Sallie Mae today announced that Smart Option Student Loan customers
collectively earned more than $5.5 million back for making on-time
student loan payments through the company's Smart Rewards program.
Introduced in 2010, Sallie Mae's Smart Rewards program automatically
rewards customers who make on-time payments on their Sallie Mae Smart
Option Student Loans while in school or during their 6-month grace
period with 2 percent of their payment back each month.
Sallie Mae Smart Option Student loan customers have the option of
deferring payment or they can choose to pay monthly interest or a fixed,
low monthly payment while in school. More than half of Sallie Mae Smart
Option Loan customers choose to make payments while in school. Those who
choose to make payments while in school are eligible for the Smart
"Since the inception of the Sallie Mae Smart Rewards Program, hundreds
of Hampton University students and their families continue to receive
benefits from the program," says Martin Miles, Directors of Financial
Aid, Hampton University. "It's no secret, paying for a college education
can be a daunting challenge for students and their families, and the
repayment process should not be one of those things that they find to be
either unrewarding or complicated. When it comes to choosing a private
education loan product, our students continue choosing Sallie Mae time
after time because of the benefits like Smart Rewards."
Money earned back via Sallie Mae's Smart Rewards program is deposited
into a Upromise
by Sallie Mae account and can be used to pay down an eligible Sallie
Mae loan, transferred into a Sallie Mae High-Yield Savings Account or a
check for expenses like textbooks. As of June 1, 2014 Upromise members
have put $38 million toward paying down their student loans through
Upromise by Sallie Mae.
"Our goal is to help students and families make informed and responsible
decisions about paying for college," said Charlie Rocha, senior vice
president, Sallie Mae. "Making payments while in school reduces finance
charges and the overall cost of the loan, builds credit and allows
families to repay their loans faster. Our Smart Rewards Program further
enhances those benefits of in school payments for families."
Sallie Mae continues to offer highly competitive fixed and variable
interest rates and no origination fees or prepayment penalty on its
Smart Option Student Loans. In addition, customers receive a .25
percentage point interest rate reduction while enrolled to make
scheduled monthly payments by automatic debit. Also, new Smart Option
Loan student borrowers will receive their FICO Score quarterly, at no
Sallie Mae recommends a 1-2-3 approach to paying for college: First,
explore scholarships and grants and use savings and income. Second,
explore federal loans and third, fill the gap with a responsible private
education loan. Sallie Mae encourages those who borrow to consider
salary ranges of the chosen profession and the anticipated monthly
payments on all student loans and before considering a private education
Join the conversation on how to save, plan and pay for college at Facebook.com/SallieMae
Sallie Mae (NASDAQ: SLM) is the nation's No. 1 financial services
company specializing in education. Whether college is a long way off or
just around the corner, Sallie Mae turns education dreams into reality
for American families. With products and services that include Upromise
rewards, scholarship search and planning tools, private education loans,
insurance, and online banking, Sallie Mae offers solutions that help
families save, plan, and pay for college. Learn more at SallieMae.com.
Commonly known as Sallie Mae, SLM Corporation and its subsidiaries are
not sponsored by or agencies of the United States of America.
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