The innovative Smart Option Student Loan® funded by Fifth Third Bank® helps you save money, build your
credit, and pay off your student loan debt faster. It’s an ideal education funding solution if you still need funds
after maximizing grants, scholarships and federal loans.
With the Smart Option Student Loan funded by Fifth Third Bank, you can borrow up to the full cost of your
education, less other aid received1. Designed to help you graduate with less student loan debt and help you
pay it off faster, the Smart Option Student Loan requires making interest-only payments while in school and
during the six-month separation period to avoid capitalized interest. A creditworthy cosigner may also help
you qualify and/or receive a lower interest rate.
Eligibility
- You must attend an eligible school, be an undergraduate student or attending an eligible associate,
graduate or technical/trade program at least half time. In some circumstances, the Smart Option
Student Loan is available to less-than-half-time students and students enrolled in a continuing
education 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 criteria.
Benefits
- Pricing that rewards creditworthy borrowers.
- Applying with a creditworthy cosigner may help you qualify and/or receive a lower interest rate.
- You may apply for a cosigner release after successful completion of your education.2
- A 0.25 percentage point interest rate reduction is available for automatic debit.3
Features
- Easy online application with online credit decision and electronic signature ("eSign") available.
- 24/7 account management.
- No prepayment penalty.
- You may be able to deduct the interest you pay on a qualified student loan. Consult your financial
advisor for more information or visit http://www.irs.gov/pub/irs-pdf/p970.pdf.
Loan terms
Loan 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
Interest rate
- Applying with a creditworthy cosigner may help you qualify and/or receive a lower interest rate.
- 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.
Fees
Repayment
- Monthly interest-only payments are required during the in-school period and during the 6-month
separation period to avoid capitalized interest and lower the overall cost of the loan.
- Consider making principal and interest payments while in school to lower the amount you must pay
back.
- Principal and interest payments begin following the six-month separation period.
- Prepay your loan at any time without penalty.
Another way to help pay down your loan
Join Upromise® by Sallie Mae where your everyday spending can help reduce your student loan balance.
With Upromise Loan Link®, it’s easy. Your Upromise savings balances of at least $25 can be automatically
transferred to a Sallie Mae-serviced student loan account on a quarterly basis. Not all loans are eligible. To
learn if your loan is eligible for Upromise Loan Link, or to register, visit Upromise.com.5
