for variable rate loans may increase or decrease over the life of the loan based on changes to the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent. Advertised variable rates are the starting range of rates and may vary outside of that range over the life of the loan. Interest is charged starting when funds are sent to the school. 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. To receive a 0.25 percentage point interest rate discount, the borrower or cosigner must enroll in auto debit through Sallie Mae. The discount applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment.
2 Examples of typical transactions for a $10,000 Smart Option Student Loan with the most common fixed 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 works out to a 10.28% fixed APR, 51 payments of $25.00, 119 payments of $182.67 and one payment of $121.71, for a Total Loan Cost of $23,134.44. For a borrower with $20,000 in prior loans and a 2-year in-school period, it works out to a 10.78% fixed APR, 27 payments of $25.00, 179 payments of $132.53 and one payment of $40.35 for a total loan cost of $24,438.22. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 10 years. A variable APR may increase over the life of the loan. A fixed APR will not.
3 With GRP, you can make interest-only payments instead of full principal and interest payments for the first 12 months of your repayment period or the first 12 months after your GRP request is granted, whichever is later. At the time of your GRP request, your loan must be current. A borrower may request GRP only during the six billing periods immediately preceding and the twelve billing periods immediately after the loan would normally begin requiring full principal and interest payments. GRP does not extend the loan term. If you're approved for GRP, the Current Amount Due that you have to pay each month after it ends will be higher than it otherwise would have been without GRP, and your total loan cost will increase.
4 Loans are available to cover costs for a prior enrollment period if the last date of the enrollment period is no more than 365 days prior to the loan’s first disbursement date. The student must have been enrolled within the period covered by the loan. When applying for the loan, the student must be enrolled in school or have graduated and must not have withdrawn with no intention of re-enrolling, as verified by the school. Loans must be used only for expenses that are directly billed by the school and included in the school’s cost of attendance.
5 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.
Nitro College is not the creditor for these loans and is compensated by Sallie Mae for the referral of student loan customers.
Information advertised valid as of October 25, 2024.
Sallie Mae, the Sallie Mae logo and other Sallie Mae names and logos are service marks or registered service marks of Sallie Mae Bank.
Nitro and Nitro logo are service marks or registered service marks of SLM Education Services, LLC.
SLM Corporation and its subsidiaries, including Sallie Mae Bank and SLM Education Services, LLC, are not sponsored by or agencies of the United States of America.
SALLIE MAE AND NITRO COLLEGE RESERVE THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE.
©2024 SLM Education Services, LLC.
Advertiser Disclosures:
Nitro College is not a lender and makes no representations or warranties about your eligibility for a particular loan or financial aid. The rates and terms listed for each lender are estimates and will change depending on your credit profile and other information you provide to lenders. Lenders are solely responsible for any and all credit decisions, loan approval and rates, terms and other costs of the loan offered and may vary based upon the lender you select. Nitro College receives compensation from lenders that appear on this site.
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