BBVA Compass Smart Option Student Loan® by Sallie Mae®
For Degree-Granting Institutions
- Overview
- Benefits & Features
- More Info
Now you can pay for College the Smart way
With college costs growing fast, it's time to borrow smarter. The Smart Option Student Loan® offers three repayment options and competitive interest rates to help you pay for college expenses not covered by scholarships and federal loans.
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Pay More. Save More. Interest Repayment Option
Pay interest while in school and for six months after school. The in-school payments, plus our shorter repayment term, can help you potentially save over 20% on your total loan cost compared to our Deferred Repayment Option.1
Pay A Little Now. Save A Lot Later. Fixed Repayment Option
Make a low fixed monthly payment while in school and for six months after school. The in-school payments, plus our shorter repayment term, can help you potentially save over 10% on your total loan cost compared to our Deferred Repayment Option.1
Get Maximum Flexibility. Deferred Repayment Option
Defer payments until after school, or pay as much as you want while in school, to enjoy maximum flexibility.2
Applying Online Is Easy
It only takes about 15 minutes to apply and get a credit result. Get Started today!
Importance of a cosigner
Applying with a creditworthy cosigner could help you qualify for the loan and/or receive a lower interest rate. Choose a family member or friend with an excellent credit history and the ability to repay the loan if necessary. A creditworthy cosigner can:
- Help you qualify for your loan
- Provide the possibility of a lower interest rate
Cosigning for a student loan is a big responsibility, but it doesn't have to continue for the entire duration. You can apply for a cosigner release once you've completed your education and made 12 consecutive on-time principal and interest payments.6
Rates & Terms
Interest Rate
We offer competitive rates between 2.37% APR - 9.48% APR.3
Loan limits
Whether you need a Smart Option Student Loan for textbooks or tuition, you can get the money you need up to the total certified cost of attendance, with loans starting at $1,000. No origination fees.3
Repayment
With the Smart Option Student Loan, you'll build credit by making monthly payments while in school. You'll save even more if you or your cosigner makes principal and interest payments while you're in school. The more you pay while in school, the less you will owe at graduation, saving more over the life of the loan. You can prepay your loan at any time, without penalty. Principal and interest payments begin after a six-month separation period.
Who is eligible
You must attend an eligible school to qualify for the Smart Option Student Loan. However, this loan does cover a variety of programs – from undergraduate to graduate – degrees.
Upromise® by Sallie Mae® rewards program
With Upromise by Sallie Mae you can earn rewards to help pay down your student loan from everyday shopping - like eating out, filling your gas tank, and more! Plus, as a Upromise member choose our Interest or Fixed Repayment plan, and earn a 2% SmartReward® in your Upromise account when you make on-time scheduled monthly payments on your student loan while in school. Look for information on how to join Upromise when you are applying for your Smart Option Student Loan.4
Benefits and Features
- Enjoy competitive interest rates, no origination fees3 and no prepayment penalty Rates range from 2.37% APR - 9.48% APR.
- Earn rewards for paying on time4 Choose the Interest or Fixed Repayment Option and get a 2% Smart Reward® in your Upromise® account when you make scheduled monthly payments on time while in school.
- Lower your interest rate5 Get a 0.25 percentage point interest rate reduction while enrolled when you make scheduled monthly payments by automatic debit.
- Get the money you need Borrow up to 100% of your school-certified education costs (minimum $1,000).
- Release your cosigner6 Apply to release your cosigner once you graduate and make 12 consecutive on-time principal and interest payments.
Legal Requirements and Disclaimers:
*Links to third party sites are provided for your convenience. These sites are not within our control and may not have the same privacy, security or accessibility standards. Third parties are completely and solely responsible for the content and availability of their sites.
1 Savings based on typical loan to a freshman borrower attending a degree-granting institution.
2 The Deferred Repayment Option is only available for use at degree-granting institutions. Unpaid interest will capitalize when the loan enters principal and interest repayment.
3 Interest rates on loans with the Fixed and Deferred Repayment Options are higher than rates on loans with the Interest Repayment Option. Rates and fees shown are available for borrowers attending degree-granting institutions only. APRs for borrowers attending non-degree-granting institutions range from 8.13% to 13.88% with an origination fee up to 5%. Origination fees mean application or disbursement fees. Interest rates are variable and may increase after consummation.
4 While a Upromise member, primary borrower (must be of age of majority – typically 18 years old) can earn reward into his or her Upromise account of 2% of the scheduled loan payment amount for each on time payment during the in school and separation periods. After two consecutive past due payments, the loan is no longer eligible for the reward. Benefit subject to the terms and conditions of the Upromise service (as may be amended from time to time), including without limitation, restrictions on conversion, transfer and redemption of rewards, reward denomination, including whether and under what circumstances the rewards have independent cash value, and terms relating to fees and/or the forfeiture of rewards. Upromise Accounts are not FDIC insured, carry no bank guarantee and may lose value.
5 Recurring automatic monthly payments must be successfully deducted from designated bank account for rate reduction to apply. Benefit suspended during periods of forbearance and certain deferments.
6 To qualify for cosigner release, borrower must meet age of majority requirements, be a U.S. citizen or permanent resident and meet the underwriting requirements when the release request is processed.
Information advertised valid as of January 23, 2012.
ELIGIBILITY: You must attend an eligible school and be enrolled in an eligible program. U.S. citizens enrolled in eligible study abroad programs or studying at medical schools outside the United States are also eligible. International students are eligible with a creditworthy cosigner (who must be a U.S. citizen or permanent resident) and appropriate U.S. Citizenship and Immigration Service documentation. You must meet current credit and other eligibility criteria. SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE. CHECK THE SALLIE MAE WEBSITE (www.salliemae.com) TO OBTAIN THE MOST UP-TO-DATE PRODUCT INFORMATION.
© 1995-2012 Sallie Mae, Inc. All rights reserved. The Sallie Mae logo is a service mark of, and Sallie Mae, Smart Reward, and Sallie Mae Bank are registered service marks of, Sallie Mae, Inc. Upromise is a registered service mark of Upromise, Inc. SLM Corporation and its subsidiaries, including Sallie Mae, Inc., and Upromise Inc., are not sponsored by or agencies of the United States. Other logos are trademarks or service marks of their respective owners.
Sallie Mae Smart Option Student Loans are made by Sallie Mae Bank®.
BBVA Compass is compensated for the referral of Smart Option Student Loan customers.
The Smart Option Student Loan is a product of Sallie Mae Inc., and is completely administered and serviced by Sallie Mae Inc. BBVA Compass is in no way affiliated with Sallie Mae Inc., Upromise, Inc, or any of their affiliated companies. BBVA Compass is a trade name of Compass Bank, a member of the BBVA Group. All loans subject to approval, including credit approval.
©2011 Sallie Mae, Inc. All rights reserved. MKT4224 12/11
Get Started
Apply with a cosigner – if a parent or other creditworthy individual cosigns the loan with you, it can lower your interest rate and give you a better chance of approval.
