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Sallie Mae® 12061 Bluemont Way, Reston, VA 20190 888-2-Sallie www.salliemae.com Sallie Mae Smart Option Student Loan® Interest Rates For Sallie Mae Smart Option Student Loans, interest rates are variable and based on the 1-Month LIBOR. Interest rates will reset monthly if the 1-Month LIBOR changes. Sallie Mae Smart Option Student Loans are made by Sallie Mae Bank ®. Depending on the repayment option selected by the borrower, the interest rate ranges will vary as indicated below. Full-Interest Repayment Option* With a Creditworthy Cosigner: 1-Month LIBOR + 2.5% to 1-Month LIBOR + 9.375% Without a Creditworthy Cosigner: 1-Month LIBOR + 2.5% to 1-Month LIBOR + 9.875% Disbursement/Repayment Fees: 0% APRs range from 2.87% to 10.21% Fixed $25/Month Repayment Option* With a Creditworthy Cosigner: 1-Month LIBOR + 3.5% to 1-Month LIBOR + 10.375% Without a Creditworthy Cosigner: 1-Month LIBOR + 3.5% to 1-Month LIBOR + 10.875% Disbursement/Repayment Fees: 0% APRs range from 3.85% to 10.48% *Sallie Mae Smart Option Student Loan pricing for the full-Interest repayment option is subject to change. The $25/month fixed repayment option for the Smart Option Student Loan and its pricing is available for new loan applications initiated on or after June 28, 2010, and is subject to change. For financial calculations based on this loan program, please refer to Appendix A tab of this workbook. Origination and Repayment Fees None Grace Period With the Sallie Mae Smart Option Student Loan, there is a six-month separation period, traditionally known as the "grace period," during which, depending on the repayment option applicable to the loan, either full interest payments or $25/month fixed payments are required. Payments of full principal and interest begin following the last day of the separation period. Benefits No Fees Cosigner release after 12 consecutive on-time payments – please check with lender for full details. A 0.25% interest rate reduction is available to borrowers in repayment who have principal and interest payments automatically deducted from a bank account (ACH). Past Due Balance Option available. Please contact lender directly for further details. Smart RewardSM - A 2% reward in the borrower’s Upromise® account each month—just for making scheduled on-time payments. The 2% reward is available during initial in-school and separation period only. Repayment Terms The standard repayment term for the Sallie Mae Smart Option Student Loan is based on the cumulative outstanding Sallie Mae-serviced private student loan balances, the repayment option selected, and the student's grade level. The fixed $25/month repayment option may result in a longer repayment term; however, regardless of repayment option, the term generally ranges from five to fifteen years.
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