Canadian Student Loan Program Details

By making interest payments while in-school and taking advantage of the Smart Option Student Loan's shorter repayment term, you can save over 25% 1 on your total loan cost compared to a traditional private student loan with deferred payments and a 15-year repayment term.


  • Market-leading rates - 2.25% APR to 9.11% APR 2
  • No origination fees 2
  • Get a 2% Smart Reward® in your Upromise® account when you make scheduled monthly payments on time while in school 3
  • NEW! Free Tuition Insurance - covers up to $5,000 of tuition lost due to a covered medical withdrawal 4 (Available with loans that first disburse July 1 through October 31, 2011)
  • Earn a 0.25 percentage point interest rate reduction while enrolled in automatic debit 5
  • Applying with a creditworthy cosigner may help you qualify and/or receive a lower interest rate (co-signer required for international students)
  • You can apply for cosigner release after you graduate and make 12 consecutive on-time principal and interest payments 6


  • No prepayment penalty
  • Easy online application - 15 minutes is all you should need
  • 24/7 online account management

Loan Terms

  • Borrow up to 100% of your school certified education costs (minimum $1,000)
  • Full principal and interest payments begin six months after you leave school


You must attend an eligible school and be enrolled in an eligible 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 and other eligibility criteria.

Upromise by Sallie Mae® rewards program

  • Join Upromise® for free, and earn rewards when you shop online, eat out, buy gas, and more Earn a 2% Smart Reward in your Upromise® account when you make scheduled monthly payments on time while in school
  • Use your Upromise® earnings to help pay down eligible Sallie Mae student loans or request a check to pay for college or other expenses like books, food, and more

  1. Savings based on typical loan to a freshman borrower attending a degree-granting institution.
  2. Market leading rates based on a May 11, 2011 review of rates of national competitors. Rates and fees shown are available for borrowers attending degree-granting institutions only. Interest rates on loans with the Fixed and Deferred Repayment options are higher than rates on loans with the Interest Repayment Option. APRs for borrowers attending non- degree granting institutions range from 8.13% to 13.88% with an origination fee of up to 5%. Origination fees mean application or disbursement fees. Interest rates are variable and may increase after consummation.
  3. Primary borrower can earn reward into his or her Upromise account of 2% of the scheduled payment for each on time payment made during the in school and separation period only while enrolled as a Upromise member. Primary borrower must be of age of majority (typically 18 years old). If borrower has two consecutive scheduled payments past due on a loan, he or she will no longer be eligible for the reward on that loan. The reward is not earned on payment amounts in excess of the scheduled payment. Benefit is subject to the terms and conditions of the Upromise service (as may be amended from time to time), including without limitation, restrictions on conversion, transfer and redemption of rewards, reward denomination, including whether and under what circumstances the rewards have independent cash value, and terms relating to fees and/or the forfeiture of rewards.
  4. Benefit is available with Smart Option Student Loans that first disburse between 7/1/11 and 10/31/11. Borrowers attending degree-granting institutions are automatically enrolled in the Tuition Insurance Benefit for 4 months beginning the day of the first loan disbursement and may extend the benefit another 8 months (for a full year of coverage) simply by activating within the 4 months initial coverage period. The complimentary Tuition Insurance Benefit covers up to $2,500 per semester ($5,000 total per policy) of payments of tuition, room and board, books and fees that are lost if you withdraw from school for a covered medical reason. Additional coverage is available for purchase. If the loan under which the benefit is provided is canceled, the free coverage provided by the Tuition Insurance Benefit will terminate. The Tuition Insurance Benefit is a group insurance policy with College Parents of America offered through Next Generation Insurance Group, LLC, and is provided to you at no charge. You cannot be enrolled in more than one complimentary Tuition Insurance Benefit at a time. For the sole purpose of fulfilling the complimentary Tuition Insurance Benefit, Sallie Mae will share your customer information with unaffiliated insurance services companies, the underwriting insurance company and their technology partners, and College Parents of America.
  5. Recurring automatic monthly payment must be successfully deducted from designated bank account for rate reduction to apply. Benefit suspended during periods of forbearance and certain deferments.
  6. To qualify for cosigner release, borrower must meet age of majority requirements, be a U.S. citizen or permanent resident and meet the underwriting requirements when the release request is processed.


Information advertised valid as of May 16, 2011.

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

Sallie Mae Smart Option Student Loans are made by Sallie Mae Bank® or a lender partner.

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