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Personal Banking > Student Services > Loan Applications > Smart Option Student Loans
 
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Smart Option Student LoanSM

The innovative Smart Option Student Loan helps students save money, build good credit, and pay off their student loan debt faster. Designed to help shorten the amount of time taken to pay off the loan, it features interest-only payments made while in school and during the 6-month separation period to avoid capitalized interest. Students save money on interest, significantly reducing the total loan cost.

The Sallie Mae Smart Option Student Loan by Citizens Bank is an ideal solution for students who still need funds after they have maximized grants, scholarships and federal loans. With this school-certified loan, students can borrow up to the full cost of their education, less other aid received.1

Eligibility
  • You must attend an eligible community college, four- or five-year college or university, or eligible graduate program at least half-time and be working toward your degree. In some circumstances, the Smart Option Student Loan is available to less than half-time graduate business students pursuing a degree. Contact your financial aid office for more information.
  • You must meet current credit and other eligibility criteria.
  • International students are eligible with a creditworthy cosigner (who must be a U.S. citizen or permanent resident) and U.S. Citizenship & Immigration Service (USCIS) documents.
Interest Rate and Fees
  • Pricing that rewards creditworthy borrowers.
  • The Smart Option Student Loan has interest rates that reward good credit. Interest rates are variable and are reset monthly based on the one-month LIBOR Index.
  • Applying with a creditworthy cosigner may help you qualify and/or receive a lower interest rate.
  • Disbursement fees range from 0% - 5%
  • No repayment fee.
Features and Benefits
  • A 0.25 percentage point interest rate reduction is available for automatic debit.2
  • A 0.25 percentage point interest rate reduction is available if the borrower provides a valid e-mail address and elects to receive all servicing communications via e-mail.3
  • Applying with a creditworthy cosigner may help you qualify and/or receive a lower interest rate.
  • Easy online application with fast credit decision and electronic Signature (“eSign”) available.
  • 24/7 online account management.
  • Combined billing is available for Sallie Mae-serviced loans.
  • Borrowers may apply for cosigner release after successful completion of their education.4
  • Available for U.S. citizens enrolled in eligible study abroad programs or studying at medical schools outside the U.S.

Borrowing Limits

  • $1,000 minimum loan amount.
  • Borrow as much as you need to pay for your education, up to the cost of attendance as certified by your school and confirmed by Sallie Mae, less other financial aid received.1
Disbursement
  • Loan proceeds are payable to the student and school, and are sent directly to the school.
Repayment
  • Monthly interest-only payments are required during the in-school period and 6-month separation period; by doing so you'll avoid capitalized interest and reduce your total loan cost.
  • Principal and interest payments begin following the 6-month separation period.
  • Consider making full principal and interest payments while you are in school to lower the amount you must pay back.
  • Prepay your loan at any time without penalty.
How to Apply

 
 

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© Copyright 2009 Citizens Financial Group. All rights reserved.
Citizens Bank is a brand name of RBS Citizens, N.A. and Citizens Bank of Pennsylvania. Deposit accounts held at RBS Citizens, N.A. and Citizens Bank of Pennsylvania are separately insured.

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All accounts are subject to individual credit approval.

1 Borrow as much as you need to pay for your education, up to the cost of attendance as certified by your school and confirmed by Sallie Mae, less other financial aid received. Sallie Mae reserves the right to approve a lower loan amount than what the school has certified.

2 The automatic debit benefit is available for as long as the borrower's monthly payment amount is successfully deducted from the borrower's bank account. Borrowers can elect to make payments via automatic debit through Sallie Mae's online account management system. This benefit lowers the borrower's interest rate but does not change the amount of the monthly payment. This benefit is suspended during periods of forbearance and certain deferments.

3 The borrower must elect to receive electronic communications through Sallie Mae's online account management system and provide a valid e-mail address within 90 days of the first payment due date. The electronic communications benefit is available for as long as the borrower maintains a valid e-mail address, continues to consent to receive all servicing communications concerning his or her student loan(s) via e-mail and makes on time payments of amounts scheduled with no interruption. This benefit lowers the borrower's interest rate but does not change the amount of the monthly payment.

4 The release of a cosigner is at the sole discretion of Sallie Mae. The borrower must have a satisfactory history of making principal and interest payments and meet underwriting guidelines when the request for cosigner release is processed. The borrower's account must remain current until the request for release is processed and the borrower must be a U.S. citizen or permanent resident at the time the cosigner release is processed.

The Sallie Mae Smart Option Student Loan by Citizens Bank is made by Sallie Mae Bank® or a Sallie Mae lender partner.

SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BORROWER BENEFITS (INCLUDING INTEREST RATE REDUCTIONS) AT ANY TIME WITHOUT NOTICE. APPLICANTS SHOULD CHECK THE SALLIE MAE WEBSITE (SALLIEMAE.COM) CLOSE TO THEIR LOAN APPLICATION DATE AND AGAIN PRIOR TO DISBURSEMENT TO OBTAIN THE MOST UP-TO-DATE INFORMATION REGARDING PRODUCTS, SERVICES, AND BORROWER BENEFITS.

Borrower benefit information is valid as of March 23, 2009.

Sallie Mae, Champions for Higher Education, and Sallie Mae Bank are registered service marks and Sallie Mae Smart Option Student Loan is a service mark of Sallie Mae, Inc. SLM Corporation and its subsidiaries, including Sallie Mae, Inc., are not sponsored by or agencies of the United States of America.