Looking for money to pay for college?

Finding a way to pay for college and navigating financial aid can be a daunting process. That's why Sallie Mae recommends a simple "1-2-3 approach" to help families pursue financing opportunities in the most economical order:

1) Look for free money – Seek out funds that don't have to be paid back. These funds come in the form of scholarships, grants, work-study and gift aid. Be sure to fill out the Free Application for Federal Student Aid (FAFSA) to see if you qualify for need-based federal grants. Sallie Mae's free Scholarship Search offers access to more than 3 million scholarships worth over $16 billion and is another way to find free money. You should also consider supplementing with your current income and money saved through a college savings plan, and explore an interest-free monthly payment plan.

2) Consider federal loans you may qualify for a federal loan with a fixed interest rate & flexible repayment options

3) Fill the gap with private education loans. Private student loans can help cover the rest of your college costs. Sallie Mae's Smart Option Student Loan® encourages you to make small payments each month or pay your monthly interest while in school so you graduate with less debt, pay off your loan faster, and save significantly over the life of the loan, compared to conventional private loans.

What are the rates? Undergraduate Students
A choice of competitive, variable interest rates from 2.87% APR to 9.91% APR. Fixed interest rates from 5.74% APR to 11.85% APR.1

Graduate Students – New lower rates
The APRs on new Smart Option Student Loans can be lower than the APR on the PLUS Loan for Graduate Students with immediate repayment. Variable interest rates from 2.87% APR to 7.86% APR. Fixed interest rates from 5.74% APR to 8.56% APR.1
Do I need a Cosigner? Applying with a creditworthy cosigner may help you qualify and/or receive a lower rate.

You may apply to release your cosigner from the loan after you graduate, make 12 on- time principal and interest payments and meet certain requirements.4
How much can I borrow? Borrow up to 100% of the school-certified cost of attendance.3
Are there any fees? No origination fees and no prepayment penalty
Rate Discounts Receive a .25 percentage point interest rate reduction while enrolled to make scheduled monthly payments by automatic debit 2
When do I have to pay the money back? Pay now or later - Defer your payments until after school or choose an in-school repayment option that fits your needs.1
How long does it take to apply? Applying online is fast and easy. It only takes about 15 minutes to apply and get a credit result.
How long can I borrow the money? The Smart Option Student Loan is the first nationwide private student loan offering a Graduated Repayment Period feature5, providing budget flexibility for graduating students. Students who graduate and maintain their Sallie Mae loans in good standing can request to make 12 interest-only payments instead of full principal and interest payments six months after school.6
What will I need to apply? You and your cosigner, if applicable should have the following information handy:
  • Permanent address and current address, if applicable, along with previous address information if you've lived at your permanent address for less than one year.
  • Social Security numbers of both the student and the cosigner, if applicable.
  • School information, including GPA and academic period of enrollment.
  • Loan amount requested, as well as other financial aid you expect to receive
  • Employment information
  • Financial information, including monthly mortgage or rent payments.
  • Name and contact information for two personal contacts (not required for cosigners).

Together We Can Do This!
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* Abri Credit Union is not the creditor for these loans and is compensated by Sallie Mae for the referral of Smart Option Student Loan customers
1,2,3,4,5,6 Click here for important information. Terms, conditions and limitations apply.

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