Student Loan for Undergraduate Students
For bachelor’s and associate’s degrees or a certificate at a degree-granting school
When savings, scholarships, and federal aid aren’t enough, get the money you need to help pay for your undergraduate education. The “option” in the Smart Option Student Loan name means you can choose the type of interest rate and repayment option that work best for you.
Pay it back now or later.
Deferred repayment option
Make no scheduled student loan payments while you’re in school and in grace (six months after leaving school).
With this undergraduate student loan repayment option, you’ll likely pay more for your total loan cost, since the interest rate may be higher and unpaid interest will be added to your principal amount at the end of your grace period.
Fixed repayment option
Pay $25 every month you’re in school and in grace, and you can save an average of 12% on your total undergraduate student loan cost when compared to our deferred repayment option.
While your total loan cost will be less than with our deferred repayment option, unpaid interest will be added to your principal amount at the end of your grace period.
Interest repayment option
Pay interest every month you’re in school and in grace. Your interest rate will be 1 percentage point lower than with our deferred repayment option and you can save an average of 25% on your total student loan cost, compared to our deferred repayment option.
Your undergraduate student loan payments will likely be larger while you’re in school and in grace, but your total loan cost will likely be lower than with the other repayment options.
Choosing the repayment option that’s best for you
If you prefer to hold off making payments until you leave school (and are willing to pay more over the life of your private student loan), consider the deferred option. If you can make payments while you’re in school, the fixed or interest repayment options may be a good choice for you—either one will generally lower your total loan cost vs the deferred option.
During the application process, you’ll see a comparison of the estimated monthly payments and total loan cost for each option, which should help you choose the best one for your needs.
How much should you borrow for your undergraduate student loan?
Interest Rates
Benefit from these Student Loan features
- Lower your total loan cost—get a 0.25 percentage point interest rate reduction when you enroll in and make monthly payments by auto debit.
- Pay no origination fee or penalty for paying off your undergraduate student loan before its due date.
- Borrow from $1,000 up to 100% of the school-certified cost of attendance.
- Track your credit health with quarterly FICO® Credit Scores available online for free to you.
- Request to make 12 monthly interest-only payments after you finish school.
How others can help you make college happen
A cosigner may help you qualify
You may have a better chance of approval if a parent, relative, or other creditworthy individual cosigns your loan.
Parents can choose how to help you
Parents have options—learn about the differences between our Smart Option Student Loan and the Federal PLUS Loan for Parents.